# EDGAR Filing Document

**Accession Number:** 0001469192
**File Stem:** 0001193125-25-156649
**Filing Date:** 2025-7
**Character Count:** 8236494
**Document Hash:** ea188fde9b6e2c63805e3ef034ae4c09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156649.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001193125-25-156649

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 201

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22321
- **FILM NUMBER:** 251111700

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

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

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

## Series and Classes Contracts Data

### NYLI Epoch U.S. Equity Yield Fund (Series ID: S000026784)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000080506 | Investor Class | EPLIX           |
| C000080507 | Class A        | EPLPX           |
| C000080508 | Class C        | EPLKX           |
| C000080509 | Class I        | EPLCX           |
| C000180195 | Class R6       | EPLDX           |
| C000221654 | SIMPLE Class   | EPLMX           |

### NYLI Epoch Global Equity Yield Fund (Series ID: S000026786)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000080514 | Class A        | EPSPX           |
| C000080515 | Class C        | EPSKX           |
| C000080516 | Class I        | EPSYX           |
| C000080517 | Investor Class | EPSIX           |
| C000127145 | Class R6       | EPSRX           |

### NYLI MacKay High Yield Muni Bond Fund (Series ID: S000028227)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000086335 | Investor Class | MMHVX           |
| C000086336 | Class A        | MMHAX           |
| C000086337 | Class C        | MMHDX           |
| C000086338 | Class I        | MMHIX           |
| C000185918 | Class R6       | MMHEX           |

### NYLI Epoch International Choice Fund (Series ID: S000028522)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087295 | Investor Class | ICELX           |
| C000087296 | Class A        | ICEVX           |
| C000087297 | Class C        | ICEWX           |
| C000087298 | Class I        | ICEUX           |
| C000221657 | SIMPLE Class   | ICERX           |

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

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

### NYLI Floating Rate Fund (Series ID: S000028529)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087333 | Investor Class | MXFNX           |
| C000087334 | Class A        | MXFAX           |
| C000087336 | Class C        | MXFCX           |
| C000087337 | Class I        | MXFIX           |
| C000185929 | Class R6       | MXFEX           |
| C000221660 | SIMPLE Class   | MXFMX           |

### NYLI Conservative Allocation Fund (Series ID: S000028532)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087350 | Investor Class | MCKNX           |
| C000087351 | Class A        | MCKAX           |
| C000087353 | Class C        | MCKCX           |
| C000087354 | Class I        | MCKIX           |
| C000221661 | SIMPLE Class   | MCKSX           |

### NYLI Moderate Allocation Fund (Series ID: S000028533)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087355 | Investor Class | MMRDX           |
| C000087356 | Class A        | MMRAX           |
| C000087358 | Class C        | MMRCX           |
| C000087359 | Class I        | MMRIX           |
| C000221662 | SIMPLE Class   | MMRSX           |

### NYLI Growth Allocation Fund (Series ID: S000028534)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087360 | Investor Class | MGDNX           |
| C000087361 | Class A        | MGDAX           |
| C000087363 | Class C        | MGDCX           |
| C000087364 | Class I        | MGDIX           |
| C000221663 | SIMPLE Class   | MGDSX           |

### NYLI Equity Allocation Fund (Series ID: S000028535)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087365 | Investor Class | MGXNX           |
| C000087366 | Class A        | MGXAX           |
| C000087368 | Class C        | MGXCX           |
| C000087369 | Class I        | MGXIX           |
| C000221664 | SIMPLE Class   | MGXSX           |

### NYLI Short Term Bond Fund (Series ID: S000028536)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087370 | Class I        | MIXIX           |
| C000087371 | Investor Class | MIXNX           |
| C000087372 | Class A        | MIXAX           |
| C000221665 | SIMPLE Class   | MIXMX           |

### NYLI MacKay Total Return Bond Fund (Series ID: S000028537)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087373 | Investor Class | MTMNX           |
| C000087374 | Class A        | MTMAX           |
| C000087376 | Class C        | MTMCX           |
| C000087377 | Class I        | MTMIX           |
| C000127150 | Class R6       | MTRDX           |
| C000221666 | SIMPLE Class   | MTMSX           |

### NYLI MacKay Short Term Muni Fund (Series ID: S000028538)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087378 | Investor Class | MYTBX           |
| C000087379 | Class A        | MSTAX           |
| C000087380 | Class I        | MSTIX           |
| C000195140 | Class R6       | MSTEX           |
| C000222390 | Class A2       | MSTUX           |

### NYLI WMC International Research Equity Fund (Series ID: S000028542)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087393 | Investor Class | MYINX           |
| C000087394 | Class A        | MYITX           |
| C000087395 | Class C        | MYICX           |
| C000087396 | Class I        | MYIIX           |

### NYLI Balanced Fund (Series ID: S000036714)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000112258 | Class A        | MBNAX           |
| C000112260 | Class C        | MBACX           |
| C000112261 | Class I        | MBAIX           |
| C000112265 | Investor Class | MBINX           |
| C000185940 | Class R6       | MBERX           |

### NYLI WMC Small Companies Fund (Series ID: S000036715)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000112267 | Class C        | MOPCX           |
| C000112268 | Class I        | MOPIX           |
| C000112269 | Investor Class | MOINX           |
| C000112270 | Class A        | MOPAX           |

### NYLI MacKay New York Muni Fund (Series ID: S000036992)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000113210 | Class A        | MNOAX           |
| C000113211 | Class C        | MNOCX           |
| C000113212 | Class I        | MNOIX           |
| C000113213 | Investor Class | MNOVX           |
| C000185944 | Class R6       | MNODX           |
| C000221672 | Class C2       | MNOLX           |

### NYLI MacKay Short Duration High Income Fund (Series ID: S000039301)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000121097 | Class A        | MDHAX           |
| C000121098 | Class C        | MDHCX           |
| C000121099 | Class I        | MDHIX           |
| C000121101 | Investor Class | MDHVX           |

### NYLI WMC Growth Fund (Series ID: S000039358)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000121293 | Class A        | KLGAX           |
| C000121295 | Class C        | KLGCX           |
| C000121296 | Class I        | KLGIX           |
| C000121298 | Investor Class | KLGNX           |
| C000185948 | Class R6       | KLGDX           |

### NYLI MacKay California Muni Fund (Series ID: S000039903)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000123763 | Class A        | MSCAX           |
| C000123764 | Class C        | MSCCX           |
| C000123765 | Class I        | MCOIX           |
| C000123766 | Investor Class | MSCVX           |
| C000185950 | Class R6       | MSODX           |
| C000221676 | Class C2       | MCAMX           |

### NYLI Epoch Capital Growth Fund (Series ID: S000054257)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000170407 | Class A        | MECDX           |
| C000170408 | Class C        | MECEX           |
| C000170409 | Class I        | MECFX           |
| C000170410 | Investor Class | MECVX           |

### NYLI Candriam Emerging Markets Equity Fund (Series ID: S000059215)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000194050 | Class A        | MCYAX           |
| C000194051 | Class C        | MCYCX           |
| C000194052 | Class I        | MCYIX           |
| C000194053 | Class R6       | MCYSX           |
| C000194055 | Investor Class | MCYVX           |

### NYLI U.S. Government Liquidity Fund (Series ID: S000063122)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204698 | Class I      | MUSXX           |

### NYLI MacKay Strategic Muni Allocation Fund (Series ID: S000065655)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000212401 | Class R6       | MTFHX           |
| C000212403 | Investor Class | MTFEX           |
| C000212404 | Class A        | MTFDX           |
| C000212406 | Class I        | MTFGX           |
| C000212407 | Class C        | MTFFX           |
| C000240253 | Class C2       | MTFMX           |
| C000250195 | Class Z        | MTFZX           |

### NYLI Fiera SMID Growth Fund (Series ID: S000080473)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242885 | Class C      | APSLX           |
| C000242886 | Class I      | APSGX           |
| C000242887 | Class R6     | APSDX           |
| C000242888 | Class A      | APSRX           |

### NYLI PineStone Global Equity Fund (Series ID: S000081082)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243737 | Class P      | FCGPX           |
| C000243738 | Class R6     | FCGMX           |
| C000243739 | Class I      | FCGIX           |
| C000243740 | Class C      | FCGYX           |
| C000243741 | Class A      | FCGEX           |

### NYLI PineStone International Equity Fund (Series ID: S000081083)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000243742 | Class A        | FCIRX           |
| C000243743 | Investor Class | FCIKX           |
| C000243744 | Class C        | FCICX           |
| C000243745 | Class I        | FCIUX           |
| C000243746 | Class P        | FCIHX           |
| C000243750 | Class R6       | FCIWX           |

### NYLI PineStone U.S. Equity Fund (Series ID: S000081084)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243751 | Class P      | FCUPX           |
| C000243752 | Class I      | FCUIX           |
| C000243753 | Class R6     | FCUDX           |
| C000243754 | Class C      | FCUCX           |
| C000243755 | Class A      | FCUEX           |

### NYLI MacKay Arizona Muni Fund (Series ID: S000085225)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250179 | Class A      | AZTAX           |
| C000250180 | Class C      | AZTCX           |
| C000250181 | Class I      | AZTYX           |
| C000250182 | Class Z      | AZTFX           |

### NYLI MacKay Colorado Muni Fund (Series ID: S000085226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250183 | Class I      | COTYX           |
| C000250184 | Class Z      | COTFX           |
| C000250185 | Class A      | COTAX           |
| C000250186 | Class C      | COTCX           |

### NYLI MacKay Oregon Muni Fund (Series ID: S000085227)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250187 | Class C      | ORTCX           |
| C000250188 | Class I      | ORTYX           |
| C000250189 | Class Z      | ORTFX           |
| C000250190 | Class A      | ORTBX           |

### NYLI MacKay Utah Muni Fund (Series ID: S000085228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250191 | Class C      | UTACX           |
| C000250192 | Class I      | UTAYX           |
| C000250193 | Class Z      | UTAHX           |
| C000250194 | Class A      | UTAVX           |

?xml version='1.0' encoding='ASCII'? NEW YORK LIFE INVESTMENTS FUNDS TRUST

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22321

#### NEW YORK LIFE INVESTMENTS FUNDS TRUST
(Exact name of registrant as specified in charter)

------

51 Madison Avenue New York, NY 10010

(Address of principal executive offices) (Zip code)

J. Kevin Gao, Esq.

30 Hudson Street

Jersey City, New Jersey 07302

(Name and Address of Agent for Service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(212) 576-7000

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### April 30, 2025
Item 1. Report to Stockholders.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not applicable. Notices do not incorporate disclosures from the shareholder reports.

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Fiera SMID Growth Fund

### Class A/APSRX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $55 | 1.15% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to July 21, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597979.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 2/12/2018 | (13.29)% | (12.45)% | 10.70% | 8.24% |
| Class A Shares - Excluding sales charges |  | (8.25)% | (7.35)% | 10.70% | 8.24% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 12.02% |
| Russell 2500<sup>®</sup> Growth Index<sup>3</sup> |  | (8.70)% | 0.84% | 8.04% | 6.97% |
| Morningstar Mid Cap Growth Category Average<sup>4</sup> |  | (3.75)% | 5.50% | 9.53% | 8.59% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $338,083,507% |
| Total number of portfolio holdings | 85% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Argenx SE, ADR | 3.4% |
| BWX Technologies, Inc. | 3.2% |
| Tyler Technologies, Inc. | 2.2% |
| Wingstop, Inc. | 2.1% |
| Chewy, Inc., Class A | 2.0% |
| JFrog Ltd. | 1.9% |
| EQT Corp. | 1.9% |
| Stifel Financial Corp. | 1.9% |
| Curtiss-Wright Corp. | 1.8% |
| SpringWorks Therapeutics, Inc. | 1.8% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 21.5% |
| Biotechnology | 15.7% |
| Hotels, Restaurants & Leisure | 6.7% |
| Specialty Retail | 5.6% |
| Aerospace & Defense | 5.1% |
| Capital Markets | 4.7% |
| IT Services | 4.2% |
| Machinery | 3.6% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Building Products | 3.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFSG10A-06/25 NYLI Fiera SMID Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Fiera SMID Growth Fund

### Class C/APSLX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $96 | 2.02% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597981.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class C Shares - Including sales charges | 7/24/2023 | (9.54)% | (9.10)% | (0.96)% |
| Class C Shares - Excluding sales charges |  | (8.65)% | (8.20)% | (0.96)% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 12.97% |
| Russell 2500<sup>®</sup> Growth Index<sup>3</sup> |  | (8.70)% | 0.84% | 2.15% |
| Morningstar Mid Cap Growth Category Average<sup>4</sup> |  | (3.75)% | 5.50% | 6.87% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $338,083,507% |
| Total number of portfolio holdings | 85% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Argenx SE, ADR | 3.4% |
| BWX Technologies, Inc. | 3.2% |
| Tyler Technologies, Inc. | 2.2% |
| Wingstop, Inc. | 2.1% |
| Chewy, Inc., Class A | 2.0% |
| JFrog Ltd. | 1.9% |
| EQT Corp. | 1.9% |
| Stifel Financial Corp. | 1.9% |
| Curtiss-Wright Corp. | 1.8% |
| SpringWorks Therapeutics, Inc. | 1.8% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 21.5% |
| Biotechnology | 15.7% |
| Hotels, Restaurants & Leisure | 6.7% |
| Specialty Retail | 5.6% |
| Aerospace & Defense | 5.1% |
| Capital Markets | 4.7% |
| IT Services | 4.2% |
| Machinery | 3.6% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Building Products | 3.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFSG10C-06/25 NYLI Fiera SMID Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Fiera SMID Growth Fund

### Class I/APSGX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $40 | 0.85% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to July 21, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund. The historical performance presented prior to February 12, 2018 reflects the performance of APEXcm Small/Mid-Cap Growth Fund, a former series of The Ultimus Managers Trust (the "Prior Predecessor Fund"). The returns of the Prior Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Predecessor Fund or the Fund. The returns prior to February 12, 2018 are based on the previous performance and actual fees and expenses of the Prior Predecessor Fund's sole class of shares (i.e., the Predecessor Fund's Institutional Class shares, which commenced operations on June 29, 2012). The Predecessor Fund's Investor Class shares commenced operations on February 12, 2018.

![Fund Performance - Growth of 10K](g98271chartimages_4597980.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 6/29/2012 | (8.13)% | (7.09)% | 11.00% | 8.30% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 2500<sup>®</sup> Growth Index<sup>3</sup> |  | (8.70)% | 0.84% | 8.04% | 7.63% |
| Morningstar Mid Cap Growth Category Average<sup>4</sup> |  | (3.75)% | 5.50% | 9.53% | 8.75% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $338,083,507% |
| Total number of portfolio holdings | 85% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Argenx SE, ADR | 3.4% |
| BWX Technologies, Inc. | 3.2% |
| Tyler Technologies, Inc. | 2.2% |
| Wingstop, Inc. | 2.1% |
| Chewy, Inc., Class A | 2.0% |
| JFrog Ltd. | 1.9% |
| EQT Corp. | 1.9% |
| Stifel Financial Corp. | 1.9% |
| Curtiss-Wright Corp. | 1.8% |
| SpringWorks Therapeutics, Inc. | 1.8% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 21.5% |
| Biotechnology | 15.7% |
| Hotels, Restaurants & Leisure | 6.7% |
| Specialty Retail | 5.6% |
| Aerospace & Defense | 5.1% |
| Capital Markets | 4.7% |
| IT Services | 4.2% |
| Machinery | 3.6% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Building Products | 3.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFSG10I-06/25 NYLI Fiera SMID Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Fiera SMID Growth Fund

### Class R6/APSDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $39 | 0.81% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597982.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class R6 Shares | 7/24/2023 | (8.12)% | (7.09)% | 0.22% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 12.97% |
| Russell 2500<sup>®</sup> Growth Index<sup>3</sup> |  | (8.70)% | 0.84% | 2.15% |
| Morningstar Mid Cap Growth Category Average<sup>4</sup> |  | (3.75)% | 5.50% | 6.87% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $338,083,507% |
| Total number of portfolio holdings | 85% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Argenx SE, ADR | 3.4% |
| BWX Technologies, Inc. | 3.2% |
| Tyler Technologies, Inc. | 2.2% |
| Wingstop, Inc. | 2.1% |
| Chewy, Inc., Class A | 2.0% |
| JFrog Ltd. | 1.9% |
| EQT Corp. | 1.9% |
| Stifel Financial Corp. | 1.9% |
| Curtiss-Wright Corp. | 1.8% |
| SpringWorks Therapeutics, Inc. | 1.8% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 21.5% |
| Biotechnology | 15.7% |
| Hotels, Restaurants & Leisure | 6.7% |
| Specialty Retail | 5.6% |
| Aerospace & Defense | 5.1% |
| Capital Markets | 4.7% |
| IT Services | 4.2% |
| Machinery | 3.6% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Building Products | 3.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFSG10R6-06/25 NYLI Fiera SMID Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Capital Growth Fund

### Class A/MECDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $57 | 1.15% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598028.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 6/30/2016 | (6.06)% | 0.77% | 13.28% | 11.91% |
| Class A Shares - Excluding sales charges |  | (0.59)% | 6.64% | 14.57% | 12.63% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 11.24% |
| Morningstar Global Large Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 10.94% | 10.51% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $165,998,208% |
| Total number of portfolio holdings | 106% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Paychex, Inc. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| Monster Beverage Corp. | 1.8% |
| Meta Platforms, Inc., Class A | 1.8% |
| LPL Financial Holdings, Inc. | 1.7% |
| Costco Wholesale Corp. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| Zoetis, Inc. | 1.6% |
| QUALCOMM, Inc. | 1.6% |
| Broadcom, Inc. | 1.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.0% |
| United Kingdom | 4.3% |
| Japan | 3.9% |
| France | 2.7% |
| Switzerland | 2.4% |
| Spain | 2.4% |
| Taiwan | 2.2% |
| Canada | 1.9% |
| Mexico | 1.9% |
| Sweden | 1.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSECG10A-06/25 NYLI Epoch Capital Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Capital Growth Fund

### Class C/MECEX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $105 | 2.13% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598029.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class C Shares - Including sales charges | 6/30/2016 | (1.99)% | 4.61% | 13.44% | 11.54% |
| Class C Shares - Excluding sales charges |  | (1.04)% | 5.61% | 13.44% | 11.54% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 11.24% |
| Morningstar Global Large Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 10.94% | 10.51% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $165,998,208% |
| Total number of portfolio holdings | 106% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Paychex, Inc. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| Monster Beverage Corp. | 1.8% |
| Meta Platforms, Inc., Class A | 1.8% |
| LPL Financial Holdings, Inc. | 1.7% |
| Costco Wholesale Corp. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| Zoetis, Inc. | 1.6% |
| QUALCOMM, Inc. | 1.6% |
| Broadcom, Inc. | 1.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.0% |
| United Kingdom | 4.3% |
| Japan | 3.9% |
| France | 2.7% |
| Switzerland | 2.4% |
| Spain | 2.4% |
| Taiwan | 2.2% |
| Canada | 1.9% |
| Mexico | 1.9% |
| Sweden | 1.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSECG10C-06/25 NYLI Epoch Capital Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Capital Growth Fund

### Class I/MECFX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $45 | 0.90% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598030.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class I Shares | 6/30/2016 | (0.51)% | 6.89% | 14.86% | 12.90% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 11.24% |
| Morningstar Global Large Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 10.94% | 10.51% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $165,998,208% |
| Total number of portfolio holdings | 106% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Paychex, Inc. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| Monster Beverage Corp. | 1.8% |
| Meta Platforms, Inc., Class A | 1.8% |
| LPL Financial Holdings, Inc. | 1.7% |
| Costco Wholesale Corp. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| Zoetis, Inc. | 1.6% |
| QUALCOMM, Inc. | 1.6% |
| Broadcom, Inc. | 1.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.0% |
| United Kingdom | 4.3% |
| Japan | 3.9% |
| France | 2.7% |
| Switzerland | 2.4% |
| Spain | 2.4% |
| Taiwan | 2.2% |
| Canada | 1.9% |
| Mexico | 1.9% |
| Sweden | 1.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSECG10I-06/25 NYLI Epoch Capital Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Capital Growth Fund

### Investor Class/MECVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Investor Class | $68 | 1.38% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598019.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Investor Class Shares - Including sales charges | 6/30/2016 | (5.70)% | 1.08% | 12.98% | 11.65% |
| Investor Class Shares - Excluding sales charges |  | (0.74)% | 6.40% | 14.26% | 12.36% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 11.24% |
| Morningstar Global Large Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 10.94% | 10.51% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $165,998,208% |
| Total number of portfolio holdings | 106% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Paychex, Inc. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| Monster Beverage Corp. | 1.8% |
| Meta Platforms, Inc., Class A | 1.8% |
| LPL Financial Holdings, Inc. | 1.7% |
| Costco Wholesale Corp. | 1.6% |
| Ameriprise Financial, Inc. | 1.6% |
| Zoetis, Inc. | 1.6% |
| QUALCOMM, Inc. | 1.6% |
| Broadcom, Inc. | 1.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.0% |
| United Kingdom | 4.3% |
| Japan | 3.9% |
| France | 2.7% |
| Switzerland | 2.4% |
| Spain | 2.4% |
| Taiwan | 2.2% |
| Canada | 1.9% |
| Mexico | 1.9% |
| Sweden | 1.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSECG10INV-06/25 NYLI Epoch Capital Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch International Choice Fund

### Class A/ICEVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $61 | 1.19% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598013.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 9/1/2006 | (0.51)% | 1.19% | 6.52% | 2.70% |
| Class A Shares - Excluding sales charges |  | 5.28% | 7.08% | 7.73% | 3.28% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Morningstar Foreign Large Blend Category Average<sup>3</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $251,402,157% |
| Total number of portfolio holdings | 40% |
| Portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Keyence Corp. | 4.6% |
| AstraZeneca plc, Sponsored ADR | 4.4% |
| NN Group NV | 4.3% |
| Nordea Bank Abp | 4.2% |
| Lloyds Banking Group plc | 4.2% |
| Unilever plc | 3.9% |
| Severn Trent plc | 3.8% |
| Mitsubishi UFJ Financial Group, Inc. | 3.5% |
| Vonovia SE | 3.4% |
| Deutsche Post AG | 3.4% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 26.0% |
| Japan | 21.7% |
| France | 13.0% |
| United States | 9.8% |
| Germany | 9.8% |
| Netherlands | 5.2% |
| Sweden | 4.8% |
| Finland | 4.2% |
| Republic of Korea | 2.8% |
| Taiwan | 2.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEIC10A-06/25 NYLI Epoch International Choice Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch International Choice Fund

### Class C/ICEWX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $115 | 2.26% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598014.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 9/1/2006 | 3.72% | 4.94% | 6.62% | 2.24% |
| Class C Shares - Excluding sales charges |  | 4.72% | 5.94% | 6.62% | 2.24% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Morningstar Foreign Large Blend Category Average<sup>3</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $251,402,157% |
| Total number of portfolio holdings | 40% |
| Portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Keyence Corp. | 4.6% |
| AstraZeneca plc, Sponsored ADR | 4.4% |
| NN Group NV | 4.3% |
| Nordea Bank Abp | 4.2% |
| Lloyds Banking Group plc | 4.2% |
| Unilever plc | 3.9% |
| Severn Trent plc | 3.8% |
| Mitsubishi UFJ Financial Group, Inc. | 3.5% |
| Vonovia SE | 3.4% |
| Deutsche Post AG | 3.4% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 26.0% |
| Japan | 21.7% |
| France | 13.0% |
| United States | 9.8% |
| Germany | 9.8% |
| Netherlands | 5.2% |
| Sweden | 4.8% |
| Finland | 4.2% |
| Republic of Korea | 2.8% |
| Taiwan | 2.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEIC10C-06/25 NYLI Epoch International Choice Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch International Choice Fund

### Class I/ICEUX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $48 | 0.94% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598015.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 12/31/1997 | 5.42% | 7.38% | 8.03% | 3.56% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Morningstar Foreign Large Blend Category Average<sup>3</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $251,402,157% |
| Total number of portfolio holdings | 40% |
| Portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Keyence Corp. | 4.6% |
| AstraZeneca plc, Sponsored ADR | 4.4% |
| NN Group NV | 4.3% |
| Nordea Bank Abp | 4.2% |
| Lloyds Banking Group plc | 4.2% |
| Unilever plc | 3.9% |
| Severn Trent plc | 3.8% |
| Mitsubishi UFJ Financial Group, Inc. | 3.5% |
| Vonovia SE | 3.4% |
| Deutsche Post AG | 3.4% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 26.0% |
| Japan | 21.7% |
| France | 13.0% |
| United States | 9.8% |
| Germany | 9.8% |
| Netherlands | 5.2% |
| Sweden | 4.8% |
| Finland | 4.2% |
| Republic of Korea | 2.8% |
| Taiwan | 2.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEIC10I-06/25 NYLI Epoch International Choice Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch International Choice Fund

### Investor Class/ICELX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $77 | 1.51% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598016.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 4/29/2008 | (0.16)% | 1.40% | 6.22% | 2.45% |
| Investor Class Shares - Excluding sales charges |  | 5.10% | 6.73% | 7.43% | 3.04% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Morningstar Foreign Large Blend Category Average<sup>3</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $251,402,157% |
| Total number of portfolio holdings | 40% |
| Portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Keyence Corp. | 4.6% |
| AstraZeneca plc, Sponsored ADR | 4.4% |
| NN Group NV | 4.3% |
| Nordea Bank Abp | 4.2% |
| Lloyds Banking Group plc | 4.2% |
| Unilever plc | 3.9% |
| Severn Trent plc | 3.8% |
| Mitsubishi UFJ Financial Group, Inc. | 3.5% |
| Vonovia SE | 3.4% |
| Deutsche Post AG | 3.4% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 26.0% |
| Japan | 21.7% |
| France | 13.0% |
| United States | 9.8% |
| Germany | 9.8% |
| Netherlands | 5.2% |
| Sweden | 4.8% |
| Finland | 4.2% |
| Republic of Korea | 2.8% |
| Taiwan | 2.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEIC10INV-06/25 NYLI Epoch International Choice Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch International Choice Fund

### SIMPLE Class/ICERX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| SIMPLE Class | $76 | 1.50% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | 5.11% | 6.78% | 4.47% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 8.70% |
| Morningstar Foreign Large Blend Category Average<sup>3</sup> |  | 7.18% | 12.69% | 7.58% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $251,402,157% |
| Total number of portfolio holdings | 40% |
| Portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Keyence Corp. | 4.6% |
| AstraZeneca plc, Sponsored ADR | 4.4% |
| NN Group NV | 4.3% |
| Nordea Bank Abp | 4.2% |
| Lloyds Banking Group plc | 4.2% |
| Unilever plc | 3.9% |
| Severn Trent plc | 3.8% |
| Mitsubishi UFJ Financial Group, Inc. | 3.5% |
| Vonovia SE | 3.4% |
| Deutsche Post AG | 3.4% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 26.0% |
| Japan | 21.7% |
| France | 13.0% |
| United States | 9.8% |
| Germany | 9.8% |
| Netherlands | 5.2% |
| Sweden | 4.8% |
| Finland | 4.2% |
| Republic of Korea | 2.8% |
| Taiwan | 2.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEIC10SI-06/25 NYLI Epoch International Choice Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Balanced Fund

### Class A/MBNAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $52 | 1.06% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisor and principal investment strategies for the equity portion of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597985.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 1/2/2004 | (3.40)% | 4.58% | 7.89% | 4.87% |
| Class A Shares - Excluding sales charges |  | (0.41)% | 7.82% | 8.55% | 5.47% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| Bloomberg U.S. Intermediate Government/Credit Bond Index<sup>4</sup> |  | 3.37% | 8.09% | 0.76% | 1.90% |
| Balanced Composite Index<sup>5</sup> |  | 0.34% | 8.54% | 8.21% | 6.03% |
| Morningstar Moderate Allocation Category Average<sup>6</sup> |  | (0.47)% | 8.19% | 8.67% | 6.64% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</sup> |
| <sup>5.</sup> | <sup>The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup>®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $430,745,820% |
| Total number of portfolio holdings | 232% |
| Portfolio turnover rate | 126% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 18.5% |
| iShares Intermediate Government/Credit Bond ETF | 3.9% |
| Vanguard Intermediate-Term Treasury ETF | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Johnson & Johnson | 1.9% |
| Vanguard Russell 1000 Value | 1.6% |
| UnitedHealth Group, Inc. | 1.6% |
| Morgan Stanley | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Gilead Sciences, Inc. | 1.2% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Common Stocks | 57.7% |
| U.S. Government & Federal Agencies | 18.6% |
| Corporate Bonds | 13.2% |
| Exchange-Traded Funds | 8.7% |
| Short-Term Investment | 0.6% |
| Asset-Backed Securities | 0.4% |
| Mortgage-Backed Securities | 0.3% |
| Other Assets, Less Liabilities | 0.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSBL10A-06/25 NYLI Balanced Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Balanced Fund

### Class C/MBACX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $102 | 2.07% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisor and principal investment strategies for the equity portion of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597987.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 12/30/2002 | (1.87)% | 5.74% | 7.46% | 4.45% |
| Class C Shares - Excluding sales charges |  | (0.92)% | 6.74% | 7.46% | 4.45% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| Bloomberg U.S. Intermediate Government/Credit Bond Index<sup>4</sup> |  | 3.37% | 8.09% | 0.76% | 1.90% |
| Balanced Composite Index<sup>5</sup> |  | 0.34% | 8.54% | 8.21% | 6.03% |
| Morningstar Moderate Allocation Category Average<sup>6</sup> |  | (0.47)% | 8.19% | 8.67% | 6.64% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</sup> |
| <sup>5.</sup> | <sup>The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup>®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $430,745,820% |
| Total number of portfolio holdings | 232% |
| Portfolio turnover rate | 126% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 18.5% |
| iShares Intermediate Government/Credit Bond ETF | 3.9% |
| Vanguard Intermediate-Term Treasury ETF | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Johnson & Johnson | 1.9% |
| Vanguard Russell 1000 Value | 1.6% |
| UnitedHealth Group, Inc. | 1.6% |
| Morgan Stanley | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Gilead Sciences, Inc. | 1.2% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Common Stocks | 57.7% |
| U.S. Government & Federal Agencies | 18.6% |
| Corporate Bonds | 13.2% |
| Exchange-Traded Funds | 8.7% |
| Short-Term Investment | 0.6% |
| Asset-Backed Securities | 0.4% |
| Mortgage-Backed Securities | 0.3% |
| Other Assets, Less Liabilities | 0.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSBL10C-06/25 NYLI Balanced Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Balanced Fund

### Class I/MBAIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $40 | 0.81% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisor and principal investment strategies for the equity portion of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597988.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 5/1/1989 | (0.29)% | 8.09% | 8.82% | 5.73% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| Bloomberg U.S. Intermediate Government/Credit Bond Index<sup>4</sup> |  | 3.37% | 8.09% | 0.76% | 1.90% |
| Balanced Composite Index<sup>5</sup> |  | 0.34% | 8.54% | 8.21% | 6.03% |
| Morningstar Moderate Allocation Category Average<sup>6</sup> |  | (0.47)% | 8.19% | 8.67% | 6.64% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</sup> |
| <sup>5.</sup> | <sup>The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup>®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $430,745,820% |
| Total number of portfolio holdings | 232% |
| Portfolio turnover rate | 126% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 18.5% |
| iShares Intermediate Government/Credit Bond ETF | 3.9% |
| Vanguard Intermediate-Term Treasury ETF | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Johnson & Johnson | 1.9% |
| Vanguard Russell 1000 Value | 1.6% |
| UnitedHealth Group, Inc. | 1.6% |
| Morgan Stanley | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Gilead Sciences, Inc. | 1.2% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Common Stocks | 57.7% |
| U.S. Government & Federal Agencies | 18.6% |
| Corporate Bonds | 13.2% |
| Exchange-Traded Funds | 8.7% |
| Short-Term Investment | 0.6% |
| Asset-Backed Securities | 0.4% |
| Mortgage-Backed Securities | 0.3% |
| Other Assets, Less Liabilities | 0.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSBL10I-06/25 NYLI Balanced Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Balanced Fund

### Class R6/MBERX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $36 | 0.72% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisor and principal investment strategies for the equity portion of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597977.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 12/15/2017 | (0.24)% | 8.21% | 8.92% | 5.76% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.63% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 7.90% |
| Bloomberg U.S. Intermediate Government/Credit Bond Index<sup>4</sup> |  | 3.37% | 8.09% | 0.76% | 2.05% |
| Balanced Composite Index<sup>5</sup> |  | 0.34% | 8.54% | 8.21% | 5.88% |
| Morningstar Moderate Allocation Category Average<sup>6</sup> |  | (0.47)% | 8.19% | 8.67% | 6.10% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</sup> |
| <sup>5.</sup> | <sup>The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup>®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $430,745,820% |
| Total number of portfolio holdings | 232% |
| Portfolio turnover rate | 126% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 18.5% |
| iShares Intermediate Government/Credit Bond ETF | 3.9% |
| Vanguard Intermediate-Term Treasury ETF | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Johnson & Johnson | 1.9% |
| Vanguard Russell 1000 Value | 1.6% |
| UnitedHealth Group, Inc. | 1.6% |
| Morgan Stanley | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Gilead Sciences, Inc. | 1.2% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Common Stocks | 57.7% |
| U.S. Government & Federal Agencies | 18.6% |
| Corporate Bonds | 13.2% |
| Exchange-Traded Funds | 8.7% |
| Short-Term Investment | 0.6% |
| Asset-Backed Securities | 0.4% |
| Mortgage-Backed Securities | 0.3% |
| Other Assets, Less Liabilities | 0.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSBL10R6-06/25 NYLI Balanced Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Balanced Fund

### Investor Class/MBINX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $65 | 1.32% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisor and principal investment strategies for the equity portion of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597978.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (3.03)% | 4.83% | 7.60% | 4.64% |
| Investor Class Shares - Excluding sales charges |  | (0.55)% | 7.52% | 8.26% | 5.23% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| Bloomberg U.S. Intermediate Government/Credit Bond Index<sup>4</sup> |  | 3.37% | 8.09% | 0.76% | 1.90% |
| Balanced Composite Index<sup>5</sup> |  | 0.34% | 8.54% | 8.21% | 6.03% |
| Morningstar Moderate Allocation Category Average<sup>6</sup> |  | (0.47)% | 8.19% | 8.67% | 6.64% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</sup> |
| <sup>5.</sup> | <sup>The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup>®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $430,745,820% |
| Total number of portfolio holdings | 232% |
| Portfolio turnover rate | 126% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 18.5% |
| iShares Intermediate Government/Credit Bond ETF | 3.9% |
| Vanguard Intermediate-Term Treasury ETF | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Johnson & Johnson | 1.9% |
| Vanguard Russell 1000 Value | 1.6% |
| UnitedHealth Group, Inc. | 1.6% |
| Morgan Stanley | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Gilead Sciences, Inc. | 1.2% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Common Stocks | 57.7% |
| U.S. Government & Federal Agencies | 18.6% |
| Corporate Bonds | 13.2% |
| Exchange-Traded Funds | 8.7% |
| Short-Term Investment | 0.6% |
| Asset-Backed Securities | 0.4% |
| Mortgage-Backed Securities | 0.3% |
| Other Assets, Less Liabilities | 0.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSBL10INV-06/25 NYLI Balanced Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Floating Rate Fund

### Class A/MXFAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $48 | 0.95% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598069.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 5/3/2004 | (1.72)% | 2.43% | 5.95% | 3.68% |
| Class A Shares - Excluding sales charges |  | 1.32% | 5.60% | 6.60% | 4.00% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar LSTA US Leveraged Loan Index<sup>3</sup> |  | 1.83% | 6.16% | 8.00% | 4.88% |
| Morningstar Bank Loan Category Average<sup>4</sup> |  | 1.42% | 5.50% | 6.70% | 3.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</sup> |
| <sup>4.</sup><sup>The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,528,281,949% |
| Total number of portfolio holdings | 532% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Allied Universal Holdco LLC, 7.875%-9.75%, due 7/15/27-2/15/31 | 0.9% |
| Univision Communications, Inc., 7.686%-8.549%, due 8/15/28-7/31/31 | 0.8% |
| Asurion LLC, 8.572%-9.686%, due 1/31/28-9/19/30 | 0.7% |
| Clarios Global LP, 6.822%-7.072%, due 5/6/30-1/28/32 | 0.7% |
| AthenaHealth Group, Inc., 7.322%, due 2/15/29 | 0.7% |
| TransDigm, Inc., 6.799%-7.125%, due 8/24/28-1/19/32 | 0.7% |
| Medline Borrower LP, 5.25%-6.572%, due 10/23/28-10/1/29 | 0.6% |
| MH Sub I LLC, 8.572%, due 5/3/28-12/31/31 | 0.6% |
| Cotiviti, Inc., 7.074%-7.077%, due 5/1/31-3/26/32 | 0.6% |
| Clydesdale Acquisition Holdings, Inc., 7.48%-8.75%, due 4/13/29-4/1/32 | 0.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Finance | 7.1% |
| Chemicals, Plastics & Rubber | 6.4% |
| Electronics | 5.8% |
| Software | 5.0% |
| Services: Business | 4.1% |
| High Tech Industries | 3.5% |
| Hotels, Motels, Inns & Gaming | 3.3% |
| Automobile | 3.1% |
| Insurance | 3.0% |
| Other Asset-Backed Securities | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFR10A-06/25 NYLI Floating Rate Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Floating Rate Fund

### Class C/MXFCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $92 | 1.86% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598070.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 5/3/2004 | (0.11)% | 3.68% | 5.69% | 3.16% |
| Class C Shares - Excluding sales charges |  | 0.86% | 4.66% | 5.69% | 3.16% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar LSTA US Leveraged Loan Index<sup>3</sup> |  | 1.83% | 6.16% | 8.00% | 4.88% |
| Morningstar Bank Loan Category Average<sup>4</sup> |  | 1.42% | 5.50% | 6.70% | 3.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</sup> |
| <sup>4.</sup><sup>The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,528,281,949% |
| Total number of portfolio holdings | 532% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Allied Universal Holdco LLC, 7.875%-9.75%, due 7/15/27-2/15/31 | 0.9% |
| Univision Communications, Inc., 7.686%-8.549%, due 8/15/28-7/31/31 | 0.8% |
| Asurion LLC, 8.572%-9.686%, due 1/31/28-9/19/30 | 0.7% |
| Clarios Global LP, 6.822%-7.072%, due 5/6/30-1/28/32 | 0.7% |
| AthenaHealth Group, Inc., 7.322%, due 2/15/29 | 0.7% |
| TransDigm, Inc., 6.799%-7.125%, due 8/24/28-1/19/32 | 0.7% |
| Medline Borrower LP, 5.25%-6.572%, due 10/23/28-10/1/29 | 0.6% |
| MH Sub I LLC, 8.572%, due 5/3/28-12/31/31 | 0.6% |
| Cotiviti, Inc., 7.074%-7.077%, due 5/1/31-3/26/32 | 0.6% |
| Clydesdale Acquisition Holdings, Inc., 7.48%-8.75%, due 4/13/29-4/1/32 | 0.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Finance | 7.1% |
| Chemicals, Plastics & Rubber | 6.4% |
| Electronics | 5.8% |
| Software | 5.0% |
| Services: Business | 4.1% |
| High Tech Industries | 3.5% |
| Hotels, Motels, Inns & Gaming | 3.3% |
| Automobile | 3.1% |
| Insurance | 3.0% |
| Other Asset-Backed Securities | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFR10C-06/25 NYLI Floating Rate Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Floating Rate Fund

### Class I/MXFIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $35 | 0.70% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598071.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 5/3/2004 | 1.44% | 5.86% | 6.86% | 4.26% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar LSTA US Leveraged Loan Index<sup>3</sup> |  | 1.83% | 6.16% | 8.00% | 4.88% |
| Morningstar Bank Loan Category Average<sup>4</sup> |  | 1.42% | 5.50% | 6.70% | 3.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</sup> |
| <sup>4.</sup><sup>The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,528,281,949% |
| Total number of portfolio holdings | 532% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Allied Universal Holdco LLC, 7.875%-9.75%, due 7/15/27-2/15/31 | 0.9% |
| Univision Communications, Inc., 7.686%-8.549%, due 8/15/28-7/31/31 | 0.8% |
| Asurion LLC, 8.572%-9.686%, due 1/31/28-9/19/30 | 0.7% |
| Clarios Global LP, 6.822%-7.072%, due 5/6/30-1/28/32 | 0.7% |
| AthenaHealth Group, Inc., 7.322%, due 2/15/29 | 0.7% |
| TransDigm, Inc., 6.799%-7.125%, due 8/24/28-1/19/32 | 0.7% |
| Medline Borrower LP, 5.25%-6.572%, due 10/23/28-10/1/29 | 0.6% |
| MH Sub I LLC, 8.572%, due 5/3/28-12/31/31 | 0.6% |
| Cotiviti, Inc., 7.074%-7.077%, due 5/1/31-3/26/32 | 0.6% |
| Clydesdale Acquisition Holdings, Inc., 7.48%-8.75%, due 4/13/29-4/1/32 | 0.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Finance | 7.1% |
| Chemicals, Plastics & Rubber | 6.4% |
| Electronics | 5.8% |
| Software | 5.0% |
| Services: Business | 4.1% |
| High Tech Industries | 3.5% |
| Hotels, Motels, Inns & Gaming | 3.3% |
| Automobile | 3.1% |
| Insurance | 3.0% |
| Other Asset-Backed Securities | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFR10I-06/25 NYLI Floating Rate Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Floating Rate Fund

### Class R6/MXFEX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $32 | 0.64% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598072.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 2/28/2019 | 1.36% | 5.93% | 6.98% | 4.88% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.45% |
| Morningstar LSTA US Leveraged Loan Index<sup>3</sup> |  | 1.83% | 6.16% | 8.00% | 5.51% |
| Morningstar Bank Loan Category Average<sup>4</sup> |  | 1.42% | 5.50% | 6.70% | 4.19% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</sup> |
| <sup>4.</sup><sup>The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,528,281,949% |
| Total number of portfolio holdings | 532% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Allied Universal Holdco LLC, 7.875%-9.75%, due 7/15/27-2/15/31 | 0.9% |
| Univision Communications, Inc., 7.686%-8.549%, due 8/15/28-7/31/31 | 0.8% |
| Asurion LLC, 8.572%-9.686%, due 1/31/28-9/19/30 | 0.7% |
| Clarios Global LP, 6.822%-7.072%, due 5/6/30-1/28/32 | 0.7% |
| AthenaHealth Group, Inc., 7.322%, due 2/15/29 | 0.7% |
| TransDigm, Inc., 6.799%-7.125%, due 8/24/28-1/19/32 | 0.7% |
| Medline Borrower LP, 5.25%-6.572%, due 10/23/28-10/1/29 | 0.6% |
| MH Sub I LLC, 8.572%, due 5/3/28-12/31/31 | 0.6% |
| Cotiviti, Inc., 7.074%-7.077%, due 5/1/31-3/26/32 | 0.6% |
| Clydesdale Acquisition Holdings, Inc., 7.48%-8.75%, due 4/13/29-4/1/32 | 0.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Finance | 7.1% |
| Chemicals, Plastics & Rubber | 6.4% |
| Electronics | 5.8% |
| Software | 5.0% |
| Services: Business | 4.1% |
| High Tech Industries | 3.5% |
| Hotels, Motels, Inns & Gaming | 3.3% |
| Automobile | 3.1% |
| Insurance | 3.0% |
| Other Asset-Backed Securities | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFR10R6-06/25 NYLI Floating Rate Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Floating Rate Fund

### Investor Class/MXFNX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Investor Class | $55 | 1.11% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598068.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (1.29)% | 2.81% | 5.84% | 3.62% |
| Investor Class Shares - Excluding sales charges |  | 1.24% | 5.45% | 6.49% | 3.94% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar LSTA US Leveraged Loan Index<sup>3</sup> |  | 1.83% | 6.16% | 8.00% | 4.88% |
| Morningstar Bank Loan Category Average<sup>4</sup> |  | 1.42% | 5.50% | 6.70% | 3.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</sup> |
| <sup>4.</sup><sup>The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,528,281,949% |
| Total number of portfolio holdings | 532% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Allied Universal Holdco LLC, 7.875%-9.75%, due 7/15/27-2/15/31 | 0.9% |
| Univision Communications, Inc., 7.686%-8.549%, due 8/15/28-7/31/31 | 0.8% |
| Asurion LLC, 8.572%-9.686%, due 1/31/28-9/19/30 | 0.7% |
| Clarios Global LP, 6.822%-7.072%, due 5/6/30-1/28/32 | 0.7% |
| AthenaHealth Group, Inc., 7.322%, due 2/15/29 | 0.7% |
| TransDigm, Inc., 6.799%-7.125%, due 8/24/28-1/19/32 | 0.7% |
| Medline Borrower LP, 5.25%-6.572%, due 10/23/28-10/1/29 | 0.6% |
| MH Sub I LLC, 8.572%, due 5/3/28-12/31/31 | 0.6% |
| Cotiviti, Inc., 7.074%-7.077%, due 5/1/31-3/26/32 | 0.6% |
| Clydesdale Acquisition Holdings, Inc., 7.48%-8.75%, due 4/13/29-4/1/32 | 0.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Finance | 7.1% |
| Chemicals, Plastics & Rubber | 6.4% |
| Electronics | 5.8% |
| Software | 5.0% |
| Services: Business | 4.1% |
| High Tech Industries | 3.5% |
| Hotels, Motels, Inns & Gaming | 3.3% |
| Automobile | 3.1% |
| Insurance | 3.0% |
| Other Asset-Backed Securities | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFR10INV-06/25 NYLI Floating Rate Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Floating Rate Fund

### SIMPLE Class/MXFMX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| SIMPLE Class | $60 | 1.20% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598061.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | 1.19% | 5.32% | 5.12% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (1.09)% |
| Morningstar LSTA US Leveraged Loan Index<sup>3</sup> |  | 1.83% | 6.16% | 6.68% |
| Morningstar Bank Loan Category Average<sup>4</sup> |  | 1.42% | 5.50% | 5.39% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</sup> |
| <sup>4.</sup><sup>The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,528,281,949% |
| Total number of portfolio holdings | 532% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Allied Universal Holdco LLC, 7.875%-9.75%, due 7/15/27-2/15/31 | 0.9% |
| Univision Communications, Inc., 7.686%-8.549%, due 8/15/28-7/31/31 | 0.8% |
| Asurion LLC, 8.572%-9.686%, due 1/31/28-9/19/30 | 0.7% |
| Clarios Global LP, 6.822%-7.072%, due 5/6/30-1/28/32 | 0.7% |
| AthenaHealth Group, Inc., 7.322%, due 2/15/29 | 0.7% |
| TransDigm, Inc., 6.799%-7.125%, due 8/24/28-1/19/32 | 0.7% |
| Medline Borrower LP, 5.25%-6.572%, due 10/23/28-10/1/29 | 0.6% |
| MH Sub I LLC, 8.572%, due 5/3/28-12/31/31 | 0.6% |
| Cotiviti, Inc., 7.074%-7.077%, due 5/1/31-3/26/32 | 0.6% |
| Clydesdale Acquisition Holdings, Inc., 7.48%-8.75%, due 4/13/29-4/1/32 | 0.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Finance | 7.1% |
| Chemicals, Plastics & Rubber | 6.4% |
| Electronics | 5.8% |
| Software | 5.0% |
| Services: Business | 4.1% |
| High Tech Industries | 3.5% |
| Hotels, Motels, Inns & Gaming | 3.3% |
| Automobile | 3.1% |
| Insurance | 3.0% |
| Other Asset-Backed Securities | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSFR10SI-06/25 NYLI Floating Rate Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay California Muni Fund

### Class A/MSCAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $37 | 0.75% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598062.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 2/28/2013 | (4.77)% | (2.17)% | 0.35% | 1.88% |
| Class A Shares - Excluding sales charges |  | (1.83)% | 0.86% | 1.28% | 2.35% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg California Municipal Bond Index<sup>3</sup> |  | (1.25)% | 1.20% | 0.96% | 2.02% |
| Morningstar Muni California Long Category Average<sup>4</sup> |  | (1.62)% | 1.50% | 1.17% | 1.91% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,250,284,987% |
| Total number of portfolio holdings | 386% |
| Portfolio turnover rate | 38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| California Community Choice Financing Authority, 4.00%-5.50%, due 2/1/52-2/1/55 | 5.2% |
| California Infrastructure & Economic Development Bank, 3.00%-5.889%, due 8/1/29-1/1/55 | 4.9% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/39-5/1/55 | 3.6% |
| California Municipal Finance Authority, 4.00%-5.25%, due 8/1/26-12/1/54 | 3.6% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 3.5% |
| State of California, 4.00%-7.60%, due 10/1/36-8/1/54 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| California Health Facilities Financing Authority, 4.00%-5.25%, due 3/1/33-12/1/54 | 2.6% |
| Los Angeles County Public Works Financing Authority, 5.00%-5.50%, due 12/1/41-12/1/49 | 2.5% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 28.1% |
| Other Revenue | 23.9% |
| Transportation | 14.0% |
| Water & Sewer | 9.0% |
| Education | 7.2% |
| Hospital | 6.7% |
| Utilities | 3.5% |
| General | 3.3% |
| Housing | 1.3% |
| Certificate of Participation/Lease | 1.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCTF10A-06/25 NYLI MacKay California Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay California Muni Fund

### Class C/MSCCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $51 | 1.03% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598063.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 2/28/2013 | (2.93)% | (0.40)% | 1.00% | 2.05% |
| Class C Shares - Excluding sales charges |  | (1.96)% | 0.58% | 1.00% | 2.05% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg California Municipal Bond Index<sup>3</sup> |  | (1.25)% | 1.20% | 0.96% | 2.02% |
| Morningstar Muni California Long Category Average<sup>4</sup> |  | (1.62)% | 1.50% | 1.17% | 1.91% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,250,284,987% |
| Total number of portfolio holdings | 386% |
| Portfolio turnover rate | 38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| California Community Choice Financing Authority, 4.00%-5.50%, due 2/1/52-2/1/55 | 5.2% |
| California Infrastructure & Economic Development Bank, 3.00%-5.889%, due 8/1/29-1/1/55 | 4.9% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/39-5/1/55 | 3.6% |
| California Municipal Finance Authority, 4.00%-5.25%, due 8/1/26-12/1/54 | 3.6% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 3.5% |
| State of California, 4.00%-7.60%, due 10/1/36-8/1/54 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| California Health Facilities Financing Authority, 4.00%-5.25%, due 3/1/33-12/1/54 | 2.6% |
| Los Angeles County Public Works Financing Authority, 5.00%-5.50%, due 12/1/41-12/1/49 | 2.5% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 28.1% |
| Other Revenue | 23.9% |
| Transportation | 14.0% |
| Water & Sewer | 9.0% |
| Education | 7.2% |
| Hospital | 6.7% |
| Utilities | 3.5% |
| General | 3.3% |
| Housing | 1.3% |
| Certificate of Participation/Lease | 1.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCTF10C-06/25 NYLI MacKay California Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay California Muni Fund

### Class C2/MCAMX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C2 | $58 | 1.18% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598055.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class C2 Shares - Including sales charges | 8/31/2020 | (3.00)% | (0.55)% | (0.45)% |
| Class C2 Shares - Excluding sales charges |  | (2.04)% | 0.43% | (0.45)% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 0.14% |
| Bloomberg California Municipal Bond Index<sup>3</sup> |  | (1.25)% | 1.20% | (0.03)% |
| Morningstar Muni California Long Category Average<sup>4</sup> |  | (1.62)% | 1.50% | (0.11)% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,250,284,987% |
| Total number of portfolio holdings | 386% |
| Portfolio turnover rate | 38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| California Community Choice Financing Authority, 4.00%-5.50%, due 2/1/52-2/1/55 | 5.2% |
| California Infrastructure & Economic Development Bank, 3.00%-5.889%, due 8/1/29-1/1/55 | 4.9% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/39-5/1/55 | 3.6% |
| California Municipal Finance Authority, 4.00%-5.25%, due 8/1/26-12/1/54 | 3.6% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 3.5% |
| State of California, 4.00%-7.60%, due 10/1/36-8/1/54 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| California Health Facilities Financing Authority, 4.00%-5.25%, due 3/1/33-12/1/54 | 2.6% |
| Los Angeles County Public Works Financing Authority, 5.00%-5.50%, due 12/1/41-12/1/49 | 2.5% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 28.1% |
| Other Revenue | 23.9% |
| Transportation | 14.0% |
| Water & Sewer | 9.0% |
| Education | 7.2% |
| Hospital | 6.7% |
| Utilities | 3.5% |
| General | 3.3% |
| Housing | 1.3% |
| Certificate of Participation/Lease | 1.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCTF10C2-06/25 NYLI MacKay California Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay California Muni Fund

### Class I/MCOIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $25 | 0.50% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598064.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 2/28/2013 | (1.70)% | 1.11% | 1.53% | 2.61% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg California Municipal Bond Index<sup>3</sup> |  | (1.25)% | 1.20% | 0.96% | 2.02% |
| Morningstar Muni California Long Category Average<sup>4</sup> |  | (1.62)% | 1.50% | 1.17% | 1.91% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,250,284,987% |
| Total number of portfolio holdings | 386% |
| Portfolio turnover rate | 38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| California Community Choice Financing Authority, 4.00%-5.50%, due 2/1/52-2/1/55 | 5.2% |
| California Infrastructure & Economic Development Bank, 3.00%-5.889%, due 8/1/29-1/1/55 | 4.9% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/39-5/1/55 | 3.6% |
| California Municipal Finance Authority, 4.00%-5.25%, due 8/1/26-12/1/54 | 3.6% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 3.5% |
| State of California, 4.00%-7.60%, due 10/1/36-8/1/54 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| California Health Facilities Financing Authority, 4.00%-5.25%, due 3/1/33-12/1/54 | 2.6% |
| Los Angeles County Public Works Financing Authority, 5.00%-5.50%, due 12/1/41-12/1/49 | 2.5% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 28.1% |
| Other Revenue | 23.9% |
| Transportation | 14.0% |
| Water & Sewer | 9.0% |
| Education | 7.2% |
| Hospital | 6.7% |
| Utilities | 3.5% |
| General | 3.3% |
| Housing | 1.3% |
| Certificate of Participation/Lease | 1.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCTF10I-06/25 NYLI MacKay California Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay California Muni Fund

### Class R6/MSODX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $23 | 0.48% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598065.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 11/1/2019 | (1.69)% | 1.13% | 1.57% | 0.77% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 0.81% |
| Bloomberg California Municipal Bond Index<sup>3</sup> |  | (1.25)% | 1.20% | 0.96% | 0.68% |
| Morningstar Muni California Long Category Average<sup>4</sup> |  | (1.62)% | 1.50% | 1.17% | 0.35% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,250,284,987% |
| Total number of portfolio holdings | 386% |
| Portfolio turnover rate | 38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| California Community Choice Financing Authority, 4.00%-5.50%, due 2/1/52-2/1/55 | 5.2% |
| California Infrastructure & Economic Development Bank, 3.00%-5.889%, due 8/1/29-1/1/55 | 4.9% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/39-5/1/55 | 3.6% |
| California Municipal Finance Authority, 4.00%-5.25%, due 8/1/26-12/1/54 | 3.6% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 3.5% |
| State of California, 4.00%-7.60%, due 10/1/36-8/1/54 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| California Health Facilities Financing Authority, 4.00%-5.25%, due 3/1/33-12/1/54 | 2.6% |
| Los Angeles County Public Works Financing Authority, 5.00%-5.50%, due 12/1/41-12/1/49 | 2.5% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 28.1% |
| Other Revenue | 23.9% |
| Transportation | 14.0% |
| Water & Sewer | 9.0% |
| Education | 7.2% |
| Hospital | 6.7% |
| Utilities | 3.5% |
| General | 3.3% |
| Housing | 1.3% |
| Certificate of Participation/Lease | 1.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCTF10R6-06/25 NYLI MacKay California Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay California Muni Fund

### Investor Class/MSCVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $38 | 0.78% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598066.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2013 | (4.29)% | (1.69)% | 0.32% | 1.85% |
| Investor Class Shares - Excluding sales charges |  | (1.84)% | 0.83% | 1.25% | 2.32% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg California Municipal Bond Index<sup>3</sup> |  | (1.25)% | 1.20% | 0.96% | 2.02% |
| Morningstar Muni California Long Category Average<sup>4</sup> |  | (1.62)% | 1.50% | 1.17% | 1.91% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,250,284,987% |
| Total number of portfolio holdings | 386% |
| Portfolio turnover rate | 38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| California Community Choice Financing Authority, 4.00%-5.50%, due 2/1/52-2/1/55 | 5.2% |
| California Infrastructure & Economic Development Bank, 3.00%-5.889%, due 8/1/29-1/1/55 | 4.9% |
| San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/39-5/1/55 | 3.6% |
| California Municipal Finance Authority, 4.00%-5.25%, due 8/1/26-12/1/54 | 3.6% |
| City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47 | 3.5% |
| State of California, 4.00%-7.60%, due 10/1/36-8/1/54 | 3.1% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 3.0% |
| California Health Facilities Financing Authority, 4.00%-5.25%, due 3/1/33-12/1/54 | 2.6% |
| Los Angeles County Public Works Financing Authority, 5.00%-5.50%, due 12/1/41-12/1/49 | 2.5% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 28.1% |
| Other Revenue | 23.9% |
| Transportation | 14.0% |
| Water & Sewer | 9.0% |
| Education | 7.2% |
| Hospital | 6.7% |
| Utilities | 3.5% |
| General | 3.3% |
| Housing | 1.3% |
| Certificate of Participation/Lease | 1.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCTF10INV-06/25 NYLI MacKay California Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay High Yield Muni Bond Fund

### Class A/MMHAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $42 | 0.86% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598056.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 3/31/2010 | (5.05)% | (0.74)% | 2.05% | 2.80% |
| Class A Shares - Excluding sales charges |  | (2.11)% | 2.33% | 2.99% | 3.28% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg High Yield Municipal Bond Index<sup>3</sup> |  | (0.53)% | 4.35% | 4.65% | 4.11% |
| High Yield Municipal Bond Composite Index<sup>4</sup> |  | (0.63)% | 3.27% | 3.25% | 3.32% |
| Morningstar High Yield Muni Category Average<sup>5</sup> |  | (1.35)% | 3.10% | 2.58% | 2.61% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</sup> |
| <sup>4.</sup><sup>The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>5.</sup><sup>The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor's or Moody's. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $9,407,593,330% |
| Total number of portfolio holdings | 1,409% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.8% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 2.7% |
| Chicago Board of Education, (zero coupon)-7.00%, due 12/1/27-4/1/48 | 2.5% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.5% |
| Public Finance Authority, (zero coupon)-9.00%, due 3/1/26-5/1/71 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.0% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| New Hampshire Business Finance Authority, 4.00%-6.89%, due 7/1/33-7/1/56 | 1.6% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| Puerto Rico | 11.5% |
| New York | 10.8% |
| Illinois | 9.2% |
| California | 7.9% |
| Texas | 4.8% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| Florida | 3.2% |
| New Jersey | 3.1% |
| Alabama | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMHY10A-06/25 NYLI MacKay High Yield Muni Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay High Yield Muni Bond Fund

### Class C/MMHDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $80 | 1.63% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598057.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 3/31/2010 | (3.45)% | 0.57% | 2.21% | 2.49% |
| Class C Shares - Excluding sales charges |  | (2.49)% | 1.55% | 2.21% | 2.49% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg High Yield Municipal Bond Index<sup>3</sup> |  | (0.53)% | 4.35% | 4.65% | 4.11% |
| High Yield Municipal Bond Composite Index<sup>4</sup> |  | (0.63)% | 3.27% | 3.25% | 3.32% |
| Morningstar High Yield Muni Category Average<sup>5</sup> |  | (1.35)% | 3.10% | 2.58% | 2.61% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</sup> |
| <sup>4.</sup><sup>The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>5.</sup><sup>The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor's or Moody's. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $9,407,593,330% |
| Total number of portfolio holdings | 1,409% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.8% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 2.7% |
| Chicago Board of Education, (zero coupon)-7.00%, due 12/1/27-4/1/48 | 2.5% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.5% |
| Public Finance Authority, (zero coupon)-9.00%, due 3/1/26-5/1/71 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.0% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| New Hampshire Business Finance Authority, 4.00%-6.89%, due 7/1/33-7/1/56 | 1.6% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| Puerto Rico | 11.5% |
| New York | 10.8% |
| Illinois | 9.2% |
| California | 7.9% |
| Texas | 4.8% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| Florida | 3.2% |
| New Jersey | 3.1% |
| Alabama | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMHY10C-06/25 NYLI MacKay High Yield Muni Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay High Yield Muni Bond Fund

### Class I/MMHIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $30 | 0.61% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598058.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 3/31/2010 | (1.99)% | 2.49% | 3.25% | 3.53% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg High Yield Municipal Bond Index<sup>3</sup> |  | (0.53)% | 4.35% | 4.65% | 4.11% |
| High Yield Municipal Bond Composite Index<sup>4</sup> |  | (0.63)% | 3.27% | 3.25% | 3.32% |
| Morningstar High Yield Muni Category Average<sup>5</sup> |  | (1.35)% | 3.10% | 2.58% | 2.61% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</sup> |
| <sup>4.</sup><sup>The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>5.</sup><sup>The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor's or Moody's. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $9,407,593,330% |
| Total number of portfolio holdings | 1,409% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.8% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 2.7% |
| Chicago Board of Education, (zero coupon)-7.00%, due 12/1/27-4/1/48 | 2.5% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.5% |
| Public Finance Authority, (zero coupon)-9.00%, due 3/1/26-5/1/71 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.0% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| New Hampshire Business Finance Authority, 4.00%-6.89%, due 7/1/33-7/1/56 | 1.6% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| Puerto Rico | 11.5% |
| New York | 10.8% |
| Illinois | 9.2% |
| California | 7.9% |
| Texas | 4.8% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| Florida | 3.2% |
| New Jersey | 3.1% |
| Alabama | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMHY10I-06/25 NYLI MacKay High Yield Muni Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay High Yield Muni Bond Fund

### Class R6/MMHEX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $27 | 0.55% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598059.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 11/1/2019 | (1.97)% | 2.55% | 3.29% | 1.62% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 0.81% |
| Bloomberg High Yield Municipal Bond Index<sup>3</sup> |  | (0.53)% | 4.35% | 4.65% | 2.36% |
| High Yield Municipal Bond Composite Index<sup>4</sup> |  | (0.63)% | 3.27% | 3.25% | 1.77% |
| Morningstar High Yield Muni Category Average<sup>5</sup> |  | (1.35)% | 3.10% | 2.58% | 0.85% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</sup> |
| <sup>4.</sup><sup>The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>5.</sup><sup>The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor's or Moody's. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $9,407,593,330% |
| Total number of portfolio holdings | 1,409% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.8% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 2.7% |
| Chicago Board of Education, (zero coupon)-7.00%, due 12/1/27-4/1/48 | 2.5% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.5% |
| Public Finance Authority, (zero coupon)-9.00%, due 3/1/26-5/1/71 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.0% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| New Hampshire Business Finance Authority, 4.00%-6.89%, due 7/1/33-7/1/56 | 1.6% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| Puerto Rico | 11.5% |
| New York | 10.8% |
| Illinois | 9.2% |
| California | 7.9% |
| Texas | 4.8% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| Florida | 3.2% |
| New Jersey | 3.1% |
| Alabama | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMHY10R6-06/25 NYLI MacKay High Yield Muni Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay High Yield Muni Bond Fund

### Investor Class/MMHVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Investor Class | $43 | 0.88% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598060.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 3/31/2010 | (4.57)% | (0.34)% | 2.03% | 2.79% |
| Investor Class Shares - Excluding sales charges |  | (2.13)% | 2.22% | 2.98% | 3.26% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg High Yield Municipal Bond Index<sup>3</sup> |  | (0.53)% | 4.35% | 4.65% | 4.11% |
| High Yield Municipal Bond Composite Index<sup>4</sup> |  | (0.63)% | 3.27% | 3.25% | 3.32% |
| Morningstar High Yield Muni Category Average<sup>5</sup> |  | (1.35)% | 3.10% | 2.58% | 2.61% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</sup> |
| <sup>4.</sup><sup>The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</sup> |
| <sup>5.</sup><sup>The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor's or Moody's. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $9,407,593,330% |
| Total number of portfolio holdings | 1,409% |
| Portfolio turnover rate | 15% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60 | 5.0% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51 | 3.4% |
| Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58 | 2.8% |
| Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56 | 2.7% |
| Chicago Board of Education, (zero coupon)-7.00%, due 12/1/27-4/1/48 | 2.5% |
| Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55 | 2.5% |
| Public Finance Authority, (zero coupon)-9.00%, due 3/1/26-5/1/71 | 2.1% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47 | 2.0% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39 | 1.8% |
| New Hampshire Business Finance Authority, 4.00%-6.89%, due 7/1/33-7/1/56 | 1.6% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| Puerto Rico | 11.5% |
| New York | 10.8% |
| Illinois | 9.2% |
| California | 7.9% |
| Texas | 4.8% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| Florida | 3.2% |
| New Jersey | 3.1% |
| Alabama | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMHY10INV-06/25 NYLI MacKay High Yield Muni Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Total Return Bond Fund

### Class A/MTMAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $42 | 0.83% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598032.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 1/2/2004 | (1.68)% | 4.59% | (0.17)% | 1.42% |
| Class A Shares - Excluding sales charges |  | 2.96% | 9.51% | 0.76% | 1.89% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar Intermediate Core-Plus Bond Category Average<sup>3</sup> |  | 2.41% | 8.03% | 0.52% | 1.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $366,785,290% |
| Total number of portfolio holdings | 435% |
| Portfolio turnover rate | 72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 4/30/30-2/15/35 | 15.4% |
| GNMA, (zero coupon)-7.764%, due 7/20/44-2/16/66 | 7.9% |
| UMBS, 30 Year, 2.00%-6.50%, due 12/1/44-6/1/54 | 3.7% |
| UMBS Pool, 30 Year, 4.00%-6.00%, due 10/1/52-4/1/55 | 3.1% |
| Connecticut Avenue Securities Trust, 6.053%-14.204%, due 11/25/39-2/25/45 | 2.9% |
| FHLMC STACR REMIC Trust, 6.004%-11.454%, due 9/25/41-1/25/51 | 2.7% |
| FHLMC, (zero coupon)-4.00%, due 1/15/41-1/25/55 | 2.4% |
| FNMA, (zero coupon)-3.50%, due 6/25/46-7/25/54 | 1.8% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/45-2/15/55 | 1.3% |
| Lloyds Banking Group plc, 4.582%-4.976%, due 12/10/25-8/11/33 | 0.9% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 30.7% |
| Corporate Bonds | 30.4% |
| U.S. Government & Federal Agencies | 24.5% |
| Asset-Backed Securities | 10.6% |
| Short-Term Investments | 2.1% |
| Foreign Government Bonds | 1.1% |
| Loan Assignments | 0.5% |
| Common Stock | 0.0%<sup>‡</sup> |
| Other Assets, Less Liabilities | 0.1% |

---

‡ Less than one-tenth of a percent.

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSTRB10A-06/25 NYLI MacKay Total Return Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Total Return Bond Fund

### Class C/MTMCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $93 | 1.85% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598033.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 1/2/2004 | 1.53% | 7.47% | (0.22)% | 0.98% |
| Class C Shares - Excluding sales charges |  | 2.53% | 8.47% | (0.22)% | 0.98% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar Intermediate Core-Plus Bond Category Average<sup>3</sup> |  | 2.41% | 8.03% | 0.52% | 1.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $366,785,290% |
| Total number of portfolio holdings | 435% |
| Portfolio turnover rate | 72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 4/30/30-2/15/35 | 15.4% |
| GNMA, (zero coupon)-7.764%, due 7/20/44-2/16/66 | 7.9% |
| UMBS, 30 Year, 2.00%-6.50%, due 12/1/44-6/1/54 | 3.7% |
| UMBS Pool, 30 Year, 4.00%-6.00%, due 10/1/52-4/1/55 | 3.1% |
| Connecticut Avenue Securities Trust, 6.053%-14.204%, due 11/25/39-2/25/45 | 2.9% |
| FHLMC STACR REMIC Trust, 6.004%-11.454%, due 9/25/41-1/25/51 | 2.7% |
| FHLMC, (zero coupon)-4.00%, due 1/15/41-1/25/55 | 2.4% |
| FNMA, (zero coupon)-3.50%, due 6/25/46-7/25/54 | 1.8% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/45-2/15/55 | 1.3% |
| Lloyds Banking Group plc, 4.582%-4.976%, due 12/10/25-8/11/33 | 0.9% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 30.7% |
| Corporate Bonds | 30.4% |
| U.S. Government & Federal Agencies | 24.5% |
| Asset-Backed Securities | 10.6% |
| Short-Term Investments | 2.1% |
| Foreign Government Bonds | 1.1% |
| Loan Assignments | 0.5% |
| Common Stock | 0.0%<sup>‡</sup> |
| Other Assets, Less Liabilities | 0.1% |

---

‡ Less than one-tenth of a percent.

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSTRB10C-06/25 NYLI MacKay Total Return Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Total Return Bond Fund

### Class I/MTMIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $21 | 0.42% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598034.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 1/2/1991 | 3.17% | 9.94% | 1.10% | 2.24% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar Intermediate Core-Plus Bond Category Average<sup>3</sup> |  | 2.41% | 8.03% | 0.52% | 1.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $366,785,290% |
| Total number of portfolio holdings | 435% |
| Portfolio turnover rate | 72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 4/30/30-2/15/35 | 15.4% |
| GNMA, (zero coupon)-7.764%, due 7/20/44-2/16/66 | 7.9% |
| UMBS, 30 Year, 2.00%-6.50%, due 12/1/44-6/1/54 | 3.7% |
| UMBS Pool, 30 Year, 4.00%-6.00%, due 10/1/52-4/1/55 | 3.1% |
| Connecticut Avenue Securities Trust, 6.053%-14.204%, due 11/25/39-2/25/45 | 2.9% |
| FHLMC STACR REMIC Trust, 6.004%-11.454%, due 9/25/41-1/25/51 | 2.7% |
| FHLMC, (zero coupon)-4.00%, due 1/15/41-1/25/55 | 2.4% |
| FNMA, (zero coupon)-3.50%, due 6/25/46-7/25/54 | 1.8% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/45-2/15/55 | 1.3% |
| Lloyds Banking Group plc, 4.582%-4.976%, due 12/10/25-8/11/33 | 0.9% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 30.7% |
| Corporate Bonds | 30.4% |
| U.S. Government & Federal Agencies | 24.5% |
| Asset-Backed Securities | 10.6% |
| Short-Term Investments | 2.1% |
| Foreign Government Bonds | 1.1% |
| Loan Assignments | 0.5% |
| Common Stock | 0.0%<sup>‡</sup> |
| Other Assets, Less Liabilities | 0.1% |

---

‡ Less than one-tenth of a percent.

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSTRB10I-06/25 NYLI MacKay Total Return Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Total Return Bond Fund

### Class R6/MTRDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class R6 | $21 | 0.42% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598035.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class R6 Shares | 12/29/2014 | 3.17% | 9.95% | 1.11% | 2.27% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar Intermediate Core-Plus Bond Category Average<sup>3</sup> |  | 2.41% | 8.03% | 0.52% | 1.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $366,785,290% |
| Total number of portfolio holdings | 435% |
| Portfolio turnover rate | 72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 4/30/30-2/15/35 | 15.4% |
| GNMA, (zero coupon)-7.764%, due 7/20/44-2/16/66 | 7.9% |
| UMBS, 30 Year, 2.00%-6.50%, due 12/1/44-6/1/54 | 3.7% |
| UMBS Pool, 30 Year, 4.00%-6.00%, due 10/1/52-4/1/55 | 3.1% |
| Connecticut Avenue Securities Trust, 6.053%-14.204%, due 11/25/39-2/25/45 | 2.9% |
| FHLMC STACR REMIC Trust, 6.004%-11.454%, due 9/25/41-1/25/51 | 2.7% |
| FHLMC, (zero coupon)-4.00%, due 1/15/41-1/25/55 | 2.4% |
| FNMA, (zero coupon)-3.50%, due 6/25/46-7/25/54 | 1.8% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/45-2/15/55 | 1.3% |
| Lloyds Banking Group plc, 4.582%-4.976%, due 12/10/25-8/11/33 | 0.9% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 30.7% |
| Corporate Bonds | 30.4% |
| U.S. Government & Federal Agencies | 24.5% |
| Asset-Backed Securities | 10.6% |
| Short-Term Investments | 2.1% |
| Foreign Government Bonds | 1.1% |
| Loan Assignments | 0.5% |
| Common Stock | 0.0%<sup>‡</sup> |
| Other Assets, Less Liabilities | 0.1% |

---

‡ Less than one-tenth of a percent.

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSTRB10R6-06/25 NYLI MacKay Total Return Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Total Return Bond Fund

### Investor Class/MTMNX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $55 | 1.09% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598042.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (1.31)% | 4.79% | (0.42)% | 1.27% |
| Investor Class Shares - Excluding sales charges |  | 2.80% | 9.15% | 0.50% | 1.73% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Morningstar Intermediate Core-Plus Bond Category Average<sup>3</sup> |  | 2.41% | 8.03% | 0.52% | 1.80% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $366,785,290% |
| Total number of portfolio holdings | 435% |
| Portfolio turnover rate | 72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 4/30/30-2/15/35 | 15.4% |
| GNMA, (zero coupon)-7.764%, due 7/20/44-2/16/66 | 7.9% |
| UMBS, 30 Year, 2.00%-6.50%, due 12/1/44-6/1/54 | 3.7% |
| UMBS Pool, 30 Year, 4.00%-6.00%, due 10/1/52-4/1/55 | 3.1% |
| Connecticut Avenue Securities Trust, 6.053%-14.204%, due 11/25/39-2/25/45 | 2.9% |
| FHLMC STACR REMIC Trust, 6.004%-11.454%, due 9/25/41-1/25/51 | 2.7% |
| FHLMC, (zero coupon)-4.00%, due 1/15/41-1/25/55 | 2.4% |
| FNMA, (zero coupon)-3.50%, due 6/25/46-7/25/54 | 1.8% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/45-2/15/55 | 1.3% |
| Lloyds Banking Group plc, 4.582%-4.976%, due 12/10/25-8/11/33 | 0.9% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 30.7% |
| Corporate Bonds | 30.4% |
| U.S. Government & Federal Agencies | 24.5% |
| Asset-Backed Securities | 10.6% |
| Short-Term Investments | 2.1% |
| Foreign Government Bonds | 1.1% |
| Loan Assignments | 0.5% |
| Common Stock | 0.0%<sup>‡</sup> |
| Other Assets, Less Liabilities | 0.1% |

---

‡ Less than one-tenth of a percent.

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSTRB10INV-06/25 NYLI MacKay Total Return Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Total Return Bond Fund

### SIMPLE Class/MTMSX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| SIMPLE Class | $51 | 1.01% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598031.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | 2.85% | 9.29% | (0.51)% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (1.09)% |
| Morningstar Intermediate Core-Plus Bond Category Average<sup>3</sup> |  | 2.41% | 8.03% | (0.42)% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $366,785,290% |
| Total number of portfolio holdings | 435% |
| Portfolio turnover rate | 72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 4/30/30-2/15/35 | 15.4% |
| GNMA, (zero coupon)-7.764%, due 7/20/44-2/16/66 | 7.9% |
| UMBS, 30 Year, 2.00%-6.50%, due 12/1/44-6/1/54 | 3.7% |
| UMBS Pool, 30 Year, 4.00%-6.00%, due 10/1/52-4/1/55 | 3.1% |
| Connecticut Avenue Securities Trust, 6.053%-14.204%, due 11/25/39-2/25/45 | 2.9% |
| FHLMC STACR REMIC Trust, 6.004%-11.454%, due 9/25/41-1/25/51 | 2.7% |
| FHLMC, (zero coupon)-4.00%, due 1/15/41-1/25/55 | 2.4% |
| FNMA, (zero coupon)-3.50%, due 6/25/46-7/25/54 | 1.8% |
| U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/45-2/15/55 | 1.3% |
| Lloyds Banking Group plc, 4.582%-4.976%, due 12/10/25-8/11/33 | 0.9% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 30.7% |
| Corporate Bonds | 30.4% |
| U.S. Government & Federal Agencies | 24.5% |
| Asset-Backed Securities | 10.6% |
| Short-Term Investments | 2.1% |
| Foreign Government Bonds | 1.1% |
| Loan Assignments | 0.5% |
| Common Stock | 0.0%<sup>‡</sup> |
| Other Assets, Less Liabilities | 0.1% |

---

‡ Less than one-tenth of a percent.

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSTRB10SI-06/25 NYLI MacKay Total Return Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Global Equity Yield Fund

### Class A/EPSPX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $54 | 1.09% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598020.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 8/2/2006 | (4.43)% | 7.90% | 10.95% | 5.59% |
| Class A Shares - Excluding sales charges |  | 1.13% | 14.18% | 12.21% | 6.19% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 9.34% |
| Global Equity Yield Composite Index<sup>3</sup> |  | 4.29% | 14.08% | 9.60% | 7.00% |
| Morningstar Global Large Stock Value Category Average<sup>4</sup> |  | 3.21% | 10.77% | 12.98% | 6.89% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>4.</sup><sup>Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $742,527,906% |
| Total number of portfolio holdings | 111% |
| Portfolio turnover rate | 12% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Broadcom, Inc. | 2.3% |
| Microsoft Corp. | 2.3% |
| AbbVie, Inc. | 2.0% |
| International Business Machines Corp. | 2.0% |
| Cisco Systems, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Coca-Cola Europacific Partners plc | 1.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 1.5% |
| Walmart, Inc. | 1.4% |
| Salesforce, Inc. | 1.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Pharmaceuticals | 8.8% |
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 7.0% |
| Insurance | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.6% |
| Electric Utilities | 4.4% |
| Software | 3.6% |
| Diversified Telecommunication Services | 3.4% |
| Aerospace & Defense | 3.2% |
| Beverages | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEGE10A-06/25 NYLI Epoch Global Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Global Equity Yield Fund

### Class C/EPSKX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $92 | 1.84% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598024.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 11/16/2009 | (0.16)% | 12.32% | 11.37% | 5.40% |
| Class C Shares - Excluding sales charges |  | 0.77% | 13.32% | 11.37% | 5.40% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 9.34% |
| Global Equity Yield Composite Index<sup>3</sup> |  | 4.29% | 14.08% | 9.60% | 7.00% |
| Morningstar Global Large Stock Value Category Average<sup>4</sup> |  | 3.21% | 10.77% | 12.98% | 6.89% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>4.</sup><sup>Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $742,527,906% |
| Total number of portfolio holdings | 111% |
| Portfolio turnover rate | 12% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Broadcom, Inc. | 2.3% |
| Microsoft Corp. | 2.3% |
| AbbVie, Inc. | 2.0% |
| International Business Machines Corp. | 2.0% |
| Cisco Systems, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Coca-Cola Europacific Partners plc | 1.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 1.5% |
| Walmart, Inc. | 1.4% |
| Salesforce, Inc. | 1.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Pharmaceuticals | 8.8% |
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 7.0% |
| Insurance | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.6% |
| Electric Utilities | 4.4% |
| Software | 3.6% |
| Diversified Telecommunication Services | 3.4% |
| Aerospace & Defense | 3.2% |
| Beverages | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEGE10C-06/25 NYLI Epoch Global Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Global Equity Yield Fund

### Class I/EPSYX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $42 | 0.84% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598021.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 12/27/2005 | 1.26% | 14.51% | 12.49% | 6.46% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 9.34% |
| Global Equity Yield Composite Index<sup>3</sup> |  | 4.29% | 14.08% | 9.60% | 7.00% |
| Morningstar Global Large Stock Value Category Average<sup>4</sup> |  | 3.21% | 10.77% | 12.98% | 6.89% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>4.</sup><sup>Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $742,527,906% |
| Total number of portfolio holdings | 111% |
| Portfolio turnover rate | 12% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Broadcom, Inc. | 2.3% |
| Microsoft Corp. | 2.3% |
| AbbVie, Inc. | 2.0% |
| International Business Machines Corp. | 2.0% |
| Cisco Systems, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Coca-Cola Europacific Partners plc | 1.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 1.5% |
| Walmart, Inc. | 1.4% |
| Salesforce, Inc. | 1.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Pharmaceuticals | 8.8% |
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 7.0% |
| Insurance | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.6% |
| Electric Utilities | 4.4% |
| Software | 3.6% |
| Diversified Telecommunication Services | 3.4% |
| Aerospace & Defense | 3.2% |
| Beverages | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEGE10I-06/25 NYLI Epoch Global Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Global Equity Yield Fund

### Class R6/EPSRX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class R6 | $37 | 0.74% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598022.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class R6 Shares | 6/17/2013 | 1.29% | 14.59% | 12.33% | 6.44% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 9.34% |
| Global Equity Yield Composite Index<sup>3</sup> |  | 4.29% | 14.08% | 9.60% | 7.00% |
| Morningstar Global Large Stock Value Category Average<sup>4</sup> |  | 3.21% | 10.77% | 12.98% | 6.89% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>4.</sup><sup>Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $742,527,906% |
| Total number of portfolio holdings | 111% |
| Portfolio turnover rate | 12% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Broadcom, Inc. | 2.3% |
| Microsoft Corp. | 2.3% |
| AbbVie, Inc. | 2.0% |
| International Business Machines Corp. | 2.0% |
| Cisco Systems, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Coca-Cola Europacific Partners plc | 1.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 1.5% |
| Walmart, Inc. | 1.4% |
| Salesforce, Inc. | 1.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Pharmaceuticals | 8.8% |
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 7.0% |
| Insurance | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.6% |
| Electric Utilities | 4.4% |
| Software | 3.6% |
| Diversified Telecommunication Services | 3.4% |
| Aerospace & Defense | 3.2% |
| Beverages | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEGE10R6-06/25 NYLI Epoch Global Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch Global Equity Yield Fund

### Investor Class/EPSIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $58 | 1.16% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598023.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 11/16/2009 | (3.95)% | 8.43% | 10.88% | 5.56% |
| Investor Class Shares - Excluding sales charges |  | 1.10% | 14.13% | 12.14% | 6.16% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 9.34% |
| Global Equity Yield Composite Index<sup>3</sup> |  | 4.29% | 14.08% | 9.60% | 7.00% |
| Morningstar Global Large Stock Value Category Average<sup>4</sup> |  | 3.21% | 10.77% | 12.98% | 6.89% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>4.</sup><sup>Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $742,527,906% |
| Total number of portfolio holdings | 111% |
| Portfolio turnover rate | 12% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Broadcom, Inc. | 2.3% |
| Microsoft Corp. | 2.3% |
| AbbVie, Inc. | 2.0% |
| International Business Machines Corp. | 2.0% |
| Cisco Systems, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Coca-Cola Europacific Partners plc | 1.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 1.5% |
| Walmart, Inc. | 1.4% |
| Salesforce, Inc. | 1.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Pharmaceuticals | 8.8% |
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 7.0% |
| Insurance | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.6% |
| Electric Utilities | 4.4% |
| Software | 3.6% |
| Diversified Telecommunication Services | 3.4% |
| Aerospace & Defense | 3.2% |
| Beverages | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEGE10INV-06/25 NYLI Epoch Global Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch U.S. Equity Yield Fund

### Class A/EPLPX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $51 | 1.04% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598018.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 2/3/2009 | (7.69)% | 5.51% | 11.39% | 8.07% |
| Class A Shares - Excluding sales charges |  | (2.32)% | 11.65% | 12.66% | 8.68% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| U.S. Equity Yield Composite Index<sup>4</sup> |  | (0.53)% | 10.33% | 9.93% | 8.82% |
| Morningstar Large Value Category Average<sup>5</sup> |  | (2.27)% | 7.57% | 13.36% | 8.45% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>5.</sup> | <sup>The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,011,422,741% |
| Total number of portfolio holdings | 97% |
| Portfolio turnover rate | 10% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| MetLife, Inc. | 2.3% |
| AbbVie, Inc. | 2.3% |
| Walmart, Inc. | 2.0% |
| Bank of America Corp. | 2.0% |
| Cummins, Inc. | 1.9% |
| Johnson & Johnson | 1.9% |
| Broadcom, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 10.6% |
| Electric Utilities | 6.4% |
| Pharmaceuticals | 5.6% |
| Insurance | 5.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Chemicals | 3.5% |
| Electrical Equipment | 3.4% |
| Biotechnology | 3.4% |
| Capital Markets | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEUE10A-06/25 NYLI Epoch U.S. Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch U.S. Equity Yield Fund

### Class C/EPLKX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $101 | 2.07% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598008.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 11/16/2009 | (3.71)% | 9.51% | 11.53% | 7.63% |
| Class C Shares - Excluding sales charges |  | (2.82)% | 10.51% | 11.53% | 7.63% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| U.S. Equity Yield Composite Index<sup>4</sup> |  | (0.53)% | 10.33% | 9.93% | 8.82% |
| Morningstar Large Value Category Average<sup>5</sup> |  | (2.27)% | 7.57% | 13.36% | 8.45% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>5.</sup> | <sup>The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,011,422,741% |
| Total number of portfolio holdings | 97% |
| Portfolio turnover rate | 10% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| MetLife, Inc. | 2.3% |
| AbbVie, Inc. | 2.3% |
| Walmart, Inc. | 2.0% |
| Bank of America Corp. | 2.0% |
| Cummins, Inc. | 1.9% |
| Johnson & Johnson | 1.9% |
| Broadcom, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 10.6% |
| Electric Utilities | 6.4% |
| Pharmaceuticals | 5.6% |
| Insurance | 5.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Chemicals | 3.5% |
| Electrical Equipment | 3.4% |
| Biotechnology | 3.4% |
| Capital Markets | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEUE10C-06/25 NYLI Epoch U.S. Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch U.S. Equity Yield Fund

### Class I/EPLCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $36 | 0.73% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598009.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 12/3/2008 | (2.19)% | 11.95% | 13.02% | 9.00% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| U.S. Equity Yield Composite Index<sup>4</sup> |  | (0.53)% | 10.33% | 9.93% | 8.82% |
| Morningstar Large Value Category Average<sup>5</sup> |  | (2.27)% | 7.57% | 13.36% | 8.45% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>5.</sup> | <sup>The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,011,422,741% |
| Total number of portfolio holdings | 97% |
| Portfolio turnover rate | 10% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| MetLife, Inc. | 2.3% |
| AbbVie, Inc. | 2.3% |
| Walmart, Inc. | 2.0% |
| Bank of America Corp. | 2.0% |
| Cummins, Inc. | 1.9% |
| Johnson & Johnson | 1.9% |
| Broadcom, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 10.6% |
| Electric Utilities | 6.4% |
| Pharmaceuticals | 5.6% |
| Insurance | 5.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Chemicals | 3.5% |
| Electrical Equipment | 3.4% |
| Biotechnology | 3.4% |
| Capital Markets | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEUE10I-06/25 NYLI Epoch U.S. Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch U.S. Equity Yield Fund

### Class R6/EPLDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $36 | 0.73% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598010.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 5/8/2017 | (2.19)% | 11.95% | 13.02% | 9.03% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 12.35% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.48% |
| U.S. Equity Yield Composite Index<sup>4</sup> |  | (0.53)% | 10.33% | 9.93% | 8.48% |
| Morningstar Large Value Category Average<sup>5</sup> |  | (2.27)% | 7.57% | 13.36% | 8.61% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>5.</sup> | <sup>The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,011,422,741% |
| Total number of portfolio holdings | 97% |
| Portfolio turnover rate | 10% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| MetLife, Inc. | 2.3% |
| AbbVie, Inc. | 2.3% |
| Walmart, Inc. | 2.0% |
| Bank of America Corp. | 2.0% |
| Cummins, Inc. | 1.9% |
| Johnson & Johnson | 1.9% |
| Broadcom, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 10.6% |
| Electric Utilities | 6.4% |
| Pharmaceuticals | 5.6% |
| Insurance | 5.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Chemicals | 3.5% |
| Electrical Equipment | 3.4% |
| Biotechnology | 3.4% |
| Capital Markets | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEUE10R6-06/25 NYLI Epoch U.S. Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch U.S. Equity Yield Fund

### Investor Class/EPLIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $65 | 1.33% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598011.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 11/16/2009 | (7.35)% | 5.75% | 11.09% | 7.82% |
| Investor Class Shares - Excluding sales charges |  | (2.47)% | 11.32% | 12.36% | 8.43% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 13.00% | 8.36% |
| U.S. Equity Yield Composite Index<sup>4</sup> |  | (0.53)% | 10.33% | 9.93% | 8.82% |
| Morningstar Large Value Category Average<sup>5</sup> |  | (2.27)% | 7.57% | 13.36% | 8.45% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>5.</sup> | <sup>The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,011,422,741% |
| Total number of portfolio holdings | 97% |
| Portfolio turnover rate | 10% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| MetLife, Inc. | 2.3% |
| AbbVie, Inc. | 2.3% |
| Walmart, Inc. | 2.0% |
| Bank of America Corp. | 2.0% |
| Cummins, Inc. | 1.9% |
| Johnson & Johnson | 1.9% |
| Broadcom, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 10.6% |
| Electric Utilities | 6.4% |
| Pharmaceuticals | 5.6% |
| Insurance | 5.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Chemicals | 3.5% |
| Electrical Equipment | 3.4% |
| Biotechnology | 3.4% |
| Capital Markets | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEUE10INV-06/25 NYLI Epoch U.S. Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Epoch U.S. Equity Yield Fund

### SIMPLE Class/EPLMX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| SIMPLE Class | $64 | 1.30% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598012.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | (2.45)% | 11.31% | 10.84% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 11.41% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> |  | (1.86)% | 8.55% | 11.42% |
| U.S. Equity Yield Composite Index<sup>4</sup> |  | (0.53)% | 10.33% | 8.56% |
| Morningstar Large Value Category Average<sup>5</sup> |  | (2.27)% | 7.57% | 11.65% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The Russell 1000<sup>®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</sup> |
| <sup>4.</sup> | <sup>The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</sup> |
| <sup>5.</sup> | <sup>The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,011,422,741% |
| Total number of portfolio holdings | 97% |
| Portfolio turnover rate | 10% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.4% |
| MetLife, Inc. | 2.3% |
| AbbVie, Inc. | 2.3% |
| Walmart, Inc. | 2.0% |
| Bank of America Corp. | 2.0% |
| Cummins, Inc. | 1.9% |
| Johnson & Johnson | 1.9% |
| Broadcom, Inc. | 1.8% |
| Philip Morris International, Inc. | 1.8% |
| Microsoft Corp. | 1.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 10.6% |
| Electric Utilities | 6.4% |
| Pharmaceuticals | 5.6% |
| Insurance | 5.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Chemicals | 3.5% |
| Electrical Equipment | 3.4% |
| Biotechnology | 3.4% |
| Capital Markets | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSEUE10SI-06/25 NYLI Epoch U.S. Equity Yield Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Candriam Emerging Markets Equity Fund

### Class A/MCYAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $67 | 1.36% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund's prior subadvisor, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597900.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 11/15/2017 | (6.42)% | 2.03% | 3.91% | 0.41% |
| Class A Shares - Excluding sales charges |  | (0.97)% | 7.97% | 5.09% | 1.17% |
| MSCI Emerging Markets Index (Net)<sup>2</sup> |  | 0.40% | 9.02% | 6.35% | 2.47% |
| Morningstar Diversified Emerging Markets Category Average<sup>3</sup> |  | (0.13)% | 6.63% | 7.11% | 2.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected MSCI Emerging Markets Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $100,116,680% |
| Total number of portfolio holdings | 113% |
| Portfolio turnover rate | 96% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.3% |
| Tencent Holdings Ltd. | 5.4% |
| Samsung Electronics Co. Ltd. | 3.6% |
| Alibaba Group Holding Ltd. | 3.5% |
| HDFC Bank Ltd. | 2.4% |
| ICICI Bank Ltd. | 2.1% |
| Bharti Airtel Ltd. | 2.0% |
| Xiaomi Corp., Class B | 1.8% |
| Bajaj Finance Ltd. | 1.7% |
| Al Rajhi Bank | 1.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| China | 28.4% |
| India | 19.5% |
| Taiwan | 14.2% |
| Republic of Korea | 11.4% |
| Brazil | 8.0% |
| South Africa | 3.1% |
| Mexico | 3.0% |
| Saudi Arabia | 2.8% |
| Poland | 2.3% |
| Peru | 1.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCEME10A-06/25 NYLI Candriam Emerging Markets Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Candriam Emerging Markets Equity Fund

### Class C/MCYCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $110 | 2.24% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund's prior subadvisor, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597901.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class C Shares - Including sales charges | 11/15/2017 | (2.45)% | 5.99% | 4.18% | 0.30% |
| Class C Shares - Excluding sales charges |  | (1.46)% | 6.99% | 4.18% | 0.30% |
| MSCI Emerging Markets Index (Net)<sup>2</sup> |  | 0.40% | 9.02% | 6.35% | 2.47% |
| Morningstar Diversified Emerging Markets Category Average<sup>3</sup> |  | (0.13)% | 6.63% | 7.11% | 2.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected MSCI Emerging Markets Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $100,116,680% |
| Total number of portfolio holdings | 113% |
| Portfolio turnover rate | 96% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.3% |
| Tencent Holdings Ltd. | 5.4% |
| Samsung Electronics Co. Ltd. | 3.6% |
| Alibaba Group Holding Ltd. | 3.5% |
| HDFC Bank Ltd. | 2.4% |
| ICICI Bank Ltd. | 2.1% |
| Bharti Airtel Ltd. | 2.0% |
| Xiaomi Corp., Class B | 1.8% |
| Bajaj Finance Ltd. | 1.7% |
| Al Rajhi Bank | 1.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| China | 28.4% |
| India | 19.5% |
| Taiwan | 14.2% |
| Republic of Korea | 11.4% |
| Brazil | 8.0% |
| South Africa | 3.1% |
| Mexico | 3.0% |
| Saudi Arabia | 2.8% |
| Poland | 2.3% |
| Peru | 1.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCEME10C-06/25 NYLI Candriam Emerging Markets Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Candriam Emerging Markets Equity Fund

### Class I/MCYIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $50 | 1.01% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund's prior subadvisor, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597902.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class I Shares | 11/15/2017 | (0.82)% | 8.35% | 5.44% | 1.52% |
| MSCI Emerging Markets Index (Net)<sup>2</sup> |  | 0.40% | 9.02% | 6.35% | 2.47% |
| Morningstar Diversified Emerging Markets Category Average<sup>3</sup> |  | (0.13)% | 6.63% | 7.11% | 2.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected MSCI Emerging Markets Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $100,116,680% |
| Total number of portfolio holdings | 113% |
| Portfolio turnover rate | 96% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.3% |
| Tencent Holdings Ltd. | 5.4% |
| Samsung Electronics Co. Ltd. | 3.6% |
| Alibaba Group Holding Ltd. | 3.5% |
| HDFC Bank Ltd. | 2.4% |
| ICICI Bank Ltd. | 2.1% |
| Bharti Airtel Ltd. | 2.0% |
| Xiaomi Corp., Class B | 1.8% |
| Bajaj Finance Ltd. | 1.7% |
| Al Rajhi Bank | 1.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| China | 28.4% |
| India | 19.5% |
| Taiwan | 14.2% |
| Republic of Korea | 11.4% |
| Brazil | 8.0% |
| South Africa | 3.1% |
| Mexico | 3.0% |
| Saudi Arabia | 2.8% |
| Poland | 2.3% |
| Peru | 1.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCEME10I-06/25 NYLI Candriam Emerging Markets Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Candriam Emerging Markets Equity Fund

### Class R6/MCYSX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class R6 | $50 | 1.01% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund's prior subadvisor, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597903.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 11/15/2017 | (0.83)% | 8.30% | 5.44% | 1.53% |
| MSCI Emerging Markets Index (Net)<sup>2</sup> |  | 0.40% | 9.02% | 6.35% | 2.47% |
| Morningstar Diversified Emerging Markets Category Average<sup>3</sup> |  | (0.13)% | 6.63% | 7.11% | 2.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected MSCI Emerging Markets Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $100,116,680% |
| Total number of portfolio holdings | 113% |
| Portfolio turnover rate | 96% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.3% |
| Tencent Holdings Ltd. | 5.4% |
| Samsung Electronics Co. Ltd. | 3.6% |
| Alibaba Group Holding Ltd. | 3.5% |
| HDFC Bank Ltd. | 2.4% |
| ICICI Bank Ltd. | 2.1% |
| Bharti Airtel Ltd. | 2.0% |
| Xiaomi Corp., Class B | 1.8% |
| Bajaj Finance Ltd. | 1.7% |
| Al Rajhi Bank | 1.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| China | 28.4% |
| India | 19.5% |
| Taiwan | 14.2% |
| Republic of Korea | 11.4% |
| Brazil | 8.0% |
| South Africa | 3.1% |
| Mexico | 3.0% |
| Saudi Arabia | 2.8% |
| Poland | 2.3% |
| Peru | 1.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCEME10R6-06/25 NYLI Candriam Emerging Markets Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Candriam Emerging Markets Equity Fund

### Investor Class/MCYVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $74 | 1.49% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the graph and table prior to those dates reflects the Fund's prior subadvisor, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597904.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Investor Class Shares - Including sales charges | 11/15/2017 | (6.05)% | 2.45% | 3.75% | 0.27% |
| Investor Class Shares - Excluding sales charges |  | (1.10)% | 7.84% | 4.93% | 1.04% |
| MSCI Emerging Markets Index (Net)<sup>2</sup> |  | 0.40% | 9.02% | 6.35% | 2.47% |
| Morningstar Diversified Emerging Markets Category Average<sup>3</sup> |  | (0.13)% | 6.63% | 7.11% | 2.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected MSCI Emerging Markets Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $100,116,680% |
| Total number of portfolio holdings | 113% |
| Portfolio turnover rate | 96% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.3% |
| Tencent Holdings Ltd. | 5.4% |
| Samsung Electronics Co. Ltd. | 3.6% |
| Alibaba Group Holding Ltd. | 3.5% |
| HDFC Bank Ltd. | 2.4% |
| ICICI Bank Ltd. | 2.1% |
| Bharti Airtel Ltd. | 2.0% |
| Xiaomi Corp., Class B | 1.8% |
| Bajaj Finance Ltd. | 1.7% |
| Al Rajhi Bank | 1.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| China | 28.4% |
| India | 19.5% |
| Taiwan | 14.2% |
| Republic of Korea | 11.4% |
| Brazil | 8.0% |
| South Africa | 3.1% |
| Mexico | 3.0% |
| Saudi Arabia | 2.8% |
| Poland | 2.3% |
| Peru | 1.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCEME10INV-06/25 NYLI Candriam Emerging Markets Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay New York Muni Fund

### Class A/MNOAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $37 | 0.75% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598043.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 5/14/2012 | (4.51)% | (1.95)% | 0.53% | 1.69% |
| Class A Shares - Excluding sales charges |  | (1.56)% | 1.08% | 1.46% | 2.16% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg New York Municipal Bond Index<sup>3</sup> |  | (0.81)% | 1.57% | 1.24% | 1.99% |
| Morningstar Muni New York Long Category Average<sup>4</sup> |  | (1.68)% | 1.21% | 1.28% | 1.83% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,398,787,046% |
| Total number of portfolio holdings | 450% |
| Portfolio turnover rate | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-3/15/56 | 10.3% |
| Triborough Bridge & Tunnel Authority, 4.00%-5.50%, due 11/15/35-5/15/63 | 8.5% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-6/30/60 | 5.6% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 11/1/36-5/1/48 | 4.4% |
| Build NYC Resource Corp., 4.00%-5.50%, due 7/1/30-6/15/63 | 3.6% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/15/29-11/15/52 | 3.5% |
| New York City Housing Development Corp., 2.60%-5.25%, due 7/1/27-11/1/55 | 3.3% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/55 | 3.1% |
| City of New York, 4.00%-5.25%, due 12/1/33-2/1/53 | 2.7% |
| New York State Housing Finance Agency, 2.65%-4.95%, due 5/1/42-5/1/62 | 2.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 44.2% |
| Education | 14.0% |
| Transportation | 13.2% |
| Hospital | 7.8% |
| General Obligation | 7.6% |
| Water & Sewer | 6.9% |
| Utilities | 2.8% |
| General | 1.1% |
| Housing | 0.5% |
| Certificate of Participation/Lease | 0.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSNTF10A-06/25 NYLI MacKay New York Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay New York Muni Fund

### Class C/MNOCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $50 | 1.03% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598044.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 5/14/2012 | (2.66)% | (0.17)% | 1.17% | 1.88% |
| Class C Shares - Excluding sales charges |  | (1.70)% | 0.80% | 1.17% | 1.88% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg New York Municipal Bond Index<sup>3</sup> |  | (0.81)% | 1.57% | 1.24% | 1.99% |
| Morningstar Muni New York Long Category Average<sup>4</sup> |  | (1.68)% | 1.21% | 1.28% | 1.83% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,398,787,046% |
| Total number of portfolio holdings | 450% |
| Portfolio turnover rate | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-3/15/56 | 10.3% |
| Triborough Bridge & Tunnel Authority, 4.00%-5.50%, due 11/15/35-5/15/63 | 8.5% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-6/30/60 | 5.6% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 11/1/36-5/1/48 | 4.4% |
| Build NYC Resource Corp., 4.00%-5.50%, due 7/1/30-6/15/63 | 3.6% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/15/29-11/15/52 | 3.5% |
| New York City Housing Development Corp., 2.60%-5.25%, due 7/1/27-11/1/55 | 3.3% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/55 | 3.1% |
| City of New York, 4.00%-5.25%, due 12/1/33-2/1/53 | 2.7% |
| New York State Housing Finance Agency, 2.65%-4.95%, due 5/1/42-5/1/62 | 2.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 44.2% |
| Education | 14.0% |
| Transportation | 13.2% |
| Hospital | 7.8% |
| General Obligation | 7.6% |
| Water & Sewer | 6.9% |
| Utilities | 2.8% |
| General | 1.1% |
| Housing | 0.5% |
| Certificate of Participation/Lease | 0.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSNTF10C-06/25 NYLI MacKay New York Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay New York Muni Fund

### Class C2/MNOLX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C2 | $58 | 1.18% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598048.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class C2 Shares - Including sales charges | 8/31/2020 | (2.73)% | (0.22)% | (0.31)% |
| Class C2 Shares - Excluding sales charges |  | (1.77)% | 0.76% | (0.31)% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 0.14% |
| Bloomberg New York Municipal Bond Index<sup>3</sup> |  | (0.81)% | 1.57% | 0.30% |
| Morningstar Muni New York Long Category Average<sup>4</sup> |  | (1.68)% | 1.21% | (0.02)% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,398,787,046% |
| Total number of portfolio holdings | 450% |
| Portfolio turnover rate | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-3/15/56 | 10.3% |
| Triborough Bridge & Tunnel Authority, 4.00%-5.50%, due 11/15/35-5/15/63 | 8.5% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-6/30/60 | 5.6% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 11/1/36-5/1/48 | 4.4% |
| Build NYC Resource Corp., 4.00%-5.50%, due 7/1/30-6/15/63 | 3.6% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/15/29-11/15/52 | 3.5% |
| New York City Housing Development Corp., 2.60%-5.25%, due 7/1/27-11/1/55 | 3.3% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/55 | 3.1% |
| City of New York, 4.00%-5.25%, due 12/1/33-2/1/53 | 2.7% |
| New York State Housing Finance Agency, 2.65%-4.95%, due 5/1/42-5/1/62 | 2.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 44.2% |
| Education | 14.0% |
| Transportation | 13.2% |
| Hospital | 7.8% |
| General Obligation | 7.6% |
| Water & Sewer | 6.9% |
| Utilities | 2.8% |
| General | 1.1% |
| Housing | 0.5% |
| Certificate of Participation/Lease | 0.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSNTF10C2-06/25 NYLI MacKay New York Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay New York Muni Fund

### Class I/MNOIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $24 | 0.50% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598045.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 5/14/2012 | (1.33)% | 1.44% | 1.72% | 2.43% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg New York Municipal Bond Index<sup>3</sup> |  | (0.81)% | 1.57% | 1.24% | 1.99% |
| Morningstar Muni New York Long Category Average<sup>4</sup> |  | (1.68)% | 1.21% | 1.28% | 1.83% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,398,787,046% |
| Total number of portfolio holdings | 450% |
| Portfolio turnover rate | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-3/15/56 | 10.3% |
| Triborough Bridge & Tunnel Authority, 4.00%-5.50%, due 11/15/35-5/15/63 | 8.5% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-6/30/60 | 5.6% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 11/1/36-5/1/48 | 4.4% |
| Build NYC Resource Corp., 4.00%-5.50%, due 7/1/30-6/15/63 | 3.6% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/15/29-11/15/52 | 3.5% |
| New York City Housing Development Corp., 2.60%-5.25%, due 7/1/27-11/1/55 | 3.3% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/55 | 3.1% |
| City of New York, 4.00%-5.25%, due 12/1/33-2/1/53 | 2.7% |
| New York State Housing Finance Agency, 2.65%-4.95%, due 5/1/42-5/1/62 | 2.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 44.2% |
| Education | 14.0% |
| Transportation | 13.2% |
| Hospital | 7.8% |
| General Obligation | 7.6% |
| Water & Sewer | 6.9% |
| Utilities | 2.8% |
| General | 1.1% |
| Housing | 0.5% |
| Certificate of Participation/Lease | 0.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSNTF10I-06/25 NYLI MacKay New York Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay New York Muni Fund

### Class R6/MNODX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $23 | 0.48% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598046.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 11/1/2019 | (1.43)% | 1.46% | 1.72% | 0.86% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 0.81% |
| Bloomberg New York Municipal Bond Index<sup>3</sup> |  | (0.81)% | 1.57% | 1.24% | 0.76% |
| Morningstar Muni New York Long Category Average<sup>4</sup> |  | (1.68)% | 1.21% | 1.28% | 0.37% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,398,787,046% |
| Total number of portfolio holdings | 450% |
| Portfolio turnover rate | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-3/15/56 | 10.3% |
| Triborough Bridge & Tunnel Authority, 4.00%-5.50%, due 11/15/35-5/15/63 | 8.5% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-6/30/60 | 5.6% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 11/1/36-5/1/48 | 4.4% |
| Build NYC Resource Corp., 4.00%-5.50%, due 7/1/30-6/15/63 | 3.6% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/15/29-11/15/52 | 3.5% |
| New York City Housing Development Corp., 2.60%-5.25%, due 7/1/27-11/1/55 | 3.3% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/55 | 3.1% |
| City of New York, 4.00%-5.25%, due 12/1/33-2/1/53 | 2.7% |
| New York State Housing Finance Agency, 2.65%-4.95%, due 5/1/42-5/1/62 | 2.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 44.2% |
| Education | 14.0% |
| Transportation | 13.2% |
| Hospital | 7.8% |
| General Obligation | 7.6% |
| Water & Sewer | 6.9% |
| Utilities | 2.8% |
| General | 1.1% |
| Housing | 0.5% |
| Certificate of Participation/Lease | 0.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSNTF10R6-06/25 NYLI MacKay New York Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay New York Muni Fund

### Investor Class/MNOVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Investor Class | $38 | 0.78% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598047.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 5/14/2012 | (3.93)% | (1.37)% | 0.53% | 1.68% |
| Investor Class Shares - Excluding sales charges |  | (1.47)% | 1.16% | 1.47% | 2.15% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg New York Municipal Bond Index<sup>3</sup> |  | (0.81)% | 1.57% | 1.24% | 1.99% |
| Morningstar Muni New York Long Category Average<sup>4</sup> |  | (1.68)% | 1.21% | 1.28% | 1.83% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,398,787,046% |
| Total number of portfolio holdings | 450% |
| Portfolio turnover rate | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-3/15/56 | 10.3% |
| Triborough Bridge & Tunnel Authority, 4.00%-5.50%, due 11/15/35-5/15/63 | 8.5% |
| New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-6/30/60 | 5.6% |
| New York City Transitional Finance Authority, 4.00%-5.50%, due 11/1/36-5/1/48 | 4.4% |
| Build NYC Resource Corp., 4.00%-5.50%, due 7/1/30-6/15/63 | 3.6% |
| Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/15/29-11/15/52 | 3.5% |
| New York City Housing Development Corp., 2.60%-5.25%, due 7/1/27-11/1/55 | 3.3% |
| New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/55 | 3.1% |
| City of New York, 4.00%-5.25%, due 12/1/33-2/1/53 | 2.7% |
| New York State Housing Finance Agency, 2.65%-4.95%, due 5/1/42-5/1/62 | 2.6% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 44.2% |
| Education | 14.0% |
| Transportation | 13.2% |
| Hospital | 7.8% |
| General Obligation | 7.6% |
| Water & Sewer | 6.9% |
| Utilities | 2.8% |
| General | 1.1% |
| Housing | 0.5% |
| Certificate of Participation/Lease | 0.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSNTF10INV-06/25 NYLI MacKay New York Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Term Muni Fund

### Class A/MSTAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $34 | 0.67% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 1, 2015, the Fund changed, among other things, its investment objective and principal investment strategies. Effective May 22, 2018, the Fund made further changes to, among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598037.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 1/2/2004 | 0.12% | 2.50% | 1.01% | 0.83% |
| Class A Shares - Excluding sales charges |  | 1.13% | 3.54% | 1.21% | 1.14% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg 3-Year Municipal Bond Index<sup>3</sup> |  | 0.78% | 3.36% | 1.24% | 1.38% |
| Morningstar Muni National Short Category Average<sup>4</sup> |  | 0.96% | 3.15% | 1.52% | 1.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $910,058,206% |
| Total number of portfolio holdings | 305% |
| Portfolio turnover rate | 40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.65%-5.00%, due 7/1/25-7/1/55 | 3.7% |
| Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/25-11/1/53 | 2.4% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/25-10/1/26 | 2.2% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 1/1/53-5/1/55 | 2.0% |
| State of Illinois, 3.50%-5.00%, due 11/1/25-6/1/31 | 1.9% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.7% |
| Arizona Health Facilities Authority, 3.87%, due 1/1/46 | 1.6% |
| City of Dallas, 5.00%, due 2/15/26 | 1.6% |
| New York City Housing Development Corp., 3.25%-5.458%, due 12/15/31-11/1/64 | 1.5% |
| Central Texas Turnpike System, (zero coupon)-5.00%, due 8/15/25-8/15/31 | 1.5% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Municipal Bonds | 97.8% |
| Short-Term Investment | 2.5% |
| Corporate Bonds | 1.0% |
| Other Assets, Less Liabilities | (1.3)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTM10A-06/25 NYLI MacKay Short Term Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Term Muni Fund

### Class A2/MSTUX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A2 | $33 | 0.67% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598040.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class A2 Shares - Including sales charges | 9/30/2020 | (1.00)% | 1.46% | 0.43% |
| Class A2 Shares - Excluding sales charges |  | 1.02% | 3.53% | 0.88% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 0.14% |
| Bloomberg 3-Year Municipal Bond Index<sup>3</sup> |  | 0.78% | 3.36% | 0.73% |
| Morningstar Muni National Short Category Average<sup>4</sup> |  | 0.96% | 3.15% | 1.12% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $910,058,206% |
| Total number of portfolio holdings | 305% |
| Portfolio turnover rate | 40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.65%-5.00%, due 7/1/25-7/1/55 | 3.7% |
| Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/25-11/1/53 | 2.4% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/25-10/1/26 | 2.2% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 1/1/53-5/1/55 | 2.0% |
| State of Illinois, 3.50%-5.00%, due 11/1/25-6/1/31 | 1.9% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.7% |
| Arizona Health Facilities Authority, 3.87%, due 1/1/46 | 1.6% |
| City of Dallas, 5.00%, due 2/15/26 | 1.6% |
| New York City Housing Development Corp., 3.25%-5.458%, due 12/15/31-11/1/64 | 1.5% |
| Central Texas Turnpike System, (zero coupon)-5.00%, due 8/15/25-8/15/31 | 1.5% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Municipal Bonds | 97.8% |
| Short-Term Investment | 2.5% |
| Corporate Bonds | 1.0% |
| Other Assets, Less Liabilities | (1.3)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTM10A2-06/25 NYLI MacKay Short Term Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Term Muni Fund

### Class I/MSTIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $20 | 0.40% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 1, 2015, the Fund changed, among other things, its investment objective and principal investment strategies. Effective May 22, 2018, the Fund made further changes to, among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598038.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 1/2/1991 | 1.27% | 3.82% | 1.49% | 1.42% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg 3-Year Municipal Bond Index<sup>3</sup> |  | 0.78% | 3.36% | 1.24% | 1.38% |
| Morningstar Muni National Short Category Average<sup>4</sup> |  | 0.96% | 3.15% | 1.52% | 1.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $910,058,206% |
| Total number of portfolio holdings | 305% |
| Portfolio turnover rate | 40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.65%-5.00%, due 7/1/25-7/1/55 | 3.7% |
| Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/25-11/1/53 | 2.4% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/25-10/1/26 | 2.2% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 1/1/53-5/1/55 | 2.0% |
| State of Illinois, 3.50%-5.00%, due 11/1/25-6/1/31 | 1.9% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.7% |
| Arizona Health Facilities Authority, 3.87%, due 1/1/46 | 1.6% |
| City of Dallas, 5.00%, due 2/15/26 | 1.6% |
| New York City Housing Development Corp., 3.25%-5.458%, due 12/15/31-11/1/64 | 1.5% |
| Central Texas Turnpike System, (zero coupon)-5.00%, due 8/15/25-8/15/31 | 1.5% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Municipal Bonds | 97.8% |
| Short-Term Investment | 2.5% |
| Corporate Bonds | 1.0% |
| Other Assets, Less Liabilities | (1.3)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTM10I-06/25 NYLI MacKay Short Term Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Term Muni Fund

### Class R6/MSTEX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $19 | 0.39% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598041.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class R6 Shares | 5/2/2022 | 1.17% | 3.84% | 2.69% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 2.26% |
| Bloomberg 3-Year Municipal Bond Index<sup>3</sup> |  | 0.78% | 3.36% | 2.45% |
| Morningstar Muni National Short Category Average<sup>4</sup> |  | 0.96% | 3.15% | 2.62% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $910,058,206% |
| Total number of portfolio holdings | 305% |
| Portfolio turnover rate | 40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.65%-5.00%, due 7/1/25-7/1/55 | 3.7% |
| Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/25-11/1/53 | 2.4% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/25-10/1/26 | 2.2% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 1/1/53-5/1/55 | 2.0% |
| State of Illinois, 3.50%-5.00%, due 11/1/25-6/1/31 | 1.9% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.7% |
| Arizona Health Facilities Authority, 3.87%, due 1/1/46 | 1.6% |
| City of Dallas, 5.00%, due 2/15/26 | 1.6% |
| New York City Housing Development Corp., 3.25%-5.458%, due 12/15/31-11/1/64 | 1.5% |
| Central Texas Turnpike System, (zero coupon)-5.00%, due 8/15/25-8/15/31 | 1.5% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Municipal Bonds | 97.8% |
| Short-Term Investment | 2.5% |
| Corporate Bonds | 1.0% |
| Other Assets, Less Liabilities | (1.3)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTM10R6-06/25 NYLI MacKay Short Term Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Term Muni Fund

### Investor Class/MYTBX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $49 | 0.99% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective June 1, 2015, the Fund changed, among other things, its investment objective and principal investment strategies. Effective May 22, 2018, the Fund made further changes to, among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598039.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | 0.36% | 2.58% | 0.70% | 0.46% |
| Investor Class Shares - Excluding sales charges |  | 0.87% | 3.10% | 0.90% | 0.77% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg 3-Year Municipal Bond Index<sup>3</sup> |  | 0.78% | 3.36% | 1.24% | 1.38% |
| Morningstar Muni National Short Category Average<sup>4</sup> |  | 0.96% | 3.15% | 1.52% | 1.29% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $910,058,206% |
| Total number of portfolio holdings | 305% |
| Portfolio turnover rate | 40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.65%-5.00%, due 7/1/25-7/1/55 | 3.7% |
| Black Belt Energy Gas District, 4.00%-5.50%, due 12/1/25-11/1/53 | 2.4% |
| Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/25-10/1/26 | 2.2% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 1/1/53-5/1/55 | 2.0% |
| State of Illinois, 3.50%-5.00%, due 11/1/25-6/1/31 | 1.9% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55 | 1.7% |
| Arizona Health Facilities Authority, 3.87%, due 1/1/46 | 1.6% |
| City of Dallas, 5.00%, due 2/15/26 | 1.6% |
| New York City Housing Development Corp., 3.25%-5.458%, due 12/15/31-11/1/64 | 1.5% |
| Central Texas Turnpike System, (zero coupon)-5.00%, due 8/15/25-8/15/31 | 1.5% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Municipal Bonds | 97.8% |
| Short-Term Investment | 2.5% |
| Corporate Bonds | 1.0% |
| Other Assets, Less Liabilities | (1.3)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTM10INV-06/25 NYLI MacKay Short Term Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Short Term Bond Fund

### Class A/MIXAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $36 | 0.72% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund's prior investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598036.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 1/2/2004 | 1.60% | 5.29% | 1.87% | 1.62% |
| Class A Shares - Excluding sales charges |  | 2.62% | 6.36% | 2.07% | 1.93% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup>3</sup> |  | 2.96% | 6.76% | 1.59% | 1.80% |
| Morningstar Short-Term Bond Category Average<sup>4</sup> |  | 2.87% | 7.04% | 2.43% | 2.11% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests,is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</sup> |
| <sup>4.</sup><sup>The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $124,564,724% |
| Total number of portfolio holdings | 135% |
| Portfolio turnover rate | 258% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 45.4% |
| GNMA, 0.705%-6.75%, due 5/16/50-6/16/63 | 2.2% |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | 2.1% |
| Bank of America Corp., 5.08%-5.202%, due 1/20/27-1/24/31 | 1.9% |
| Deutsche Bank AG, 6.119%, due 7/14/26 | 1.7% |
| Wells Fargo & Co., 4.54%-5.15%, due 8/15/26-4/23/31 | 1.4% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.4% |
| JPMorgan Chase & Co., 5.04%-5.571%, due 1/23/28-4/22/31 | 1.2% |
| Citigroup, Inc., 5.592%-5.61%, due 9/29/26-11/19/34 | 1.1% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| U.S. Government & Federal Agencies | 46.8% |
| Corporate Bonds | 32.2% |
| Mortgage-Backed Securities | 9.5% |
| Asset-Backed Securities | 8.2% |
| Fixed Income Fund | 2.1% |
| Other Assets, Less Liabilities | 1.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTB10A-06/25 NYLI Short Term Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Short Term Bond Fund

### Class I/MIXIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $20 | 0.40% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund's prior investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598025.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 1/2/1991 | 2.90% | 6.70% | 2.42% | 2.25% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup>3</sup> |  | 2.96% | 6.76% | 1.59% | 1.80% |
| Morningstar Short-Term Bond Category Average<sup>4</sup> |  | 2.87% | 7.04% | 2.43% | 2.11% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests,is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</sup> |
| <sup>4.</sup><sup>The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $124,564,724% |
| Total number of portfolio holdings | 135% |
| Portfolio turnover rate | 258% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 45.4% |
| GNMA, 0.705%-6.75%, due 5/16/50-6/16/63 | 2.2% |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | 2.1% |
| Bank of America Corp., 5.08%-5.202%, due 1/20/27-1/24/31 | 1.9% |
| Deutsche Bank AG, 6.119%, due 7/14/26 | 1.7% |
| Wells Fargo & Co., 4.54%-5.15%, due 8/15/26-4/23/31 | 1.4% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.4% |
| JPMorgan Chase & Co., 5.04%-5.571%, due 1/23/28-4/22/31 | 1.2% |
| Citigroup, Inc., 5.592%-5.61%, due 9/29/26-11/19/34 | 1.1% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| U.S. Government & Federal Agencies | 46.8% |
| Corporate Bonds | 32.2% |
| Mortgage-Backed Securities | 9.5% |
| Asset-Backed Securities | 8.2% |
| Fixed Income Fund | 2.1% |
| Other Assets, Less Liabilities | 1.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTB10I-06/25 NYLI Short Term Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Short Term Bond Fund

### Investor Class/MIXNX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $46 | 0.92% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund's prior investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598026.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | 2.10% | 5.57% | 1.67% | 1.41% |
| Investor Class Shares - Excluding sales charges |  | 2.61% | 6.10% | 1.88% | 1.72% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup>3</sup> |  | 2.96% | 6.76% | 1.59% | 1.80% |
| Morningstar Short-Term Bond Category Average<sup>4</sup> |  | 2.87% | 7.04% | 2.43% | 2.11% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests,is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</sup> |
| <sup>4.</sup><sup>The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $124,564,724% |
| Total number of portfolio holdings | 135% |
| Portfolio turnover rate | 258% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 45.4% |
| GNMA, 0.705%-6.75%, due 5/16/50-6/16/63 | 2.2% |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | 2.1% |
| Bank of America Corp., 5.08%-5.202%, due 1/20/27-1/24/31 | 1.9% |
| Deutsche Bank AG, 6.119%, due 7/14/26 | 1.7% |
| Wells Fargo & Co., 4.54%-5.15%, due 8/15/26-4/23/31 | 1.4% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.4% |
| JPMorgan Chase & Co., 5.04%-5.571%, due 1/23/28-4/22/31 | 1.2% |
| Citigroup, Inc., 5.592%-5.61%, due 9/29/26-11/19/34 | 1.1% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| U.S. Government & Federal Agencies | 46.8% |
| Corporate Bonds | 32.2% |
| Mortgage-Backed Securities | 9.5% |
| Asset-Backed Securities | 8.2% |
| Fixed Income Fund | 2.1% |
| Other Assets, Less Liabilities | 1.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTB10INV-06/25 NYLI Short Term Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Short Term Bond Fund

### SIMPLE Class/MIXMX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| SIMPLE Class | $51 | 1.02% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598027.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | 2.52% | 6.09% | 1.03% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (1.09)% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup>3</sup> |  | 2.96% | 6.76% | 1.54% |
| Morningstar Short-Term Bond Category Average<sup>4</sup> |  | 2.87% | 7.04% | 1.84% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests,is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</sup> |
| <sup>4.</sup><sup>The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $124,564,724% |
| Total number of portfolio holdings | 135% |
| Portfolio turnover rate | 258% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%-4.625%, due 3/31/27-2/15/35 | 45.4% |
| GNMA, 0.705%-6.75%, due 5/16/50-6/16/63 | 2.2% |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | 2.1% |
| Bank of America Corp., 5.08%-5.202%, due 1/20/27-1/24/31 | 1.9% |
| Deutsche Bank AG, 6.119%, due 7/14/26 | 1.7% |
| Wells Fargo & Co., 4.54%-5.15%, due 8/15/26-4/23/31 | 1.4% |
| A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69 | 1.4% |
| JPMorgan Chase & Co., 5.04%-5.571%, due 1/23/28-4/22/31 | 1.2% |
| Citigroup, Inc., 5.592%-5.61%, due 9/29/26-11/19/34 | 1.1% |
| Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| U.S. Government & Federal Agencies | 46.8% |
| Corporate Bonds | 32.2% |
| Mortgage-Backed Securities | 9.5% |
| Asset-Backed Securities | 8.2% |
| Fixed Income Fund | 2.1% |
| Other Assets, Less Liabilities | 1.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSTB10SI-06/25 NYLI Short Term Bond Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Growth Fund

### Class A/KLGAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $50 | 1.02% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 8/7/2006 | (7.12)% | 3.37% | 10.63% | 9.65% |
| Class A Shares - Excluding sales charges |  | (1.71)% | 9.39% | 11.89% | 10.27% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Growth Index<sup>3</sup> |  | (1.57)% | 14.53% | 17.23% | 15.27% |
| Morningstar Large Growth Category Average<sup>4</sup> |  | (1.64)% | 12.32% | 14.18% | 12.78% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 1000<sup>®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $843,678,097% |
| Total number of portfolio holdings | 51% |
| Portfolio turnover rate | 14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.7% |
| Amazon.com, Inc. | 6.2% |
| Alphabet, Inc., Class C | 4.9% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.6% |
| Broadcom, Inc. | 4.6% |
| Netflix, Inc. | 4.3% |
| Mastercard, Inc., Class A | 4.0% |
| Meta Platforms, Inc., Class A | 3.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 17.5% |
| Software | 12.4% |
| Interactive Media & Services | 8.6% |
| Capital Markets | 7.8% |
| Entertainment | 6.2% |
| Broadline Retail | 6.2% |
| Financial Services | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.6% |
| Health Care Equipment & Supplies | 2.7% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWG10A-06/25 NYLI WMC Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Growth Fund

### Class C/KLGCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $101 | 2.07% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598003.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 1/18/2013 | (3.14)% | 7.23% | 10.73% | 9.16% |
| Class C Shares - Excluding sales charges |  | (2.21)% | 8.23% | 10.73% | 9.16% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Growth Index<sup>3</sup> |  | (1.57)% | 14.53% | 17.23% | 15.27% |
| Morningstar Large Growth Category Average<sup>4</sup> |  | (1.64)% | 12.32% | 14.18% | 12.78% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 1000<sup>®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $843,678,097% |
| Total number of portfolio holdings | 51% |
| Portfolio turnover rate | 14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.7% |
| Amazon.com, Inc. | 6.2% |
| Alphabet, Inc., Class C | 4.9% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.6% |
| Broadcom, Inc. | 4.6% |
| Netflix, Inc. | 4.3% |
| Mastercard, Inc., Class A | 4.0% |
| Meta Platforms, Inc., Class A | 3.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 17.5% |
| Software | 12.4% |
| Interactive Media & Services | 8.6% |
| Capital Markets | 7.8% |
| Entertainment | 6.2% |
| Broadline Retail | 6.2% |
| Financial Services | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.6% |
| Health Care Equipment & Supplies | 2.7% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWG10C-06/25 NYLI WMC Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Growth Fund

### Class I/KLGIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $37 | 0.75% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598004.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 11/2/2009 | (1.59)% | 9.67% | 12.20% | 10.56% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Growth Index<sup>3</sup> |  | (1.57)% | 14.53% | 17.23% | 15.27% |
| Morningstar Large Growth Category Average<sup>4</sup> |  | (1.64)% | 12.32% | 14.18% | 12.78% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 1000<sup>®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $843,678,097% |
| Total number of portfolio holdings | 51% |
| Portfolio turnover rate | 14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.7% |
| Amazon.com, Inc. | 6.2% |
| Alphabet, Inc., Class C | 4.9% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.6% |
| Broadcom, Inc. | 4.6% |
| Netflix, Inc. | 4.3% |
| Mastercard, Inc., Class A | 4.0% |
| Meta Platforms, Inc., Class A | 3.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 17.5% |
| Software | 12.4% |
| Interactive Media & Services | 8.6% |
| Capital Markets | 7.8% |
| Entertainment | 6.2% |
| Broadline Retail | 6.2% |
| Financial Services | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.6% |
| Health Care Equipment & Supplies | 2.7% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWG10I-06/25 NYLI WMC Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Growth Fund

### Class R6/KLGDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $35 | 0.72% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598006.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class R6 Shares | 4/26/2021 | (1.57)% | 9.71% | 3.98% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 7.46% |
| Russell 1000<sup>®</sup> Growth Index<sup>3</sup> |  | (1.57)% | 14.53% | 9.65% |
| Morningstar Large Growth Category Average<sup>4</sup> |  | (1.64)% | 12.32% | 5.49% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 1000<sup>®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $843,678,097% |
| Total number of portfolio holdings | 51% |
| Portfolio turnover rate | 14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.7% |
| Amazon.com, Inc. | 6.2% |
| Alphabet, Inc., Class C | 4.9% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.6% |
| Broadcom, Inc. | 4.6% |
| Netflix, Inc. | 4.3% |
| Mastercard, Inc., Class A | 4.0% |
| Meta Platforms, Inc., Class A | 3.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 17.5% |
| Software | 12.4% |
| Interactive Media & Services | 8.6% |
| Capital Markets | 7.8% |
| Entertainment | 6.2% |
| Broadline Retail | 6.2% |
| Financial Services | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.6% |
| Health Care Equipment & Supplies | 2.7% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWG10R6-06/25 NYLI WMC Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Growth Fund

### Investor Class/KLGNX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $65 | 1.32% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4598005.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 1/18/2013 | (6.77)% | 3.61% | 10.31% | 9.36% |
| Investor Class Shares - Excluding sales charges |  | (1.86)% | 9.06% | 11.57% | 9.98% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 1000<sup>®</sup> Growth Index<sup>3</sup> |  | (1.57)% | 14.53% | 17.23% | 15.27% |
| Morningstar Large Growth Category Average<sup>4</sup> |  | (1.64)% | 12.32% | 14.18% | 12.78% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 1000<sup>®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $843,678,097% |
| Total number of portfolio holdings | 51% |
| Portfolio turnover rate | 14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.7% |
| Amazon.com, Inc. | 6.2% |
| Alphabet, Inc., Class C | 4.9% |
| Apple, Inc. | 4.8% |
| Eli Lilly & Co. | 4.6% |
| Broadcom, Inc. | 4.6% |
| Netflix, Inc. | 4.3% |
| Mastercard, Inc., Class A | 4.0% |
| Meta Platforms, Inc., Class A | 3.7% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 17.5% |
| Software | 12.4% |
| Interactive Media & Services | 8.6% |
| Capital Markets | 7.8% |
| Entertainment | 6.2% |
| Broadline Retail | 6.2% |
| Financial Services | 5.2% |
| Technology Hardware, Storage & Peripherals | 4.8% |
| Pharmaceuticals | 4.6% |
| Health Care Equipment & Supplies | 2.7% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWG10INV-06/25 NYLI WMC Growth Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC International Research Equity Fund

### Class A/MYITX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $58 | 1.13% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597996.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 9/28/2007 | 1.28% | 6.95% | 8.34% | 1.71% |
| Class A Shares - Excluding sales charges |  | 7.18% | 13.17% | 9.57% | 2.29% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| MSCI ACWI<sup>®</sup> ex USA Index (Net)<sup>3</sup> |  | 5.95% | 11.93% | 10.09% | 4.83% |
| Morningstar Foreign Large Blend Category Average<sup>4</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The MSCI ACWI<sup>®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</sup> |
| <sup>4.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $204,973,558% |
| Total number of portfolio holdings | 204% |
| Portfolio turnover rate | 56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.8% |
| Tencent Holdings Ltd. | 2.7% |
| Sony Group Corp. | 2.1% |
| Shell plc | 2.1% |
| ASML Holding NV | 1.5% |
| TotalEnergies SE | 1.2% |
| HSBC Holdings plc | 1.2% |
| United Overseas Bank Ltd. | 1.2% |
| British American Tobacco plc | 1.2% |
| AstraZeneca plc | 1.1% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| Japan | 14.7% |
| United Kingdom | 12.1% |
| United States | 9.6% |
| France | 9.5% |
| China | 6.6% |
| Germany | 6.5% |
| Australia | 4.6% |
| Taiwan | 4.4% |
| Netherlands | 3.3% |
| Canada | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWIRE10A-06/25 NYLI WMC International Research Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC International Research Equity Fund

### Class C/MYICX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $115 | 2.25% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597995.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 9/28/2007 | 5.54% | 10.76% | 8.33% | 1.28% |
| Class C Shares - Excluding sales charges |  | 6.54% | 11.76% | 8.33% | 1.28% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| MSCI ACWI<sup>®</sup> ex USA Index (Net)<sup>3</sup> |  | 5.95% | 11.93% | 10.09% | 4.83% |
| Morningstar Foreign Large Blend Category Average<sup>4</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The MSCI ACWI<sup>®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</sup> |
| <sup>4.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $204,973,558% |
| Total number of portfolio holdings | 204% |
| Portfolio turnover rate | 56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.8% |
| Tencent Holdings Ltd. | 2.7% |
| Sony Group Corp. | 2.1% |
| Shell plc | 2.1% |
| ASML Holding NV | 1.5% |
| TotalEnergies SE | 1.2% |
| HSBC Holdings plc | 1.2% |
| United Overseas Bank Ltd. | 1.2% |
| British American Tobacco plc | 1.2% |
| AstraZeneca plc | 1.1% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| Japan | 14.7% |
| United Kingdom | 12.1% |
| United States | 9.6% |
| France | 9.5% |
| China | 6.6% |
| Germany | 6.5% |
| Australia | 4.6% |
| Taiwan | 4.4% |
| Netherlands | 3.3% |
| Canada | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWIRE10C-06/25 NYLI WMC International Research Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC International Research Equity Fund

### Class I/MYIIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $44 | 0.86% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597997.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 9/28/2007 | 7.29% | 13.40% | 9.85% | 2.56% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| MSCI ACWI<sup>®</sup> ex USA Index (Net)<sup>3</sup> |  | 5.95% | 11.93% | 10.09% | 4.83% |
| Morningstar Foreign Large Blend Category Average<sup>4</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The MSCI ACWI<sup>®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</sup> |
| <sup>4.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $204,973,558% |
| Total number of portfolio holdings | 204% |
| Portfolio turnover rate | 56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.8% |
| Tencent Holdings Ltd. | 2.7% |
| Sony Group Corp. | 2.1% |
| Shell plc | 2.1% |
| ASML Holding NV | 1.5% |
| TotalEnergies SE | 1.2% |
| HSBC Holdings plc | 1.2% |
| United Overseas Bank Ltd. | 1.2% |
| British American Tobacco plc | 1.2% |
| AstraZeneca plc | 1.1% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| Japan | 14.7% |
| United Kingdom | 12.1% |
| United States | 9.6% |
| France | 9.5% |
| China | 6.6% |
| Germany | 6.5% |
| Australia | 4.6% |
| Taiwan | 4.4% |
| Netherlands | 3.3% |
| Canada | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWIRE10I-06/25 NYLI WMC International Research Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC International Research Equity Fund

### Investor Class/MYINX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $77 | 1.50% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597998.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | 1.70% | 7.00% | 7.95% | 1.47% |
| Investor Class Shares - Excluding sales charges |  | 7.05% | 12.63% | 9.18% | 2.04% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| MSCI ACWI<sup>®</sup> ex USA Index (Net)<sup>3</sup> |  | 5.95% | 11.93% | 10.09% | 4.83% |
| Morningstar Foreign Large Blend Category Average<sup>4</sup> |  | 7.18% | 12.69% | 10.67% | 5.14% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net) to represent a broad measure of market performance. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The MSCI ACWI<sup>®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</sup> |
| <sup>4.</sup> | <sup>The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $204,973,558% |
| Total number of portfolio holdings | 204% |
| Portfolio turnover rate | 56% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.8% |
| Tencent Holdings Ltd. | 2.7% |
| Sony Group Corp. | 2.1% |
| Shell plc | 2.1% |
| ASML Holding NV | 1.5% |
| TotalEnergies SE | 1.2% |
| HSBC Holdings plc | 1.2% |
| United Overseas Bank Ltd. | 1.2% |
| British American Tobacco plc | 1.2% |
| AstraZeneca plc | 1.1% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| Japan | 14.7% |
| United Kingdom | 12.1% |
| United States | 9.6% |
| France | 9.5% |
| China | 6.6% |
| Germany | 6.5% |
| Australia | 4.6% |
| Taiwan | 4.4% |
| Netherlands | 3.3% |
| Canada | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWIRE10INV-06/25 NYLI WMC International Research Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI S&P 500 Index Fund

### Class A/MSXAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $25 | 0.51% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.

![Fund Performance - Growth of 10K](g98271chartimages_4597999.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 1/2/2004 | (3.46)% | 9.83% | 14.67% | 11.39% |
| Class A Shares - Excluding sales charges |  | (1.99)% | 11.50% | 15.01% | 11.73% |
| S&P 500<sup>®</sup>Index<sup>2</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| Morningstar Large Blend Category Average<sup>3</sup> |  | (2.35)% | 9.59% | 14.37% | 10.85% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</sup> |
| <sup>3.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,485,164,301% |
| Total number of portfolio holdings | 508% |
| Portfolio turnover rate | 0.0%<sup>1</sup> |

---

<sup>1.</sup><sup>Less than 0.5%.</sup>

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 6.1% |
| NVIDIA Corp. | 5.6% |
| Amazon.com, Inc. | 3.6% |
| Alphabet, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Berkshire Hathaway, Inc., Class B | 2.0% |
| Broadcom, Inc. | 1.9% |
| Tesla, Inc. | 1.6% |
| Eli Lilly & Co. | 1.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 9.9% |
| Technology Hardware, Storage & Peripherals | 6.9% |
| Interactive Media & Services | 6.0% |
| Financial Services | 4.9% |
| Broadline Retail | 3.7% |
| Pharmaceuticals | 3.4% |
| Banks | 3.4% |
| Capital Markets | 3.1% |
| Oil, Gas & Consumable Fuels | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSP10A-06/25 NYLI S&P 500 Index Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI S&P 500 Index Fund

### Class I/MSPIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $13 | 0.26% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.

![Fund Performance - Growth of 10K](g98271chartimages_4598000.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 1/2/1991 | (1.87)% | 11.78% | 15.30% | 12.01% |
| S&P 500<sup>®</sup>Index<sup>2</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| Morningstar Large Blend Category Average<sup>3</sup> |  | (2.35)% | 9.59% | 14.37% | 10.85% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</sup> |
| <sup>3.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,485,164,301% |
| Total number of portfolio holdings | 508% |
| Portfolio turnover rate | 0.0%<sup>1</sup> |

---

<sup>1.</sup><sup>Less than 0.5%.</sup>

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 6.1% |
| NVIDIA Corp. | 5.6% |
| Amazon.com, Inc. | 3.6% |
| Alphabet, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Berkshire Hathaway, Inc., Class B | 2.0% |
| Broadcom, Inc. | 1.9% |
| Tesla, Inc. | 1.6% |
| Eli Lilly & Co. | 1.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 9.9% |
| Technology Hardware, Storage & Peripherals | 6.9% |
| Interactive Media & Services | 6.0% |
| Financial Services | 4.9% |
| Broadline Retail | 3.7% |
| Pharmaceuticals | 3.4% |
| Banks | 3.4% |
| Capital Markets | 3.1% |
| Oil, Gas & Consumable Fuels | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSP10I-06/25 NYLI S&P 500 Index Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI S&P 500 Index Fund

### Investor Class/MYSPX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $34 | 0.70% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.

![Fund Performance - Growth of 10K](g98271chartimages_4597989.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (3.07)% | 10.18% | 14.45% | 11.21% |
| Investor Class Shares - Excluding sales charges |  | (2.09)% | 11.29% | 14.80% | 11.55% |
| S&P 500<sup>®</sup>Index<sup>2</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| Morningstar Large Blend Category Average<sup>3</sup> |  | (2.35)% | 9.59% | 14.37% | 10.85% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</sup> |
| <sup>3.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,485,164,301% |
| Total number of portfolio holdings | 508% |
| Portfolio turnover rate | 0.0%<sup>1</sup> |

---

<sup>1.</sup><sup>Less than 0.5%.</sup>

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 6.1% |
| NVIDIA Corp. | 5.6% |
| Amazon.com, Inc. | 3.6% |
| Alphabet, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Berkshire Hathaway, Inc., Class B | 2.0% |
| Broadcom, Inc. | 1.9% |
| Tesla, Inc. | 1.6% |
| Eli Lilly & Co. | 1.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 9.9% |
| Technology Hardware, Storage & Peripherals | 6.9% |
| Interactive Media & Services | 6.0% |
| Financial Services | 4.9% |
| Broadline Retail | 3.7% |
| Pharmaceuticals | 3.4% |
| Banks | 3.4% |
| Capital Markets | 3.1% |
| Oil, Gas & Consumable Fuels | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSP10INV-06/25 NYLI S&P 500 Index Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI S&P 500 Index Fund

### SIMPLE Class/MSXMX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| SIMPLE Class | $36 | 0.73% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.

![Fund Performance - Growth of 10K](g98271chartimages_4597990.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | (2.09)% | 11.25% | 11.18% |
| S&P 500<sup>®</sup>Index<sup>2</sup> |  | (1.74)% | 12.10% | 12.14% |
| Morningstar Large Blend Category Average<sup>3</sup> |  | (2.35)% | 9.59% | 10.60% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</sup> |
| <sup>3.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,485,164,301% |
| Total number of portfolio holdings | 508% |
| Portfolio turnover rate | 0.0%<sup>1</sup> |

---

<sup>1.</sup><sup>Less than 0.5%.</sup>

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 6.1% |
| NVIDIA Corp. | 5.6% |
| Amazon.com, Inc. | 3.6% |
| Alphabet, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 2.5% |
| Berkshire Hathaway, Inc., Class B | 2.0% |
| Broadcom, Inc. | 1.9% |
| Tesla, Inc. | 1.6% |
| Eli Lilly & Co. | 1.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Software | 10.3% |
| Semiconductors & Semiconductor Equipment | 9.9% |
| Technology Hardware, Storage & Peripherals | 6.9% |
| Interactive Media & Services | 6.0% |
| Financial Services | 4.9% |
| Broadline Retail | 3.7% |
| Pharmaceuticals | 3.4% |
| Banks | 3.4% |
| Capital Markets | 3.1% |
| Oil, Gas & Consumable Fuels | 2.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSP10SI-06/25 NYLI S&P 500 Index Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Small Companies Fund

### Class A/MOPAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $57 | 1.19% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597991.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 1/2/2004 | (12.97)% | (4.88)% | 7.76% | 3.12% |
| Class A Shares - Excluding sales charges |  | (7.91)% | 0.66% | 8.98% | 3.71% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup>Index<sup>3</sup> |  | (9.97)% | 0.87% | 9.88% | 6.32% |
| Morningstar Small Blend Category Average<sup>4</sup> |  | (9.12)% | (0.18)% | 11.72% | 6.59% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2000<sup>®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</sup> |
| <sup>4.</sup> <sup>The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $259,522,903% |
| Total number of portfolio holdings | 145% |
| Portfolio turnover rate | 33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.8% |
| Champion Homes, Inc. | 2.5% |
| Enova International, Inc. | 2.5% |
| Laureate Education, Inc. | 2.4% |
| MRC Global, Inc. | 2.2% |
| Magnite, Inc. | 2.0% |
| TTM Technologies, Inc. | 2.0% |
| Lantheus Holdings, Inc. | 2.0% |
| Remitly Global, Inc. | 1.9% |
| Ryder System, Inc. | 1.9% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 9.8% |
| Biotechnology | 8.8% |
| Financial Services | 7.0% |
| Software | 6.1% |
| Health Care Equipment & Supplies | 4.6% |
| Machinery | 4.5% |
| Professional Services | 4.3% |
| Trading Companies & Distributors | 3.4% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Commercial Services & Supplies | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWSC10A-06/25 NYLI WMC Small Companies Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Small Companies Fund

### Class C/MOPCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $106 | 2.23% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597993.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 12/30/2002 | (9.31)% | (1.35)% | 7.88% | 2.66% |
| Class C Shares - Excluding sales charges |  | (8.39)% | (0.35)% | 7.88% | 2.66% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup>Index<sup>3</sup> |  | (9.97)% | 0.87% | 9.88% | 6.32% |
| Morningstar Small Blend Category Average<sup>4</sup> |  | (9.12)% | (0.18)% | 11.72% | 6.59% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2000<sup>®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</sup> |
| <sup>4.</sup> <sup>The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $259,522,903% |
| Total number of portfolio holdings | 145% |
| Portfolio turnover rate | 33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.8% |
| Champion Homes, Inc. | 2.5% |
| Enova International, Inc. | 2.5% |
| Laureate Education, Inc. | 2.4% |
| MRC Global, Inc. | 2.2% |
| Magnite, Inc. | 2.0% |
| TTM Technologies, Inc. | 2.0% |
| Lantheus Holdings, Inc. | 2.0% |
| Remitly Global, Inc. | 1.9% |
| Ryder System, Inc. | 1.9% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 9.8% |
| Biotechnology | 8.8% |
| Financial Services | 7.0% |
| Software | 6.1% |
| Health Care Equipment & Supplies | 4.6% |
| Machinery | 4.5% |
| Professional Services | 4.3% |
| Trading Companies & Distributors | 3.4% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Commercial Services & Supplies | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWSC10C-06/25 NYLI WMC Small Companies Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Small Companies Fund

### Class I/MOPIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $45 | 0.94% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597994.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 1/12/1987 | (7.78)% | 0.93% | 9.25% | 3.97% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup>Index<sup>3</sup> |  | (9.97)% | 0.87% | 9.88% | 6.32% |
| Morningstar Small Blend Category Average<sup>4</sup> |  | (9.12)% | (0.18)% | 11.72% | 6.59% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2000<sup>®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</sup> |
| <sup>4.</sup> <sup>The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $259,522,903% |
| Total number of portfolio holdings | 145% |
| Portfolio turnover rate | 33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.8% |
| Champion Homes, Inc. | 2.5% |
| Enova International, Inc. | 2.5% |
| Laureate Education, Inc. | 2.4% |
| MRC Global, Inc. | 2.2% |
| Magnite, Inc. | 2.0% |
| TTM Technologies, Inc. | 2.0% |
| Lantheus Holdings, Inc. | 2.0% |
| Remitly Global, Inc. | 1.9% |
| Ryder System, Inc. | 1.9% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 9.8% |
| Biotechnology | 8.8% |
| Financial Services | 7.0% |
| Software | 6.1% |
| Health Care Equipment & Supplies | 4.6% |
| Machinery | 4.5% |
| Professional Services | 4.3% |
| Trading Companies & Distributors | 3.4% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Commercial Services & Supplies | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWSC10I-06/25 NYLI WMC Small Companies Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI WMC Small Companies Fund

### Investor Class/MOINX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $70 | 1.48% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund's prior subadvisors, investment objective and principal investment strategies.

![Fund Performance - Growth of 10K](g98271chartimages_4597983.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (12.65)% | (4.69)% | 7.45% | 2.84% |
| Investor Class Shares - Excluding sales charges |  | (8.05)% | 0.33% | 8.67% | 3.42% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup>Index<sup>3</sup> |  | (9.97)% | 0.87% | 9.88% | 6.32% |
| Morningstar Small Blend Category Average<sup>4</sup> |  | (9.12)% | (0.18)% | 11.72% | 6.59% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The Russell 2000<sup>®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</sup> |
| <sup>4.</sup> <sup>The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $259,522,903% |
| Total number of portfolio holdings | 145% |
| Portfolio turnover rate | 33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.8% |
| Champion Homes, Inc. | 2.5% |
| Enova International, Inc. | 2.5% |
| Laureate Education, Inc. | 2.4% |
| MRC Global, Inc. | 2.2% |
| Magnite, Inc. | 2.0% |
| TTM Technologies, Inc. | 2.0% |
| Lantheus Holdings, Inc. | 2.0% |
| Remitly Global, Inc. | 1.9% |
| Ryder System, Inc. | 1.9% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Banks | 9.8% |
| Biotechnology | 8.8% |
| Financial Services | 7.0% |
| Software | 6.1% |
| Health Care Equipment & Supplies | 4.6% |
| Machinery | 4.5% |
| Professional Services | 4.3% |
| Trading Companies & Distributors | 3.4% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Commercial Services & Supplies | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSWSC10INV-06/25 NYLI WMC Small Companies Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI U.S. Government Liquidity Fund

### Class I/MUSXX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI U.S. Government Liquidity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at newyorklifeinvestments.com/mutual-funds/nyli-us-government-liquidity-fund. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Class I | $7 | 0.14% |

---

Fund Performance

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class I Shares | 7/2/2018 | 2.14% | 4.79% | 2.54% | 2.37% |
| Average Lipper U.S. Government Money Market Fund<sup>2</sup> |  | 1.96% | 4.36% | 2.32% | 2.49% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Average Lipper U.S. Government Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the U.S. government money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $905332817 |
| Total number of portfolio holdings | 12 |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Portfolio Composition

---

| |
|:---|
| U.S. Treasury Debt |
| Other Assets, Less Liabilities(0.0)%<sup>‡</sup> |

---

‡ Less than one-tenth of a percent.

Availability of Additional Information

![QR Code - U.S. Govt Liq](g98271images_2522.jpg)

At newyorklifeinvestments.com/mutual-funds/nyli-us-government-liquidity-fund, you can find additional information about the Fund, when available, including the Fund's financial information.

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSUGL10a-06/25 NYLI U.S. Government Liquidity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone International Equity Fund

### Class A/FCIRX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $57 | 1.14% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597971.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 9/29/2017 | (5.29)% | (0.56)% | 10.34% | 7.89% |
| Class A Shares - Excluding sales charges |  | 0.22% | 5.23% | 10.34% | 7.89% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.89% |
| Morningstar Foreign Large Growth Category Average<sup>3</sup> |  | 4.56% | 10.17% | 8.16% | 5.27% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $823,884,128% |
| Total number of portfolio holdings | 36% |
| Portfolio turnover rate | 7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| London Stock Exchange Group plc | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.5% |
| Nestle SA (Registered) | 4.9% |
| Keyence Corp. | 4.6% |
| EssilorLuxottica SA | 4.6% |
| SAP SE | 4.6% |
| InterContinental Hotels Group plc | 4.2% |
| Cie Financiere Richemont SA (Registered) | 4.1% |
| ASML Holding NV | 3.9% |
| Novo Nordisk A/S, Class B | 3.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 22.0% |
| France | 16.7% |
| United States | 14.2% |
| Switzerland | 9.8% |
| Japan | 6.8% |
| Taiwan | 6.5% |
| Germany | 6.1% |
| Netherlands | 3.9% |
| Denmark | 3.7% |
| Spain | 3.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPIE10A-06/25 NYLI PineStone International Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone International Equity Fund

### Class C/FCICX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $109 | 2.21% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597972.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class C Shares - Including sales charges | 8/28/2023 | (1.30)% | 3.08% | 8.14% |
| Class C Shares - Excluding sales charges |  | (0.30)% | 4.08% | 8.14% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 15.36% |
| Morningstar Foreign Large Growth Category Average<sup>3</sup> |  | 4.56% | 10.17% | 12.42% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $823,884,128% |
| Total number of portfolio holdings | 36% |
| Portfolio turnover rate | 7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| London Stock Exchange Group plc | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.5% |
| Nestle SA (Registered) | 4.9% |
| Keyence Corp. | 4.6% |
| EssilorLuxottica SA | 4.6% |
| SAP SE | 4.6% |
| InterContinental Hotels Group plc | 4.2% |
| Cie Financiere Richemont SA (Registered) | 4.1% |
| ASML Holding NV | 3.9% |
| Novo Nordisk A/S, Class B | 3.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 22.0% |
| France | 16.7% |
| United States | 14.2% |
| Switzerland | 9.8% |
| Japan | 6.8% |
| Taiwan | 6.5% |
| Germany | 6.1% |
| Netherlands | 3.9% |
| Denmark | 3.7% |
| Spain | 3.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPIE10C-06/25 NYLI PineStone International Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone International Equity Fund

### Class I/FCIUX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $42 | 0.85% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597973.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class I Shares | 9/29/2017 | 0.32% | 5.50% | 10.57% | 8.13% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.89% |
| Morningstar Foreign Large Growth Category Average<sup>3</sup> |  | 4.56% | 10.17% | 8.16% | 5.27% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $823,884,128% |
| Total number of portfolio holdings | 36% |
| Portfolio turnover rate | 7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| London Stock Exchange Group plc | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.5% |
| Nestle SA (Registered) | 4.9% |
| Keyence Corp. | 4.6% |
| EssilorLuxottica SA | 4.6% |
| SAP SE | 4.6% |
| InterContinental Hotels Group plc | 4.2% |
| Cie Financiere Richemont SA (Registered) | 4.1% |
| ASML Holding NV | 3.9% |
| Novo Nordisk A/S, Class B | 3.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 22.0% |
| France | 16.7% |
| United States | 14.2% |
| Switzerland | 9.8% |
| Japan | 6.8% |
| Taiwan | 6.5% |
| Germany | 6.1% |
| Netherlands | 3.9% |
| Denmark | 3.7% |
| Spain | 3.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPIE10I-06/25 NYLI PineStone International Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone International Equity Fund

### Class P/FCIHX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class P | $40 | 0.80% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597974.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class P Shares | 8/28/2023 | 0.38% | 5.57% | 9.64% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 15.36% |
| Morningstar Foreign Large Blend Category Average<sup>3</sup> |  | 4.56% | 10.17% | 12.42% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $823,884,128% |
| Total number of portfolio holdings | 36% |
| Portfolio turnover rate | 7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| London Stock Exchange Group plc | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.5% |
| Nestle SA (Registered) | 4.9% |
| Keyence Corp. | 4.6% |
| EssilorLuxottica SA | 4.6% |
| SAP SE | 4.6% |
| InterContinental Hotels Group plc | 4.2% |
| Cie Financiere Richemont SA (Registered) | 4.1% |
| ASML Holding NV | 3.9% |
| Novo Nordisk A/S, Class B | 3.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 22.0% |
| France | 16.7% |
| United States | 14.2% |
| Switzerland | 9.8% |
| Japan | 6.8% |
| Taiwan | 6.5% |
| Germany | 6.1% |
| Netherlands | 3.9% |
| Denmark | 3.7% |
| Spain | 3.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPIE10P-06/25 NYLI PineStone International Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone International Equity Fund

### Class R6/FCIWX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class R6 | $40 | 0.80% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597976.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 9/29/2017 | 0.36% | 5.59% | 10.75% | 8.31% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 11.37% | 5.89% |
| Morningstar Foreign Large Growth Category Average<sup>3</sup> |  | 4.56% | 10.17% | 8.16% | 5.27% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $823,884,128% |
| Total number of portfolio holdings | 36% |
| Portfolio turnover rate | 7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| London Stock Exchange Group plc | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.5% |
| Nestle SA (Registered) | 4.9% |
| Keyence Corp. | 4.6% |
| EssilorLuxottica SA | 4.6% |
| SAP SE | 4.6% |
| InterContinental Hotels Group plc | 4.2% |
| Cie Financiere Richemont SA (Registered) | 4.1% |
| ASML Holding NV | 3.9% |
| Novo Nordisk A/S, Class B | 3.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 22.0% |
| France | 16.7% |
| United States | 14.2% |
| Switzerland | 9.8% |
| Japan | 6.8% |
| Taiwan | 6.5% |
| Germany | 6.1% |
| Netherlands | 3.9% |
| Denmark | 3.7% |
| Spain | 3.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPIE10R6-06/25 NYLI PineStone International Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone International Equity Fund

### Investor Class/FCIKX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Investor Class | $72 | 1.46% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597965.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Investor Class Shares - Including sales charges | 8/28/2023 | (4.94)% | (0.37)% | 5.68% |
| Investor Class Shares - Excluding sales charges |  | 0.06% | 4.88% | 8.95% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> |  | 8.60% | 12.57% | 15.36% |
| Morningstar Foreign Large Growth Category Average<sup>3</sup> |  | 4.56% | 10.17% | 12.42% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the MSCI EAFE<sup>®</sup> Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup>®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>3.</sup> | <sup>The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $823,884,128% |
| Total number of portfolio holdings | 36% |
| Portfolio turnover rate | 7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| London Stock Exchange Group plc | 6.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.5% |
| Nestle SA (Registered) | 4.9% |
| Keyence Corp. | 4.6% |
| EssilorLuxottica SA | 4.6% |
| SAP SE | 4.6% |
| InterContinental Hotels Group plc | 4.2% |
| Cie Financiere Richemont SA (Registered) | 4.1% |
| ASML Holding NV | 3.9% |
| Novo Nordisk A/S, Class B | 3.7% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United Kingdom | 22.0% |
| France | 16.7% |
| United States | 14.2% |
| Switzerland | 9.8% |
| Japan | 6.8% |
| Taiwan | 6.5% |
| Germany | 6.1% |
| Netherlands | 3.9% |
| Denmark | 3.7% |
| Spain | 3.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPIE10INV-06/25 NYLI PineStone International Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone U.S. Equity Fund

### Class A/FCUEX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $48 | 0.97% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597966.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 9/30/2019 | (8.19)% | 0.94% | 13.64% | 12.94% |
| Class A Shares - Excluding sales charges |  | (2.85)% | 6.82% | 13.64% | 12.94% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 12.97% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 13.65% |
| Morningstar Large Blend Category Average<sup>4</sup> |  | (2.35)% | 9.59% | 14.37% | 11.37% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $543,875,904% |
| Total number of portfolio holdings | 28% |
| Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 9.3% |
| Alphabet, Inc., Class A | 8.0% |
| AutoZone, Inc. | 7.2% |
| Moody's Corp. | 6.9% |
| Mastercard, Inc., Class A | 5.7% |
| CME Group, Inc. | 4.6% |
| TJX Cos., Inc. (The) | 4.0% |
| UnitedHealth Group, Inc. | 3.8% |
| Sherwin-Williams Co. (The) | 3.7% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Capital Markets | 16.8% |
| Specialty Retail | 14.6% |
| Software | 14.5% |
| Interactive Media & Services | 8.0% |
| Chemicals | 7.2% |
| Financial Services | 5.7% |
| Machinery | 4.9% |
| Health Care Providers & Services | 3.8% |
| Pharmaceuticals | 3.0% |
| Beverages | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPUE10A-06/25 NYLI PineStone U.S. Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone U.S. Equity Fund

### Class C/FCUCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $90 | 1.84% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597967.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class C Shares - Including sales charges | 8/28/2023 | (4.21)% | 4.81% | 7.48% |
| Class C Shares - Excluding sales charges |  | (3.25)% | 5.81% | 7.48% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.88% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 16.56% |
| Morningstar Large Blend Category Average<sup>4</sup> |  | (2.35)% | 9.59% | 14.18% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $543,875,904% |
| Total number of portfolio holdings | 28% |
| Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 9.3% |
| Alphabet, Inc., Class A | 8.0% |
| AutoZone, Inc. | 7.2% |
| Moody's Corp. | 6.9% |
| Mastercard, Inc., Class A | 5.7% |
| CME Group, Inc. | 4.6% |
| TJX Cos., Inc. (The) | 4.0% |
| UnitedHealth Group, Inc. | 3.8% |
| Sherwin-Williams Co. (The) | 3.7% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Capital Markets | 16.8% |
| Specialty Retail | 14.6% |
| Software | 14.5% |
| Interactive Media & Services | 8.0% |
| Chemicals | 7.2% |
| Financial Services | 5.7% |
| Machinery | 4.9% |
| Health Care Providers & Services | 3.8% |
| Pharmaceuticals | 3.0% |
| Beverages | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPUE10C-06/25 NYLI PineStone U.S. Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone U.S. Equity Fund

### Class I/FCUIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $35 | 0.72% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597968.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class I Shares | 9/30/2019 | (2.75)% | 7.06% | 13.91% | 13.21% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 12.97% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 13.65% |
| Morningstar Large Blend Category Average<sup>4</sup> |  | (2.35)% | 9.59% | 14.37% | 11.37% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $543,875,904% |
| Total number of portfolio holdings | 28% |
| Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 9.3% |
| Alphabet, Inc., Class A | 8.0% |
| AutoZone, Inc. | 7.2% |
| Moody's Corp. | 6.9% |
| Mastercard, Inc., Class A | 5.7% |
| CME Group, Inc. | 4.6% |
| TJX Cos., Inc. (The) | 4.0% |
| UnitedHealth Group, Inc. | 3.8% |
| Sherwin-Williams Co. (The) | 3.7% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Capital Markets | 16.8% |
| Specialty Retail | 14.6% |
| Software | 14.5% |
| Interactive Media & Services | 8.0% |
| Chemicals | 7.2% |
| Financial Services | 5.7% |
| Machinery | 4.9% |
| Health Care Providers & Services | 3.8% |
| Pharmaceuticals | 3.0% |
| Beverages | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPUE10I-06/25 NYLI PineStone U.S. Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone U.S. Equity Fund

### Class P/FCUPX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class P | $29 | 0.60% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597969.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class P Shares | 8/28/2023 | (2.71)% | 7.11% | 8.75% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.88% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 16.56% |
| Morningstar Large Blend Category Average<sup>4</sup> |  | (2.35)% | 9.59% | 14.18% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $543,875,904% |
| Total number of portfolio holdings | 28% |
| Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 9.3% |
| Alphabet, Inc., Class A | 8.0% |
| AutoZone, Inc. | 7.2% |
| Moody's Corp. | 6.9% |
| Mastercard, Inc., Class A | 5.7% |
| CME Group, Inc. | 4.6% |
| TJX Cos., Inc. (The) | 4.0% |
| UnitedHealth Group, Inc. | 3.8% |
| Sherwin-Williams Co. (The) | 3.7% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Capital Markets | 16.8% |
| Specialty Retail | 14.6% |
| Software | 14.5% |
| Interactive Media & Services | 8.0% |
| Chemicals | 7.2% |
| Financial Services | 5.7% |
| Machinery | 4.9% |
| Health Care Providers & Services | 3.8% |
| Pharmaceuticals | 3.0% |
| Beverages | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPUE10P-06/25 NYLI PineStone U.S. Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone U.S. Equity Fund

### Class R6/FCUDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $29 | 0.60% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597970.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class R6 Shares | 8/28/2023 | (2.66)% | 7.17% | 8.75% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.88% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 16.56% |
| Morningstar Large Blend Category Average<sup>4</sup> |  | (2.35)% | 9.59% | 14.18% |

---

---

| |
|:---|
| <sup>1.</sup> |
| <sup>2.</sup> <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> <sup>The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup>®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $543,875,904% |
| Total number of portfolio holdings | 28% |
| Portfolio turnover rate | 6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 9.3% |
| Alphabet, Inc., Class A | 8.0% |
| AutoZone, Inc. | 7.2% |
| Moody's Corp. | 6.9% |
| Mastercard, Inc., Class A | 5.7% |
| CME Group, Inc. | 4.6% |
| TJX Cos., Inc. (The) | 4.0% |
| UnitedHealth Group, Inc. | 3.8% |
| Sherwin-Williams Co. (The) | 3.7% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Capital Markets | 16.8% |
| Specialty Retail | 14.6% |
| Software | 14.5% |
| Interactive Media & Services | 8.0% |
| Chemicals | 7.2% |
| Financial Services | 5.7% |
| Machinery | 4.9% |
| Health Care Providers & Services | 3.8% |
| Pharmaceuticals | 3.0% |
| Beverages | 3.0% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPUE10R6-06/25 NYLI PineStone U.S. Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone Global Equity Fund

### Class A/FCGEX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $54 | 1.10% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597959.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 4/28/2017 | (7.71)% | (0.16)% | 11.58% | 10.94% |
| Class A Shares - Excluding sales charges |  | (2.34)% | 5.65% | 11.58% | 10.94% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 10.49% |
| Morningstar Global Large-Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 10.94% | 9.67% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $42,698,376% |
| Total number of portfolio holdings | 31% |
| Portfolio turnover rate | 13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.3% |
| Alphabet, Inc., Class A | 6.2% |
| AutoZone, Inc. | 5.4% |
| Mastercard, Inc., Class A | 5.1% |
| Moody's Corp. | 4.9% |
| CME Group, Inc. | 4.7% |
| TJX Cos., Inc. (The) | 3.8% |
| Nestle SA (Registered) | 3.5% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.5% |
| Taiwan | 6.3% |
| United Kingdom | 5.8% |
| Switzerland | 5.2% |
| Japan | 3.4% |
| France | 3.1% |
| Netherlands | 3.0% |
| India | 1.9% |
| Denmark | 1.9% |
| Other Assets, Less Liabilities | 0.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPGE10A-06/25 NYLI PineStone Global Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone Global Equity Fund

### Class C/FCGYX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $98 | 2.00% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597960.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class C Shares - Including sales charges | 8/28/2023 | (3.69)% | 3.75% | 7.37% |
| Class C Shares - Excluding sales charges |  | (2.77)% | 4.74% | 7.37% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 16.12% |
| Morningstar Global Large-Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 13.84% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $42,698,376% |
| Total number of portfolio holdings | 31% |
| Portfolio turnover rate | 13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.3% |
| Alphabet, Inc., Class A | 6.2% |
| AutoZone, Inc. | 5.4% |
| Mastercard, Inc., Class A | 5.1% |
| Moody's Corp. | 4.9% |
| CME Group, Inc. | 4.7% |
| TJX Cos., Inc. (The) | 3.8% |
| Nestle SA (Registered) | 3.5% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.5% |
| Taiwan | 6.3% |
| United Kingdom | 5.8% |
| Switzerland | 5.2% |
| Japan | 3.4% |
| France | 3.1% |
| Netherlands | 3.0% |
| India | 1.9% |
| Denmark | 1.9% |
| Other Assets, Less Liabilities | 0.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPGE10C-06/25 NYLI PineStone Global Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone Global Equity Fund

### Class I/FCGIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $42 | 0.85% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597961.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class I Shares | 4/28/2017 | (2.21)% | 5.96% | 11.86% | 11.22% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 13.95% | 10.49% |
| Morningstar Global Large-Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 10.94% | 9.67% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $42,698,376% |
| Total number of portfolio holdings | 31% |
| Portfolio turnover rate | 13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.3% |
| Alphabet, Inc., Class A | 6.2% |
| AutoZone, Inc. | 5.4% |
| Mastercard, Inc., Class A | 5.1% |
| Moody's Corp. | 4.9% |
| CME Group, Inc. | 4.7% |
| TJX Cos., Inc. (The) | 3.8% |
| Nestle SA (Registered) | 3.5% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.5% |
| Taiwan | 6.3% |
| United Kingdom | 5.8% |
| Switzerland | 5.2% |
| Japan | 3.4% |
| France | 3.1% |
| Netherlands | 3.0% |
| India | 1.9% |
| Denmark | 1.9% |
| Other Assets, Less Liabilities | 0.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPGE10I-06/25 NYLI PineStone Global Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone Global Equity Fund

### Class P/FCGPX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class P | $40 | 0.81% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597962.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class P Shares | 8/28/2023 | (2.19)% | 5.97% | 8.62% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 16.12% |
| Morningstar Global Large-Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 13.84% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $42,698,376% |
| Total number of portfolio holdings | 31% |
| Portfolio turnover rate | 13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.3% |
| Alphabet, Inc., Class A | 6.2% |
| AutoZone, Inc. | 5.4% |
| Mastercard, Inc., Class A | 5.1% |
| Moody's Corp. | 4.9% |
| CME Group, Inc. | 4.7% |
| TJX Cos., Inc. (The) | 3.8% |
| Nestle SA (Registered) | 3.5% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.5% |
| Taiwan | 6.3% |
| United Kingdom | 5.8% |
| Switzerland | 5.2% |
| Japan | 3.4% |
| France | 3.1% |
| Netherlands | 3.0% |
| India | 1.9% |
| Denmark | 1.9% |
| Other Assets, Less Liabilities | 0.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPGE10P-06/25 NYLI PineStone Global Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI PineStone Global Equity Fund

### Class R6/ FCGMX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class R6 | $41 | 0.84% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597963.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class R6 Shares | 8/28/2023 | (2.24)% | 5.92% | 8.59% |
| MSCI World Index (Net)<sup>2</sup> |  | 0.93% | 12.16% | 16.12% |
| Morningstar Global Large-Stock Growth Category Average<sup>3</sup> |  | (0.19)% | 9.05% | 13.84% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The MSCI World Index (Net), which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</sup> |
| <sup>3.</sup><sup>The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $42,698,376% |
| Total number of portfolio holdings | 31% |
| Portfolio turnover rate | 13% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 6.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 6.3% |
| Alphabet, Inc., Class A | 6.2% |
| AutoZone, Inc. | 5.4% |
| Mastercard, Inc., Class A | 5.1% |
| Moody's Corp. | 4.9% |
| CME Group, Inc. | 4.7% |
| TJX Cos., Inc. (The) | 3.8% |
| Nestle SA (Registered) | 3.5% |
| Oracle Corp. | 3.5% |

---

\* Excluding short-term investments

Top Countries

---

| | |
|:---|:---|
| United States | 68.5% |
| Taiwan | 6.3% |
| United Kingdom | 5.8% |
| Switzerland | 5.2% |
| Japan | 3.4% |
| France | 3.1% |
| Netherlands | 3.0% |
| India | 1.9% |
| Denmark | 1.9% |
| Other Assets, Less Liabilities | 0.9% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSPGE10R6-06/25 NYLI PineStone Global Equity Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Strategic Muni Allocation Fund

### Class A/MTFDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $36 | 0.73% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598050.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 6/28/2019 | (3.31)% | (0.99)% | 1.19% | 0.76% |
| Class A Shares - Excluding sales charges |  | (0.32)% | 2.07% | 2.12% | 1.56% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 1.07% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.22% |
| Morningstar Muni National Intermediate Category Average<sup>4</sup> |  | (0.30)% | 2.10% | 1.41% | 1.04% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,803,676,131% |
| Total number of portfolio holdings | 1,062% |
| Portfolio turnover rate | 36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.70%-5.00%, due 7/1/28-7/1/48 | 3.1% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.8% |
| Black Belt Energy Gas District, 3.97%-5.50%, due 12/1/26-5/1/55 | 1.9% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 6/1/33-1/1/56 | 1.8% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| New York City Transitional Finance Authority, 5.00%-5.50%, due 11/1/38-5/1/48 | 1.3% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54-11/1/55 | 1.2% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/31-12/1/46 | 1.2% |
| Chicago O'Hare International Airport, 5.00%-5.50%, due 1/1/36-7/1/48 | 1.2% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| California | 9.4% |
| Texas | 8.3% |
| Illinois | 7.2% |
| New York | 5.9% |
| Kentucky | 5.3% |
| Alabama | 5.0% |
| Georgia | 4.4% |
| Florida | 4.3% |
| Puerto Rico | 3.7% |
| Colorado | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMSMA10A-06/25 NYLI MacKay Strategic Muni Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Strategic Muni Allocation Fund

### Class C/MTFFX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $51 | 1.03% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598051.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class C Shares - Including sales charges | 6/28/2019 | (1.45)% | 0.91% | 1.71% | 1.16% |
| Class C Shares - Excluding sales charges |  | (0.47)% | 1.89% | 1.71% | 1.16% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 1.07% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.22% |
| Morningstar Muni National Intermediate Category Average<sup>4</sup> |  | (0.30)% | 2.10% | 1.41% | 1.04% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,803,676,131% |
| Total number of portfolio holdings | 1,062% |
| Portfolio turnover rate | 36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.70%-5.00%, due 7/1/28-7/1/48 | 3.1% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.8% |
| Black Belt Energy Gas District, 3.97%-5.50%, due 12/1/26-5/1/55 | 1.9% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 6/1/33-1/1/56 | 1.8% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| New York City Transitional Finance Authority, 5.00%-5.50%, due 11/1/38-5/1/48 | 1.3% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54-11/1/55 | 1.2% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/31-12/1/46 | 1.2% |
| Chicago O'Hare International Airport, 5.00%-5.50%, due 1/1/36-7/1/48 | 1.2% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| California | 9.4% |
| Texas | 8.3% |
| Illinois | 7.2% |
| New York | 5.9% |
| Kentucky | 5.3% |
| Alabama | 5.0% |
| Georgia | 4.4% |
| Florida | 4.3% |
| Puerto Rico | 3.7% |
| Colorado | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMSMA10C-06/25 NYLI MacKay Strategic Muni Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Strategic Muni Allocation Fund

### Class C2/MTFMX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C2 | $58 | 1.18% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598054.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| Class C2 Shares - Including sales charges | 12/13/2022 | (1.52)% | 0.65% | 2.34% |
| Class C2 Shares - Excluding sales charges |  | (0.54)% | 1.63% | 2.34% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 2.32% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 2.25% |
| Morningstar Muni National Intermediate Category Average<sup>4</sup> |  | (0.30)% | 2.10% | 2.54% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,803,676,131% |
| Total number of portfolio holdings | 1,062% |
| Portfolio turnover rate | 36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.70%-5.00%, due 7/1/28-7/1/48 | 3.1% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.8% |
| Black Belt Energy Gas District, 3.97%-5.50%, due 12/1/26-5/1/55 | 1.9% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 6/1/33-1/1/56 | 1.8% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| New York City Transitional Finance Authority, 5.00%-5.50%, due 11/1/38-5/1/48 | 1.3% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54-11/1/55 | 1.2% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/31-12/1/46 | 1.2% |
| Chicago O'Hare International Airport, 5.00%-5.50%, due 1/1/36-7/1/48 | 1.2% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| California | 9.4% |
| Texas | 8.3% |
| Illinois | 7.2% |
| New York | 5.9% |
| Kentucky | 5.3% |
| Alabama | 5.0% |
| Georgia | 4.4% |
| Florida | 4.3% |
| Puerto Rico | 3.7% |
| Colorado | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMSMA10C2-06/25 NYLI MacKay Strategic Muni Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Strategic Muni Allocation Fund

### Class I/MTFGX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $24 | 0.48% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598052.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class I Shares | 6/28/2019 | (0.20)% | 2.33% | 2.38% | 1.79% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 1.07% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.22% |
| Morningstar Muni National Intermediate Category Average<sup>4</sup> |  | (0.30)% | 2.10% | 1.41% | 1.04% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,803,676,131% |
| Total number of portfolio holdings | 1,062% |
| Portfolio turnover rate | 36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.70%-5.00%, due 7/1/28-7/1/48 | 3.1% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.8% |
| Black Belt Energy Gas District, 3.97%-5.50%, due 12/1/26-5/1/55 | 1.9% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 6/1/33-1/1/56 | 1.8% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| New York City Transitional Finance Authority, 5.00%-5.50%, due 11/1/38-5/1/48 | 1.3% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54-11/1/55 | 1.2% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/31-12/1/46 | 1.2% |
| Chicago O'Hare International Airport, 5.00%-5.50%, due 1/1/36-7/1/48 | 1.2% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| California | 9.4% |
| Texas | 8.3% |
| Illinois | 7.2% |
| New York | 5.9% |
| Kentucky | 5.3% |
| Alabama | 5.0% |
| Georgia | 4.4% |
| Florida | 4.3% |
| Puerto Rico | 3.7% |
| Colorado | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMSMA10I-06/25 NYLI MacKay Strategic Muni Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Strategic Muni Allocation Fund

### Class R6/MTFHX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class R6 | $22 | 0.44% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598049.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Class R6 Shares | 6/28/2019 | (0.07)% | 2.49% | 2.40% | 1.82% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 1.07% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.22% |
| Morningstar Muni National Intermediate Category Average<sup>4</sup> |  | (0.30)% | 2.10% | 1.41% | 1.04% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,803,676,131% |
| Total number of portfolio holdings | 1,062% |
| Portfolio turnover rate | 36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.70%-5.00%, due 7/1/28-7/1/48 | 3.1% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.8% |
| Black Belt Energy Gas District, 3.97%-5.50%, due 12/1/26-5/1/55 | 1.9% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 6/1/33-1/1/56 | 1.8% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| New York City Transitional Finance Authority, 5.00%-5.50%, due 11/1/38-5/1/48 | 1.3% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54-11/1/55 | 1.2% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/31-12/1/46 | 1.2% |
| Chicago O'Hare International Airport, 5.00%-5.50%, due 1/1/36-7/1/48 | 1.2% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| California | 9.4% |
| Texas | 8.3% |
| Illinois | 7.2% |
| New York | 5.9% |
| Kentucky | 5.3% |
| Alabama | 5.0% |
| Georgia | 4.4% |
| Florida | 4.3% |
| Puerto Rico | 3.7% |
| Colorado | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMSMA10R6-06/25 NYLI MacKay Strategic Muni Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Strategic Muni Allocation Fund

### Class Z/MTFZX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the period since inception?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class Z | $31 | 0.63% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597930.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **Since<br>Inception** |
| Class Z Shares | 7/19/2024 | (0.27)% | 0.17% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | (0.32)% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 0.58% |
| Morningstar Muni National Intermediate Category Average<sup>4</sup> |  | (0.30)% | 0.20% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,803,676,131% |
| Total number of portfolio holdings | 1,062% |
| Portfolio turnover rate | 36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.70%-5.00%, due 7/1/28-7/1/48 | 3.1% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.8% |
| Black Belt Energy Gas District, 3.97%-5.50%, due 12/1/26-5/1/55 | 1.9% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 6/1/33-1/1/56 | 1.8% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| New York City Transitional Finance Authority, 5.00%-5.50%, due 11/1/38-5/1/48 | 1.3% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54-11/1/55 | 1.2% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/31-12/1/46 | 1.2% |
| Chicago O'Hare International Airport, 5.00%-5.50%, due 1/1/36-7/1/48 | 1.2% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| California | 9.4% |
| Texas | 8.3% |
| Illinois | 7.2% |
| New York | 5.9% |
| Kentucky | 5.3% |
| Alabama | 5.0% |
| Georgia | 4.4% |
| Florida | 4.3% |
| Puerto Rico | 3.7% |
| Colorado | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMSMA10Z-06/25 NYLI MacKay Strategic Muni Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Strategic Muni Allocation Fund

### Investor Class/MTFEX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Investor Class | $39 | 0.78% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598053.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Since<br>Inception** |
| Investor Class Shares - Including sales charges | 6/28/2019 | (2.84)% | (0.51)% | 1.04% | 0.62% |
| Investor Class Shares - Excluding sales charges |  | (0.34)% | 2.04% | 1.97% | 1.41% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 1.07% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.22% |
| Morningstar Muni National Intermediate Category Average<sup>4</sup> |  | (0.30)% | 2.10% | 1.41% | 1.04% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Municipal National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1,803,676,131% |
| Total number of portfolio holdings | 1,062% |
| Portfolio turnover rate | 36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Los Angeles Department of Water & Power, 3.70%-5.00%, due 7/1/28-7/1/48 | 3.1% |
| Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55 | 2.8% |
| Black Belt Energy Gas District, 3.97%-5.50%, due 12/1/26-5/1/55 | 1.9% |
| Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 6/1/33-1/1/56 | 1.8% |
| Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40 | 1.4% |
| Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51 | 1.3% |
| New York City Transitional Finance Authority, 5.00%-5.50%, due 11/1/38-5/1/48 | 1.3% |
| California Community Choice Financing Authority, 5.00%-5.25%, due 1/1/54-11/1/55 | 1.2% |
| Chicago Board of Education, 4.00%-6.00%, due 12/1/31-12/1/46 | 1.2% |
| Chicago O'Hare International Airport, 5.00%-5.50%, due 1/1/36-7/1/48 | 1.2% |

---

\* Excluding short-term investments

Top States

---

| | |
|:---|:---|
| California | 9.4% |
| Texas | 8.3% |
| Illinois | 7.2% |
| New York | 5.9% |
| Kentucky | 5.3% |
| Alabama | 5.0% |
| Georgia | 4.4% |
| Florida | 4.3% |
| Puerto Rico | 3.7% |
| Colorado | 3.1% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSMSMA10INV-06/25 NYLI MacKay Strategic Muni Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Conservative Allocation Fund

### Class A/MCKAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $19 | 0.38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598092.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 4/4/2005 | (3.43)% | 2.94% | 4.48% | 3.27% |
| Class A Shares - Excluding sales charges |  | (0.45)% | 6.12% | 5.12% | 3.86% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Conservative Allocation Composite Index<sup>5</sup> |  | 1.93% | 9.82% | 5.40% | 5.33% |
| Morningstar Global Moderately Conservative Allocation Category Average<sup>6</sup> |  | 0.25% | 8.23% | 5.43% | 4.04% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Moderately Conservative Allocation Category Average is a representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $359,673,507% |
| Total number of portfolio holdings | 39% |
| Portfolio turnover rate | 7% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSACA10A-06/25 NYLI Conservative Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Conservative Allocation Fund

### Class C/MCKCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Class C | $64 | 1.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598094.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 4/4/2005 | (1.86)% | 4.15% | 4.14% | 2.90% |
| Class C Shares - Excluding sales charges |  | (0.90)% | 5.15% | 4.14% | 2.90% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Conservative Allocation Composite Index<sup>5</sup> |  | 1.93% | 9.82% | 5.40% | 5.33% |
| Morningstar Global Moderately Conservative Allocation Category Average<sup>6</sup> |  | 0.25% | 8.23% | 5.43% | 4.04% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Moderately Conservative Allocation Category Average is a representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $359,673,507% |
| Total number of portfolio holdings | 39% |
| Portfolio turnover rate | 7% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSACA10C-06/25 NYLI Conservative Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Conservative Allocation Fund

### Class I/MCKIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $6 | 0.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598095.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 4/4/2005 | (0.31)% | 6.40% | 5.37% | 4.12% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Conservative Allocation Composite Index<sup>5</sup> |  | 1.93% | 9.82% | 5.40% | 5.33% |
| Morningstar Global Moderately Conservative Allocation Category Average<sup>6</sup> |  | 0.25% | 8.23% | 5.43% | 4.04% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Moderately Conservative Allocation Category Average is a representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $359,673,507% |
| Total number of portfolio holdings | 39% |
| Portfolio turnover rate | 7% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSACA10I-06/25 NYLI Conservative Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Conservative Allocation Fund

### Investor Class/MCKNX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Investor Class | $27 | 0.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598096.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (3.02)% | 3.36% | 4.28% | 3.09% |
| Investor Class Shares - Excluding sales charges |  | (0.54)% | 6.01% | 4.92% | 3.68% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Conservative Allocation Composite Index<sup>5</sup> |  | 1.93% | 9.82% | 5.40% | 5.33% |
| Morningstar Global Moderately Conservative Allocation Category Average<sup>6</sup> |  | 0.25% | 8.23% | 5.43% | 4.04% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Moderately Conservative Allocation Category Average is a representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $359,673,507% |
| Total number of portfolio holdings | 39% |
| Portfolio turnover rate | 7% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSACA10INV-06/25 NYLI Conservative Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Conservative Allocation Fund

### SIMPLE Class/MCKSX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| SIMPLE Class | $31 | 0.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598085.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | (0.56)% | 5.92% | 2.91% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (1.09)% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 12.14% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 8.70% |
| Conservative Allocation Composite Index<sup>5</sup> |  | 1.93% | 9.82% | 3.91% |
| Morningstar Global Moderately Conservative Allocation Category Average<sup>6</sup> |  | 0.25% | 8.23% | 5.83% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Moderately Conservative Allocation Category Average is a representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $359,673,507% |
| Total number of portfolio holdings | 39% |
| Portfolio turnover rate | 7% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 38.2% |
| Fixed Income Funds | 51.7% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.4% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSACA10SI-06/25 NYLI Conservative Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Equity Allocation Fund

### Class A/MGXAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $18 | 0.38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598087.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 4/4/2005 | (5.58)% | 2.05% | 10.26% | 5.94% |
| Class A Shares - Excluding sales charges |  | (2.66)% | 5.21% | 10.93% | 6.55% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Equity Allocation Composite Index<sup>5</sup> |  | 0.85% | 12.39% | 14.63% | 10.63% |
| Morningstar Global Aggressive Allocation Category Average<sup>6</sup> |  | (1.97)% | 10.16% | 11.47% | 7.49% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 75% and 25%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $426,496,195% |
| Total number of portfolio holdings | 30% |
| Portfolio turnover rate | 9% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 95.7% |
| Short-Term Investment | 4.1% |
| Other Assets, Less Liabilities | 0.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAEA10A-06/25 NYLI Equity Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Equity Allocation Fund

### Class C/MGXCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Class C | $63 | 1.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598088.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 4/4/2005 | (4.04)% | 3.27% | 9.92% | 5.58% |
| Class C Shares - Excluding sales charges |  | (3.13)% | 4.26% | 9.92% | 5.58% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Equity Allocation Composite Index<sup>5</sup> |  | 0.85% | 12.39% | 14.63% | 10.63% |
| Morningstar Global Aggressive Allocation Category Average<sup>6</sup> |  | (1.97)% | 10.16% | 11.47% | 7.49% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 75% and 25%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $426,496,195% |
| Total number of portfolio holdings | 30% |
| Portfolio turnover rate | 9% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 95.7% |
| Short-Term Investment | 4.1% |
| Other Assets, Less Liabilities | 0.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAEA10C-06/25 NYLI Equity Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Equity Allocation Fund

### Class I/MGXIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $6 | 0.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598089.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 4/4/2005 | (2.60)% | 5.42% | 11.20% | 6.81% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Equity Allocation Composite Index<sup>5</sup> |  | 0.85% | 12.39% | 14.63% | 10.63% |
| Morningstar Global Aggressive Allocation Category Average<sup>6</sup> |  | (1.97)% | 10.16% | 11.47% | 7.49% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 75% and 25%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $426,496,195% |
| Total number of portfolio holdings | 30% |
| Portfolio turnover rate | 9% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 95.7% |
| Short-Term Investment | 4.1% |
| Other Assets, Less Liabilities | 0.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAEA10I-06/25 NYLI Equity Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Equity Allocation Fund

### Investor Class/MGXNX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Investor Class | $27 | 0.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598090.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (5.26)% | 2.35% | 10.07% | 5.77% |
| Investor Class Shares - Excluding sales charges |  | (2.83)% | 4.98% | 10.74% | 6.37% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Equity Allocation Composite Index<sup>5</sup> |  | 0.85% | 12.39% | 14.63% | 10.63% |
| Morningstar Global Aggressive Allocation Category Average<sup>6</sup> |  | (1.97)% | 10.16% | 11.47% | 7.49% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 75% and 25%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $426,496,195% |
| Total number of portfolio holdings | 30% |
| Portfolio turnover rate | 9% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 95.7% |
| Short-Term Investment | 4.1% |
| Other Assets, Less Liabilities | 0.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAEA10INV-06/25 NYLI Equity Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Equity Allocation Fund

### SIMPLE Class/MGXSX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| SIMPLE Class | $31 | 0.63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598079.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | (2.83)% | 4.93% | 7.09% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 11.41% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 12.14% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 8.70% |
| Equity Allocation Composite Index<sup>5</sup> |  | 0.85% | 12.39% | 11.36% |
| Morningstar Global Aggressive Allocation Category Average<sup>6</sup> |  | (1.97)% | 10.16% | 8.40% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index and the MSCI EAFE<sup>®</sup> Index (Net) weighted 75% and 25%, respectively.</sup> |
| <sup>6.</sup> | <sup>The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $426,496,195% |
| Total number of portfolio holdings | 30% |
| Portfolio turnover rate | 9% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 95.7% |
| Short-Term Investment | 4.1% |
| Other Assets, Less Liabilities | 0.2% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAEA10SI-06/25 NYLI Equity Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Growth Allocation Fund

### Class A/MGDAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $17 | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598074.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 4/4/2005 | (5.02)% | 2.29% | 8.70% | 5.30% |
| Class A Shares - Excluding sales charges |  | (2.08)% | 5.46% | 9.36% | 5.90% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Growth Allocation Composite Index<sup>6</sup> |  | 1.23% | 11.55% | 11.54% | 8.92% |
| Morningstar Global Moderately Aggressive Allocation Category Average<sup>7</sup> |  | (1.32)% | 9.15% | 10.01% | 6.38% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $786,625,684% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 11% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 78.5% |
| Fixed Income Funds | 11.6% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAGA10A-06/25 NYLI Growth Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Growth Allocation Fund

### Class C/MGDCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Class C | $64 | 1.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598076.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 4/4/2005 | (3.49)% | 3.41% | 8.32% | 4.90% |
| Class C Shares - Excluding sales charges |  | (2.58)% | 4.39% | 8.32% | 4.90% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Growth Allocation Composite Index<sup>6</sup> |  | 1.23% | 11.55% | 11.54% | 8.92% |
| Morningstar Global Moderately Aggressive Allocation Category Average<sup>7</sup> |  | (1.32)% | 9.15% | 10.01% | 6.38% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $786,625,684% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 11% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 78.5% |
| Fixed Income Funds | 11.6% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAGA10C-06/25 NYLI Growth Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Growth Allocation Fund

### Class I/MGDIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $5 | 0.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598077.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 4/4/2005 | (2.04)% | 5.63% | 9.63% | 6.16% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Growth Allocation Composite Index<sup>6</sup> |  | 1.23% | 11.55% | 11.54% | 8.92% |
| Morningstar Global Moderately Aggressive Allocation Category Average<sup>7</sup> |  | (1.32)% | 9.15% | 10.01% | 6.38% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $786,625,684% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 11% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 78.5% |
| Fixed Income Funds | 11.6% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAGA10I-06/25 NYLI Growth Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Growth Allocation Fund

### Investor Class/MGDNX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Investor Class | $27 | 0.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598078.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (4.66)% | 2.60% | 8.49% | 5.10% |
| Investor Class Shares - Excluding sales charges |  | (2.22)% | 5.23% | 9.15% | 5.70% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Growth Allocation Composite Index<sup>6</sup> |  | 1.23% | 11.55% | 11.54% | 8.92% |
| Morningstar Global Moderately Aggressive Allocation Category Average<sup>7</sup> |  | (1.32)% | 9.15% | 10.01% | 6.38% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $786,625,684% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 11% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 78.5% |
| Fixed Income Funds | 11.6% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAGA10INV-06/25 NYLI Growth Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Growth Allocation Fund

### SIMPLE Class/MGDSX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| SIMPLE Class | $30 | 0.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598067.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | (2.26)% | 5.17% | 6.08% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 11.41% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 12.14% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 8.70% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (1.09)% |
| Growth Allocation Composite Index<sup>6</sup> |  | 1.23% | 11.55% | 8.89% |
| Morningstar Global Moderately Aggressive Allocation Category Average<sup>7</sup> |  | (1.32)% | 9.15% | 7.70% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $786,625,684% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 11% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 78.5% |
| Fixed Income Funds | 11.6% |
| Short-Term Investment | 9.6% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAGA10SI-06/25 NYLI Growth Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Moderate Allocation Fund

### Class A/MMRAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $18 | 0.36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598080.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 4/4/2005 | (4.11)% | 2.99% | 6.59% | 4.47% |
| Class A Shares - Excluding sales charges |  | (1.15)% | 6.18% | 7.24% | 5.07% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Moderate Allocation Composite Index<sup>6</sup> |  | 1.59% | 10.70% | 8.46% | 7.15% |
| Morningstar Global Moderate Allocation Category Average<sup>7</sup> |  | (0.47)% | 8.64% | 7.97% | 4.90% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $748,607,609% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 10% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 58.4% |
| Fixed Income Funds | 31.6% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAMA10A-06/25 NYLI Moderate Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Moderate Allocation Fund

### Class C/MMRCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Class C | $64 | 1.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598082.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 4/4/2005 | (2.54)% | 4.13% | 6.22% | 4.09% |
| Class C Shares - Excluding sales charges |  | (1.61)% | 5.13% | 6.22% | 4.09% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Moderate Allocation Composite Index<sup>6</sup> |  | 1.59% | 10.70% | 8.46% | 7.15% |
| Morningstar Global Moderate Allocation Category Average<sup>7</sup> |  | (0.47)% | 8.64% | 7.97% | 4.90% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $748,607,609% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 10% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 58.4% |
| Fixed Income Funds | 31.6% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAMA10C-06/25 NYLI Moderate Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Moderate Allocation Fund

### Class I/MMRIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $5 | 0.11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598083.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 4/4/2005 | (1.02)% | 6.39% | 7.50% | 5.33% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Moderate Allocation Composite Index<sup>6</sup> |  | 1.59% | 10.70% | 8.46% | 7.15% |
| Morningstar Global Moderate Allocation Category Average<sup>7</sup> |  | (0.47)% | 8.64% | 7.97% | 4.90% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $748,607,609% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 10% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 58.4% |
| Fixed Income Funds | 31.6% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAMA10I-06/25 NYLI Moderate Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Moderate Allocation Fund

### Investor Class/MMRDX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2,3</sup>** |
| Investor Class | $27 | 0.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598084.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 2/28/2008 | (3.67)% | 3.31% | 6.39% | 4.28% |
| Investor Class Shares - Excluding sales charges |  | (1.20)% | 5.96% | 7.04% | 4.87% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 15.12% | 11.68% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 15.61% | 12.32% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 11.37% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| Moderate Allocation Composite Index<sup>6</sup> |  | 1.59% | 10.70% | 8.46% | 7.15% |
| Morningstar Global Moderate Allocation Category Average<sup>7</sup> |  | (0.47)% | 8.64% | 7.97% | 4.90% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $748,607,609% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 10% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 58.4% |
| Fixed Income Funds | 31.6% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAMA10INV-06/25 NYLI Moderate Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI Moderate Allocation Fund

### SIMPLE Class/MMRSX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| SIMPLE Class | $30 | 0.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *<sup>Annualized.</sup>* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *<sup>Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</sup>* 

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4598073.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Since<br>Inception** |
| SIMPLE Class Shares | 8/31/2020 | (1.21)% | 5.87% | 4.51% |
| Russell 3000<sup>®</sup>Index<sup>2</sup> |  | (2.15)% | 11.40% | 11.41% |
| S&P 500<sup>®</sup>Index<sup>3</sup> |  | (1.74)% | 12.10% | 12.14% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>4</sup> |  | 8.60% | 12.57% | 8.70% |
| Bloomberg U.S. Aggregate Bond Index<sup>5</sup> |  | 2.57% | 8.02% | (1.09)% |
| Moderate Allocation Composite Index<sup>6</sup> |  | 1.59% | 10.70% | 6.41% |
| Morningstar Global Moderate Allocation Category Average<sup>7</sup> |  | (0.47)% | 8.64% | 5.83% |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | <sup>Not annualized.</sup> |
| <sup>2.</sup> | <sup>The Fund has selected the Russell 3000<sup>®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</sup> |
| <sup>3.</sup> | <sup>The S&P 500<sup>®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC. The S&P 500<sup>®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</sup> |
| <sup>4.</sup> | <sup>The MSCI EAFE<sup>®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</sup> |
| <sup>5.</sup> | <sup>The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</sup> |
| <sup>6.</sup> | <sup>The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup>®</sup> Index, the MSCI EAFE<sup>®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</sup> |
| <sup>7.</sup> | <sup>The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $748,607,609% |
| Total number of portfolio holdings | 41% |
| Portfolio turnover rate | 10% |

---

Asset Diversification

(as a Percentage of Net Asset Value)

---

| | |
|:---|:---|
| Equity Funds | 58.4% |
| Fixed Income Funds | 31.6% |
| Short-Term Investment | 9.7% |
| Other Assets, Less Liabilities | 0.3% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAMA10SI-06/25 NYLI Moderate Allocation Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Duration High Income Fund

### Class A/MDHAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $51 | 1.02% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597906.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class A Shares - Including sales charges | 12/17/2012 | (1.73)% | 2.30% | 5.55% | 3.90% |
| Class A Shares - Excluding sales charges |  | 1.30% | 5.46% | 6.19% | 4.22% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup>3</sup> |  | 1.79% | 7.33% | 6.34% | 4.49% |
| Morningstar High Yield Bond Category Average<sup>4</sup> |  | 1.47% | 7.52% | 6.00% | 4.08% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</sup> |
| <sup>4.</sup><sup>The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $2,781,561,236% |
| Total number of portfolio holdings | 475% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| TransDigm, Inc., 4.625%-6.799%, due 11/15/27-2/28/31 | 2.7% |
| CCO Holdings LLC, 5.00%-6.375%, due 5/1/26-9/1/29 | 1.5% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.3% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 3/15/26-1/15/28 | 1.3% |
| Great Outdoors Group LLC, 7.572%, due 1/23/32 | 1.2% |
| Mineral Resources Ltd., 8.00%-9.25%, due 5/1/27-10/1/28 | 1.2% |
| Carnival Corp., 4.00%-7.625%, due 3/1/26-8/1/28 | 1.1% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-9/20/30 | 1.1% |
| Williams Scotsman, Inc., 4.625%-6.625%, due 8/15/28-4/15/30 | 1.0% |
| Directv Financing LLC, 5.875%-9.791%, due 8/15/27-8/2/29 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Corporate Bonds | 77.5% |
| Loan Assignments | 15.8% |
| Convertible Bonds | 0.7% |
| Common Stocks | 0.2% |
| Preferred Stocks | 0.2% |
| Other Assets, Less Liabilities | 5.6% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSHI10A-06/25 NYLI MacKay Short Duration High Income Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Duration High Income Fund

### Class C/MDHCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class C | $89 | 1.79% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597907.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 12/17/2012 | (0.06)% | 3.78% | 5.32% | 3.36% |
| Class C Shares - Excluding sales charges |  | 0.92% | 4.77% | 5.32% | 3.36% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup>3</sup> |  | 1.79% | 7.33% | 6.34% | 4.49% |
| Morningstar High Yield Bond Category Average<sup>4</sup> |  | 1.47% | 7.52% | 6.00% | 4.08% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</sup> |
| <sup>4.</sup><sup>The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $2,781,561,236% |
| Total number of portfolio holdings | 475% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| TransDigm, Inc., 4.625%-6.799%, due 11/15/27-2/28/31 | 2.7% |
| CCO Holdings LLC, 5.00%-6.375%, due 5/1/26-9/1/29 | 1.5% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.3% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 3/15/26-1/15/28 | 1.3% |
| Great Outdoors Group LLC, 7.572%, due 1/23/32 | 1.2% |
| Mineral Resources Ltd., 8.00%-9.25%, due 5/1/27-10/1/28 | 1.2% |
| Carnival Corp., 4.00%-7.625%, due 3/1/26-8/1/28 | 1.1% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-9/20/30 | 1.1% |
| Williams Scotsman, Inc., 4.625%-6.625%, due 8/15/28-4/15/30 | 1.0% |
| Directv Financing LLC, 5.875%-9.791%, due 8/15/27-8/2/29 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Corporate Bonds | 77.5% |
| Loan Assignments | 15.8% |
| Convertible Bonds | 0.7% |
| Common Stocks | 0.2% |
| Preferred Stocks | 0.2% |
| Other Assets, Less Liabilities | 5.6% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSHI10C-06/25 NYLI MacKay Short Duration High Income Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Duration High Income Fund

### Class I/MDHIX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $39 | 0.78% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597908.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 12/17/2012 | 1.42% | 5.82% | 6.47% | 4.49% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup>3</sup> |  | 1.79% | 7.33% | 6.34% | 4.49% |
| Morningstar High Yield Bond Category Average<sup>4</sup> |  | 1.47% | 7.52% | 6.00% | 4.08% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</sup> |
| <sup>4.</sup><sup>The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $2,781,561,236% |
| Total number of portfolio holdings | 475% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| TransDigm, Inc., 4.625%-6.799%, due 11/15/27-2/28/31 | 2.7% |
| CCO Holdings LLC, 5.00%-6.375%, due 5/1/26-9/1/29 | 1.5% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.3% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 3/15/26-1/15/28 | 1.3% |
| Great Outdoors Group LLC, 7.572%, due 1/23/32 | 1.2% |
| Mineral Resources Ltd., 8.00%-9.25%, due 5/1/27-10/1/28 | 1.2% |
| Carnival Corp., 4.00%-7.625%, due 3/1/26-8/1/28 | 1.1% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-9/20/30 | 1.1% |
| Williams Scotsman, Inc., 4.625%-6.625%, due 8/15/28-4/15/30 | 1.0% |
| Directv Financing LLC, 5.875%-9.791%, due 8/15/27-8/2/29 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Corporate Bonds | 77.5% |
| Loan Assignments | 15.8% |
| Convertible Bonds | 0.7% |
| Common Stocks | 0.2% |
| Preferred Stocks | 0.2% |
| Other Assets, Less Liabilities | 5.6% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSHI10I-06/25 NYLI MacKay Short Duration High Income Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Short Duration High Income Fund

### Investor Class/MDHVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Investor Class | $52 | 1.04% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597899.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Investor Class Shares - Including sales charges | 12/17/2012 | (1.24)% | 2.89% | 5.49% | 3.83% |
| Investor Class Shares - Excluding sales charges |  | 1.29% | 5.53% | 6.13% | 4.15% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> |  | 2.57% | 8.02% | (0.67)% | 1.54% |
| ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup>3</sup> |  | 1.79% | 7.33% | 6.34% | 4.49% |
| Morningstar High Yield Bond Category Average<sup>4</sup> |  | 1.47% | 7.52% | 6.00% | 4.08% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</sup> |
| <sup>3.</sup><sup>The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</sup> |
| <sup>4.</sup><sup>The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $2,781,561,236% |
| Total number of portfolio holdings | 475% |
| Portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| TransDigm, Inc., 4.625%-6.799%, due 11/15/27-2/28/31 | 2.7% |
| CCO Holdings LLC, 5.00%-6.375%, due 5/1/26-9/1/29 | 1.5% |
| Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30 | 1.3% |
| Live Nation Entertainment, Inc., 3.75%-6.50%, due 3/15/26-1/15/28 | 1.3% |
| Great Outdoors Group LLC, 7.572%, due 1/23/32 | 1.2% |
| Mineral Resources Ltd., 8.00%-9.25%, due 5/1/27-10/1/28 | 1.2% |
| Carnival Corp., 4.00%-7.625%, due 3/1/26-8/1/28 | 1.1% |
| 1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-9/20/30 | 1.1% |
| Williams Scotsman, Inc., 4.625%-6.625%, due 8/15/28-4/15/30 | 1.0% |
| Directv Financing LLC, 5.875%-9.791%, due 8/15/27-8/2/29 | 1.0% |

---

\* Excluding short-term investments

Portfolio Composition

---

| | |
|:---|:---|
| Corporate Bonds | 77.5% |
| Loan Assignments | 15.8% |
| Convertible Bonds | 0.7% |
| Common Stocks | 0.2% |
| Preferred Stocks | 0.2% |
| Other Assets, Less Liabilities | 5.6% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSSHI10INV-06/25 NYLI MacKay Short Duration High Income Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Arizona Muni Fund

### Class A/AZTAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $39 | 0.79% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597931.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **Since<br>Inception** |
| Class A Shares - Including sales charges | 7/22/2024 | (3.28)% | (2.84)% |
| Class A Shares - Excluding sales charges |  | (0.29)% | 0.16% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | (0.32)% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 0.58% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | (0.38)% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $141,841,721% |
| Total number of portfolio holdings | 99% |
| Portfolio turnover rate | 27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 9.8% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-1/1/53 | 6.4% |
| Salt River Project Agricultural Improvement & Power District, 5.00%-5.25%, due 12/1/34-1/1/53 | 5.0% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.7% |
| Chandler Industrial Development Authority, 5.00%, due 9/1/42-9/1/52 | 4.5% |
| City of Phoenix Civic Improvement Corp., 5.00%, due 7/1/26-7/1/33 | 4.4% |
| Maricopa County Pollution Control Corp., 2.40%-3.60%, due 6/1/35-2/1/40 | 3.9% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 5.00%, due 7/1/41-7/1/46 | 3.9% |
| Arizona Department of Transportation State Highway Fund, 5.00%, due 7/1/25-7/1/33 | 3.8% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-3/1/56 | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 36.5% |
| General Obligation | 27.0% |
| Education | 13.4% |
| Utilities | 6.1% |
| Hospital | 6.1% |
| Transportation | 4.8% |
| Water & Sewer | 3.5% |
| General | 1.8% |
| Housing | 0.5% |
| Short-Term Investment | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAZM10A-06/25 NYLI MacKay Arizona Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Arizona Muni Fund

### Class C/AZTCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $54 | 1.10% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597932.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 4/1/1996 | (1.41)% | 0.26% | (0.25)% | 0.60% |
| Class C Shares - Excluding sales charges |  | (0.43)% | 1.24% | (0.25)% | 0.60% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $141,841,721% |
| Total number of portfolio holdings | 99% |
| Portfolio turnover rate | 27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 9.8% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-1/1/53 | 6.4% |
| Salt River Project Agricultural Improvement & Power District, 5.00%-5.25%, due 12/1/34-1/1/53 | 5.0% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.7% |
| Chandler Industrial Development Authority, 5.00%, due 9/1/42-9/1/52 | 4.5% |
| City of Phoenix Civic Improvement Corp., 5.00%, due 7/1/26-7/1/33 | 4.4% |
| Maricopa County Pollution Control Corp., 2.40%-3.60%, due 6/1/35-2/1/40 | 3.9% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 5.00%, due 7/1/41-7/1/46 | 3.9% |
| Arizona Department of Transportation State Highway Fund, 5.00%, due 7/1/25-7/1/33 | 3.8% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-3/1/56 | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 36.5% |
| General Obligation | 27.0% |
| Education | 13.4% |
| Utilities | 6.1% |
| Hospital | 6.1% |
| Transportation | 4.8% |
| Water & Sewer | 3.5% |
| General | 1.8% |
| Housing | 0.5% |
| Short-Term Investment | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAZM10C-06/25 NYLI MacKay Arizona Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Arizona Muni Fund

### Class I/AZTYX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $27 | 0.55% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597933.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 4/1/1996 | (0.16)% | 2.00% | 0.66% | 1.57% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $141,841,721% |
| Total number of portfolio holdings | 99% |
| Portfolio turnover rate | 27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 9.8% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-1/1/53 | 6.4% |
| Salt River Project Agricultural Improvement & Power District, 5.00%-5.25%, due 12/1/34-1/1/53 | 5.0% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.7% |
| Chandler Industrial Development Authority, 5.00%, due 9/1/42-9/1/52 | 4.5% |
| City of Phoenix Civic Improvement Corp., 5.00%, due 7/1/26-7/1/33 | 4.4% |
| Maricopa County Pollution Control Corp., 2.40%-3.60%, due 6/1/35-2/1/40 | 3.9% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 5.00%, due 7/1/41-7/1/46 | 3.9% |
| Arizona Department of Transportation State Highway Fund, 5.00%, due 7/1/25-7/1/33 | 3.8% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-3/1/56 | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 36.5% |
| General Obligation | 27.0% |
| Education | 13.4% |
| Utilities | 6.1% |
| Hospital | 6.1% |
| Transportation | 4.8% |
| Water & Sewer | 3.5% |
| General | 1.8% |
| Housing | 0.5% |
| Short-Term Investment | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAZM10I-06/25 NYLI MacKay Arizona Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Arizona Muni Fund

### Class Z/AZTFX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class Z | $35 | 0.70% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597934.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class Z Shares - Including sales charges | 3/13/1986 | (3.23)% | (1.22)% | (0.08)% | 1.12% |
| Class Z Shares - Excluding sales charges |  | (0.23)% | 1.84% | 0.53% | 1.43% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $141,841,721% |
| Total number of portfolio holdings | 99% |
| Portfolio turnover rate | 27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59 | 9.8% |
| Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-1/1/53 | 6.4% |
| Salt River Project Agricultural Improvement & Power District, 5.00%-5.25%, due 12/1/34-1/1/53 | 5.0% |
| City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39 | 4.7% |
| Chandler Industrial Development Authority, 5.00%, due 9/1/42-9/1/52 | 4.5% |
| City of Phoenix Civic Improvement Corp., 5.00%, due 7/1/26-7/1/33 | 4.4% |
| Maricopa County Pollution Control Corp., 2.40%-3.60%, due 6/1/35-2/1/40 | 3.9% |
| Industrial Development Authority of the City of Phoenix Arizona (The), 5.00%, due 7/1/41-7/1/46 | 3.9% |
| Arizona Department of Transportation State Highway Fund, 5.00%, due 7/1/25-7/1/33 | 3.8% |
| Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-3/1/56 | 3.5% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 36.5% |
| General Obligation | 27.0% |
| Education | 13.4% |
| Utilities | 6.1% |
| Hospital | 6.1% |
| Transportation | 4.8% |
| Water & Sewer | 3.5% |
| General | 1.8% |
| Housing | 0.5% |
| Short-Term Investment | 2.8% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSAZM10Z-06/25 NYLI MacKay Arizona Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Utah Muni Fund

### Class A/UTAVX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $40 | 0.80% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597919.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **Since<br>Inception<sup>1</sup>** |
| Class A Shares - Including sales charges | 7/22/2024 | (3.38)% | (2.89)% |
| Class A Shares - Excluding sales charges |  | (0.39)% | 0.12% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | (0.32)% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 0.58% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | (0.38)% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $199,579,080% |
| Total number of portfolio holdings | 158% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Utah Charter School Finance Authority, 3.00%-5.85%, due 10/15/25-3/15/47 | 15.8% |
| City of Salt Lake City, 4.00%-5.25%, due 7/1/25-7/1/48 | 5.8% |
| Utah Housing Corp., 4.00%-6.50%, due 7/1/32-7/1/55 | 5.0% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 4.8% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.3% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.4% |
| Reno-Tahoe Airport Authority, 5.00%-5.25%, due 7/1/34-7/1/49 | 2.2% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/41-11/1/51 | 2.1% |
| Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, due 1/1/55 | 2.1% |
| Utah Transit Authority, (zero coupon)-5.25%, due 6/15/32-6/15/37 | 2.0% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 41.3% |
| Education | 21.6% |
| Transportation | 9.3% |
| General | 6.7% |
| Water & Sewer | 6.5% |
| General Obligation | 4.9% |
| Utilities | 3.9% |
| Housing | 3.2% |
| Hospital | 0.2% |
| Short-Term Investment | 1.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSUTM10A-06/25 NYLI MacKay Utah Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Utah Muni Fund

### Class C/UTACX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $54 | 1.10% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597920.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 5/21/1996 | (1.41)% | 0.09% | (0.43)% | 0.64% |
| Class C Shares - Excluding sales charges |  | (0.43)% | 1.08% | (0.43)% | 0.64% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $199,579,080% |
| Total number of portfolio holdings | 158% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Utah Charter School Finance Authority, 3.00%-5.85%, due 10/15/25-3/15/47 | 15.8% |
| City of Salt Lake City, 4.00%-5.25%, due 7/1/25-7/1/48 | 5.8% |
| Utah Housing Corp., 4.00%-6.50%, due 7/1/32-7/1/55 | 5.0% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 4.8% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.3% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.4% |
| Reno-Tahoe Airport Authority, 5.00%-5.25%, due 7/1/34-7/1/49 | 2.2% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/41-11/1/51 | 2.1% |
| Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, due 1/1/55 | 2.1% |
| Utah Transit Authority, (zero coupon)-5.25%, due 6/15/32-6/15/37 | 2.0% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 41.3% |
| Education | 21.6% |
| Transportation | 9.3% |
| General | 6.7% |
| Water & Sewer | 6.5% |
| General Obligation | 4.9% |
| Utilities | 3.9% |
| Housing | 3.2% |
| Hospital | 0.2% |
| Short-Term Investment | 1.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSUTM10C-06/25 NYLI MacKay Utah Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Utah Muni Fund

### Class I/UTAYX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $27 | 0.55% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597921.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 5/21/1996 | (0.26)% | 1.62% | 0.50% | 1.59% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $199,579,080% |
| Total number of portfolio holdings | 158% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Utah Charter School Finance Authority, 3.00%-5.85%, due 10/15/25-3/15/47 | 15.8% |
| City of Salt Lake City, 4.00%-5.25%, due 7/1/25-7/1/48 | 5.8% |
| Utah Housing Corp., 4.00%-6.50%, due 7/1/32-7/1/55 | 5.0% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 4.8% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.3% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.4% |
| Reno-Tahoe Airport Authority, 5.00%-5.25%, due 7/1/34-7/1/49 | 2.2% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/41-11/1/51 | 2.1% |
| Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, due 1/1/55 | 2.1% |
| Utah Transit Authority, (zero coupon)-5.25%, due 6/15/32-6/15/37 | 2.0% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 41.3% |
| Education | 21.6% |
| Transportation | 9.3% |
| General | 6.7% |
| Water & Sewer | 6.5% |
| General Obligation | 4.9% |
| Utilities | 3.9% |
| Housing | 3.2% |
| Hospital | 0.2% |
| Short-Term Investment | 1.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSUTM10I-06/25 NYLI MacKay Utah Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Utah Muni Fund

### Class Z/UTAHX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class Z | $38 | 0.76% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597922.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class Z Shares - Including sales charges | 7/24/1992 | (3.25)% | (1.55)% | (0.32)% | 1.09% |
| Class Z Shares - Excluding sales charges |  | (0.26)% | 1.50% | 0.29% | 1.40% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $199,579,080% |
| Total number of portfolio holdings | 158% |
| Portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| Utah Charter School Finance Authority, 3.00%-5.85%, due 10/15/25-3/15/47 | 15.8% |
| City of Salt Lake City, 4.00%-5.25%, due 7/1/25-7/1/48 | 5.8% |
| Utah Housing Corp., 4.00%-6.50%, due 7/1/32-7/1/55 | 5.0% |
| Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48 | 4.8% |
| Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45 | 3.3% |
| County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33 | 2.4% |
| Reno-Tahoe Airport Authority, 5.00%-5.25%, due 7/1/34-7/1/49 | 2.2% |
| Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/41-11/1/51 | 2.1% |
| Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, due 1/1/55 | 2.1% |
| Utah Transit Authority, (zero coupon)-5.25%, due 6/15/32-6/15/37 | 2.0% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| Other Revenue | 41.3% |
| Education | 21.6% |
| Transportation | 9.3% |
| General | 6.7% |
| Water & Sewer | 6.5% |
| General Obligation | 4.9% |
| Utilities | 3.9% |
| Housing | 3.2% |
| Hospital | 0.2% |
| Short-Term Investment | 1.5% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSUTM10Z-06/25 NYLI MacKay Utah Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Oregon Muni Fund

### Class A/ORTBX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class A | $39 | 0.78% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597927.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **Since<br>Inception<sup>1</sup>** |
| Class A Shares - Including sales charges | 7/22/2024 | (3.80)% | (3.65)% |
| Class A Shares - Excluding sales charges |  | (0.82)% | (0.67)% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | (0.32)% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 0.58% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | (0.38)% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $281,170,731% |
| Total number of portfolio holdings | 164% |
| Portfolio turnover rate | 26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| State of Oregon, 2.15%-5.25%, due 5/1/25-7/1/51 | 11.1% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/45 | 4.9% |
| City of Portland, 2.00%-5.00%, due 6/15/29-10/1/49 | 4.3% |
| Hillsboro School District No. 1J, 4.00%-5.00%, due 6/15/30-6/15/40 | 3.7% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 3.6% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/43 | 3.5% |
| Tri-County Metropolitan Transportation District of Oregon, 5.00%, due 9/1/30-10/1/31 | 3.3% |
| Deschutes County Administrative School District No. 1, 3.00%-4.00%, due 6/15/29-6/15/45 | 3.1% |
| Multnomah County School District No. 1, 3.00%-5.00%, due 6/15/26-6/15/37 | 2.8% |
| Clackamas County School District No. 12, (zero coupon)-5.00%, due 6/15/32-6/15/41 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 54.4% |
| Other Revenue | 15.9% |
| Transportation | 10.3% |
| Water & Sewer | 7.7% |
| Hospital | 7.6% |
| General | 1.9% |
| Utilities | 0.7% |
| Education | 0.4% |
| Short-Term Investment | 2.0% |
| Other Assets, Less Liabilities | (0.9)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSORM10A-06/25 NYLI MacKay Oregon Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Oregon Muni Fund

### Class C/ORTCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $54 | 1.10% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597928.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 4/5/1996 | (1.86)% | (0.80)% | (0.85)% | 0.16% |
| Class C Shares - Excluding sales charges |  | (0.88)% | 0.18% | (0.85)% | 0.16% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $281,170,731% |
| Total number of portfolio holdings | 164% |
| Portfolio turnover rate | 26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| State of Oregon, 2.15%-5.25%, due 5/1/25-7/1/51 | 11.1% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/45 | 4.9% |
| City of Portland, 2.00%-5.00%, due 6/15/29-10/1/49 | 4.3% |
| Hillsboro School District No. 1J, 4.00%-5.00%, due 6/15/30-6/15/40 | 3.7% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 3.6% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/43 | 3.5% |
| Tri-County Metropolitan Transportation District of Oregon, 5.00%, due 9/1/30-10/1/31 | 3.3% |
| Deschutes County Administrative School District No. 1, 3.00%-4.00%, due 6/15/29-6/15/45 | 3.1% |
| Multnomah County School District No. 1, 3.00%-5.00%, due 6/15/26-6/15/37 | 2.8% |
| Clackamas County School District No. 12, (zero coupon)-5.00%, due 6/15/32-6/15/41 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 54.4% |
| Other Revenue | 15.9% |
| Transportation | 10.3% |
| Water & Sewer | 7.7% |
| Hospital | 7.6% |
| General | 1.9% |
| Utilities | 0.7% |
| Education | 0.4% |
| Short-Term Investment | 2.0% |
| Other Assets, Less Liabilities | (0.9)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSORM10C-06/25 NYLI MacKay Oregon Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Oregon Muni Fund

### Class I/ORTYX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class I | $26 | 0.53% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597917.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 4/5/1996 | (0.60)% | 0.84% | 0.08% | 1.13% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $281,170,731% |
| Total number of portfolio holdings | 164% |
| Portfolio turnover rate | 26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| State of Oregon, 2.15%-5.25%, due 5/1/25-7/1/51 | 11.1% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/45 | 4.9% |
| City of Portland, 2.00%-5.00%, due 6/15/29-10/1/49 | 4.3% |
| Hillsboro School District No. 1J, 4.00%-5.00%, due 6/15/30-6/15/40 | 3.7% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 3.6% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/43 | 3.5% |
| Tri-County Metropolitan Transportation District of Oregon, 5.00%, due 9/1/30-10/1/31 | 3.3% |
| Deschutes County Administrative School District No. 1, 3.00%-4.00%, due 6/15/29-6/15/45 | 3.1% |
| Multnomah County School District No. 1, 3.00%-5.00%, due 6/15/26-6/15/37 | 2.8% |
| Clackamas County School District No. 12, (zero coupon)-5.00%, due 6/15/32-6/15/41 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 54.4% |
| Other Revenue | 15.9% |
| Transportation | 10.3% |
| Water & Sewer | 7.7% |
| Hospital | 7.6% |
| General | 1.9% |
| Utilities | 0.7% |
| Education | 0.4% |
| Short-Term Investment | 2.0% |
| Other Assets, Less Liabilities | (0.9)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSORM10I-06/25 NYLI MacKay Oregon Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Oregon Muni Fund

### Class Z/ORTFX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class Z | $34 | 0.68% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597918.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class Z Shares - Including sales charges | 6/1/1986 | (3.65)% | (2.24)% | (0.68)% | 0.68% |
| Class Z Shares - Excluding sales charges |  | (0.67)% | 0.78% | (0.07)% | 0.98% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $281,170,731% |
| Total number of portfolio holdings | 164% |
| Portfolio turnover rate | 26% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| State of Oregon, 2.15%-5.25%, due 5/1/25-7/1/51 | 11.1% |
| Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/45 | 4.9% |
| City of Portland, 2.00%-5.00%, due 6/15/29-10/1/49 | 4.3% |
| Hillsboro School District No. 1J, 4.00%-5.00%, due 6/15/30-6/15/40 | 3.7% |
| Metro, 4.00%-5.00%, due 6/1/26-6/1/35 | 3.6% |
| Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/43 | 3.5% |
| Tri-County Metropolitan Transportation District of Oregon, 5.00%, due 9/1/30-10/1/31 | 3.3% |
| Deschutes County Administrative School District No. 1, 3.00%-4.00%, due 6/15/29-6/15/45 | 3.1% |
| Multnomah County School District No. 1, 3.00%-5.00%, due 6/15/26-6/15/37 | 2.8% |
| Clackamas County School District No. 12, (zero coupon)-5.00%, due 6/15/32-6/15/41 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 54.4% |
| Other Revenue | 15.9% |
| Transportation | 10.3% |
| Water & Sewer | 7.7% |
| Hospital | 7.6% |
| General | 1.9% |
| Utilities | 0.7% |
| Education | 0.4% |
| Short-Term Investment | 2.0% |
| Other Assets, Less Liabilities | (0.9)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSORM10Z-06/25 NYLI MacKay Oregon Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Colorado Muni Fund

### Class A/COTAX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class A | $40 | 0.80% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.

![Fund Performance - Growth of 10K](g98271chartimages_4597923.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **Since<br>Inception<sup>1</sup>** |
| Class A Shares - Including sales charges | 7/22/2024 | (3.80)% | (3.43)% |
| Class A Shares - Excluding sales charges |  | (0.83)% | (0.45)% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | (0.32)% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 0.58% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | (0.38)% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $109,485,799% |
| Total number of portfolio holdings | 92% |
| Portfolio turnover rate | 52% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| City & County of Denver, 4.00%-5.00%, due 6/1/30-8/1/42 | 9.0% |
| Colorado Health Facilities Authority, 2.35%-5.50%, due 11/1/28-5/15/64 | 7.9% |
| Colorado Housing and Finance Authority, 3.25%-4.60%, due 3/1/44-5/1/52 | 6.8% |
| Adams 12 Five Star Schools, 5.00%-5.50%, due 12/15/29-12/15/43 | 4.4% |
| Regional Transportation District, 5.00%, due 6/1/26-6/1/40 | 3.3% |
| City of Colorado Springs, 5.00%, due 11/15/38-11/15/39 | 3.0% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 2.9% |
| Colorado Educational & Cultural Facilities Authority, 4.00%-5.25%, due 3/1/26-7/1/44 | 2.9% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.6% |
| Denver Urban Renewal Authority, 5.00%, due 12/1/25 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 30.0% |
| Other Revenue | 28.6% |
| Certificate of Participation/Lease | 14.5% |
| Transportation | 8.7% |
| Hospital | 7.9% |
| Education | 5.5% |
| Water & Sewer | 3.2% |
| General | 0.4% |
| Short-Term Investment | 5.6% |
| Other Assets, Less Liabilities | (4.4)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCOM10A-06/25 NYLI MacKay Colorado Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Colorado Muni Fund

### Class C/COTCX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class C | $54 | 1.10% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597924.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class C Shares - Including sales charges | 4/30/1996 | (1.95)% | (0.49)% | (0.79)% | 0.13% |
| Class C Shares - Excluding sales charges |  | (0.97)% | 0.49% | (0.79)% | 0.13% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $109,485,799% |
| Total number of portfolio holdings | 92% |
| Portfolio turnover rate | 52% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| City & County of Denver, 4.00%-5.00%, due 6/1/30-8/1/42 | 9.0% |
| Colorado Health Facilities Authority, 2.35%-5.50%, due 11/1/28-5/15/64 | 7.9% |
| Colorado Housing and Finance Authority, 3.25%-4.60%, due 3/1/44-5/1/52 | 6.8% |
| Adams 12 Five Star Schools, 5.00%-5.50%, due 12/15/29-12/15/43 | 4.4% |
| Regional Transportation District, 5.00%, due 6/1/26-6/1/40 | 3.3% |
| City of Colorado Springs, 5.00%, due 11/15/38-11/15/39 | 3.0% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 2.9% |
| Colorado Educational & Cultural Facilities Authority, 4.00%-5.25%, due 3/1/26-7/1/44 | 2.9% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.6% |
| Denver Urban Renewal Authority, 5.00%, due 12/1/25 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 30.0% |
| Other Revenue | 28.6% |
| Certificate of Participation/Lease | 14.5% |
| Transportation | 8.7% |
| Hospital | 7.9% |
| Education | 5.5% |
| Water & Sewer | 3.2% |
| General | 0.4% |
| Short-Term Investment | 5.6% |
| Other Assets, Less Liabilities | (4.4)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCOM10C-06/25 NYLI MacKay Colorado Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Colorado Muni Fund

### Class I/COTYX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1,2</sup>** |
| Class I | $27 | 0.55% |

---

1. <sup>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</sup>

2. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597925.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class I Shares | 4/30/1996 | (0.70)% | 1.14% | 0.14% | 1.10% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $109,485,799% |
| Total number of portfolio holdings | 92% |
| Portfolio turnover rate | 52% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| City & County of Denver, 4.00%-5.00%, due 6/1/30-8/1/42 | 9.0% |
| Colorado Health Facilities Authority, 2.35%-5.50%, due 11/1/28-5/15/64 | 7.9% |
| Colorado Housing and Finance Authority, 3.25%-4.60%, due 3/1/44-5/1/52 | 6.8% |
| Adams 12 Five Star Schools, 5.00%-5.50%, due 12/15/29-12/15/43 | 4.4% |
| Regional Transportation District, 5.00%, due 6/1/26-6/1/40 | 3.3% |
| City of Colorado Springs, 5.00%, due 11/15/38-11/15/39 | 3.0% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 2.9% |
| Colorado Educational & Cultural Facilities Authority, 4.00%-5.25%, due 3/1/26-7/1/44 | 2.9% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.6% |
| Denver Urban Renewal Authority, 5.00%, due 12/1/25 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 30.0% |
| Other Revenue | 28.6% |
| Certificate of Participation/Lease | 14.5% |
| Transportation | 8.7% |
| Hospital | 7.9% |
| Education | 5.5% |
| Water & Sewer | 3.2% |
| General | 0.4% |
| Short-Term Investment | 5.6% |
| Other Assets, Less Liabilities | (4.4)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCOM10I-06/25 NYLI MacKay Colorado Muni Fund

![FrontCoverImage](g98271images_2470.jpg)

### NYLI MacKay Colorado Muni Fund

### Class Z/COTFX
 

#### SEMIANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semiannual shareholder report contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at dfinview.com/NYLIM. You can also request this information by contacting us at 800-624-6782.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment<sup>1</sup>** |
| Class Z | $32 | 0.64% |

---

1. <sup>Annualized.</sup>

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other additional indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

![Fund Performance - Growth of 10K](g98271chartimages_4597926.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended April 30, 2025** | **Inception<br>Date** | **Six<br>Months<sup>1</sup>** | **One<br>Year** | **Five<br>Years** | **Ten<br>Years** |
| Class Z Shares - Including sales charges | 5/21/1987 | (3.72)% | (2.02)% | (0.54)% | 0.74% |
| Class Z Shares - Excluding sales charges |  | (0.75)% | 1.01% | 0.07% | 1.04% |
| Bloomberg Municipal Bond Index<sup>2</sup> |  | (0.78)% | 1.66% | 1.17% | 2.10% |
| Bloomberg Municipal Bond Index 1-15 Yr Blend<sup>3</sup> |  | (0.02)% | 1.99% | 1.27% | 1.97% |
| Morningstar Muni Single State Intermediate Category Average<sup>4</sup> |  | (0.56)% | 1.35% | 0.44% | 1.33% |

---

---

| |
|:---|
| <sup>1.</sup><sup>Not annualized.</sup> |
| <sup>2.</sup><sup>The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</sup> |
| <sup>3.</sup><sup>The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</sup> |
| <sup>4.</sup><sup>The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</sup> |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit newyorklifeinvestments.com/funds for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $109,485,799% |
| Total number of portfolio holdings | 92% |
| Portfolio turnover rate | 52% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.

Top Ten Holdings and/or Issuers<sup>\*</sup>

---

| | |
|:---|:---|
| City & County of Denver, 4.00%-5.00%, due 6/1/30-8/1/42 | 9.0% |
| Colorado Health Facilities Authority, 2.35%-5.50%, due 11/1/28-5/15/64 | 7.9% |
| Colorado Housing and Finance Authority, 3.25%-4.60%, due 3/1/44-5/1/52 | 6.8% |
| Adams 12 Five Star Schools, 5.00%-5.50%, due 12/15/29-12/15/43 | 4.4% |
| Regional Transportation District, 5.00%, due 6/1/26-6/1/40 | 3.3% |
| City of Colorado Springs, 5.00%, due 11/15/38-11/15/39 | 3.0% |
| Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47 | 2.9% |
| Colorado Educational & Cultural Facilities Authority, 4.00%-5.25%, due 3/1/26-7/1/44 | 2.9% |
| Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35 | 2.6% |
| Denver Urban Renewal Authority, 5.00%, due 12/1/25 | 2.4% |

---

\* Excluding short-term investments

Top Industries

---

| | |
|:---|:---|
| General Obligation | 30.0% |
| Other Revenue | 28.6% |
| Certificate of Participation/Lease | 14.5% |
| Transportation | 8.7% |
| Hospital | 7.9% |
| Education | 5.5% |
| Water & Sewer | 3.2% |
| General | 0.4% |
| Short-Term Investment | 5.6% |
| Other Assets, Less Liabilities | (4.4)% |

---

Availability of Additional Information

![QRCode](g98271images_2471.jpg)

At dfinview.com/NYLIM, you can find additional information about the Fund, when available, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

You can also request this information by contacting us at 800-624-6782.

#### Householding
Shareholders who have consented to receive a single annual or semiannual shareholder report at a shared address may revoke this consent by contacting their financial intermediary or calling us at 800-624-6782.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

7811203 MS053-25 MSCOM10Z-06/25 NYLI MacKay Colorado Muni Fund

------

**Item 2.** **Code of Ethics.** <br>

Not applicable.

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable.

**Item 6.** **Investments.** <br>

See Item 7.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

## NYLI Fiera SMID Growth Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img6b5f8a341.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_718404fd-dc81-4d45-a0bf-5bcc8d3fe3a5_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_718404fd-dc81-4d45-a0bf-5bcc8d3fe3a5_4) | &nbsp;&nbsp;6 |
| [Notes to Financial Statements](#xx_4a5c6387-0f63-47fd-bc3d-87831d2b717f_1) | &nbsp;&nbsp;13 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_76473041-2e0c-41a8-a5fd-fdf3a68056ac_1) | &nbsp;&nbsp;20 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_76473041-2e0c-41a8-a5fd-fdf3a68056ac_1) | &nbsp;&nbsp;20 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_76473041-2e0c-41a8-a5fd-fdf3a68056ac_1) | &nbsp;&nbsp;20 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_ed1fe8ff-17c2-4d31-b8dc-5f5338987d0d_1) | &nbsp;&nbsp;21 |

---

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 98.9%** | **Common Stocks 98.9%** | **Common Stocks 98.9%** |
| **Aerospace & Defense 5.1%** | **Aerospace & Defense 5.1%** | **Aerospace & Defense 5.1%** |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 99643 | &nbsp;&nbsp;$10873044 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18062 | &nbsp;&nbsp;&nbsp;&nbsp; 6229403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102447 |
| **Automobile Components 2.7%** | **Automobile Components 2.7%** | **Automobile Components 2.7%** |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 38128 | &nbsp;&nbsp;&nbsp;&nbsp; 4319902 |
| Modine Manufacturing Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29556 | &nbsp;&nbsp;&nbsp;&nbsp; 2412952 |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31905 | &nbsp;&nbsp;&nbsp;&nbsp; 2456047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188901 |
| **Banks 1.5%** | **Banks 1.5%** | **Banks 1.5%** |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 46924 | &nbsp;&nbsp;&nbsp;&nbsp; 5216541 |
| **Biotechnology 15.7%** | **Biotechnology 15.7%** | **Biotechnology 15.7%** |
| Argenx SE, ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17868 | &nbsp;&nbsp;&nbsp;&nbsp; 11527362 |
| Avidity Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 84557 | &nbsp;&nbsp;&nbsp;&nbsp; 2760786 |
| Biohaven Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60556 | &nbsp;&nbsp;&nbsp;&nbsp; 1339499 |
| Crinetics Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50156 | &nbsp;&nbsp;&nbsp;&nbsp; 1674709 |
| Ideaya Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 138424 | &nbsp;&nbsp;&nbsp;&nbsp; 2786475 |
| Immunocore Holdings plc, ADR (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763872 |
| Insmed, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251312 |
| Madrigal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816652 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5989718 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460806 |
| SpringWorks Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069884 |
| Summit Therapeutics, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291135 |
| Vaxcyte, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385252 |
| Viking Therapeutics, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835671 |
| Xenon Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53244904 |
| **Broadline Retail 1.0%** | **Broadline Retail 1.0%** | **Broadline Retail 1.0%** |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287610 |
| **Building Products 3.2%** | **Building Products 3.2%** | **Building Products 3.2%** |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820264 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684267 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10998822 |
| **Capital Markets 4.7%** | **Capital Markets 4.7%** | **Capital Markets 4.7%** |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645205 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962241 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15879269 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Chemicals 1.1%** | **Chemicals 1.1%** | **Chemicals 1.1%** |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 69354 | &nbsp;&nbsp;$2310182 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18758 | &nbsp;&nbsp;&nbsp;&nbsp; 1473253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783435 |
| **Construction & Engineering 1.5%** | **Construction & Engineering 1.5%** | **Construction & Engineering 1.5%** |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12287 | &nbsp;&nbsp;&nbsp;&nbsp; 4923401 |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32695 | &nbsp;&nbsp;&nbsp;&nbsp; 5590845 |
| **Diversified Consumer Services 2.2%** | **Diversified Consumer Services 2.2%** | **Diversified Consumer Services 2.2%** |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85253 | &nbsp;&nbsp;&nbsp;&nbsp; 3504751 |
| Stride, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26925 | &nbsp;&nbsp;&nbsp;&nbsp; 3830081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334832 |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15375 | &nbsp;&nbsp;&nbsp;&nbsp; 5583893 |
| **Financial Services 1.4%** | **Financial Services 1.4%** | **Financial Services 1.4%** |
| Payoneer Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 187062 | &nbsp;&nbsp;&nbsp;&nbsp; 1315046 |
| Toast, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 99743 | &nbsp;&nbsp;&nbsp;&nbsp; 3548856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863902 |
| **Ground Transportation 0.5%** | **Ground Transportation 0.5%** | **Ground Transportation 0.5%** |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849255 |
| **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** |
| Globus Medical, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487261 |
| PROCEPT BioRobotics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764860 |
| **Health Care Providers & Services 0.7%** | **Health Care Providers & Services 0.7%** | **Health Care Providers & Services 0.7%** |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342798 |
| **Health Care Technology 0.6%** | **Health Care Technology 0.6%** | **Health Care Technology 0.6%** |
| Doximity, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945580 |
| **Hotels, Restaurants & Leisure 6.7%** | **Hotels, Restaurants & Leisure 6.7%** | **Hotels, Restaurants & Leisure 6.7%** |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671450 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532293 |
| Planet Fitness, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615703 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257239 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22502190 |
| **Household Durables 1.3%** | **Household Durables 1.3%** | **Household Durables 1.3%** |
| TopBuild Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339687 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **IT Services 4.2%** | **IT Services 4.2%** | **IT Services 4.2%** |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21421 | &nbsp;&nbsp;$3361169 |
| GoDaddy, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25511 | &nbsp;&nbsp;&nbsp;&nbsp; 4804486 |
| MongoDB, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35004 | &nbsp;&nbsp;&nbsp;&nbsp; 6026639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14192294 |
| **Machinery 3.6%** | **Machinery 3.6%** | **Machinery 3.6%** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21291 | &nbsp;&nbsp;&nbsp;&nbsp; 3751474 |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 53147 | &nbsp;&nbsp;&nbsp;&nbsp; 3909493 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 23845 | &nbsp;&nbsp;&nbsp;&nbsp; 4520297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12181264 |
| **Oil, Gas & Consumable Fuels 1.9%** | **Oil, Gas & Consumable Fuels 1.9%** | **Oil, Gas & Consumable Fuels 1.9%** |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 129472 | &nbsp;&nbsp;&nbsp;&nbsp; 6401096 |
| **Professional Services 1.6%** | **Professional Services 1.6%** | **Professional Services 1.6%** |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80438 | &nbsp;&nbsp;&nbsp;&nbsp; 3899634 |
| Upwork, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 118511 | &nbsp;&nbsp;&nbsp;&nbsp; 1558420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458054 |
| **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5168198 |
| Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390880 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12130215 |
| **Software 21.5%** | **Software 21.5%** | **Software 21.5%** |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971692 |
| Appfolio, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988727 |
| BILL Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387264 |
| Braze, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254050 |
| Confluent, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674577 |
| Docusign, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5354380 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664107 |
| Elastic NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290857 |
| Gitlab, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998542 |
| JFrog Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6417853 |
| Klaviyo, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706268 |
| Monday.com Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675025 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287245 |
| Procore Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951337 |
| Rubrik, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001757 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356825 |
| Vertex, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72718588 |
| **Specialty Retail 5.6%** | **Specialty Retail 5.6%** | **Specialty Retail 5.6%** |
| Boot Barn Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564886 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Chewy, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177969 | &nbsp;&nbsp;$6673838 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11818 | &nbsp;&nbsp;&nbsp;&nbsp; 5892100 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108097 | &nbsp;&nbsp;&nbsp;&nbsp; 3703403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18834227 |
| **Textiles, Apparel & Luxury Goods 1.1%** | **Textiles, Apparel & Luxury Goods 1.1%** | **Textiles, Apparel & Luxury Goods 1.1%** |
| On Holding AG, Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 79695 | &nbsp;&nbsp;&nbsp;&nbsp; 3834126 |
| **Trading Companies & Distributors 1.5%** | **Trading Companies & Distributors 1.5%** | **Trading Companies & Distributors 1.5%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20419 | &nbsp;&nbsp;&nbsp;&nbsp; 4967534 |
| Total Common Stocks<br> (Cost $337,760,549) |  | &nbsp;&nbsp;&nbsp;&nbsp;334460570 |
| **Short-Term Investments 1.6%** | **Short-Term Investments 1.6%** | **Short-Term Investments 1.6%** |
| **Affiliated Investment Company 0.9%** | **Affiliated Investment Company 0.9%** | **Affiliated Investment Company 0.9%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (c) | &nbsp;&nbsp;&nbsp;&nbsp;3120637 | &nbsp;&nbsp;&nbsp;&nbsp; 3120637 |
| **Unaffiliated Investment Company 0.7%** | **Unaffiliated Investment Company 0.7%** | **Unaffiliated Investment Company 0.7%** |
| Invesco Government & Agency Portfolio, 4.367% (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;2197353 | &nbsp;&nbsp;&nbsp;&nbsp; 2197353 |
| Total Short-Term Investments<br> (Cost $5,317,990) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317990 |
| Total Investments<br> (Cost $343,078,539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.5% | &nbsp;&nbsp;&nbsp;&nbsp;339778560 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1695053) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$338083507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $2,879,437; the total market value of collateral held by the Fund was $2,951,596. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $754,243. The Fund received cash collateral with a value of $2,197,353. (See Note 2(G)) |
| (c) | Current yield as of April 30, 2025. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Fiera SMID Growth Fund

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$6715 | &nbsp;&nbsp;$68709 | &nbsp;&nbsp;$(72303) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3121 | &nbsp;&nbsp;$147 | &nbsp;&nbsp;$— | &nbsp;&nbsp;3121 |

---

Abbreviation(s): <br> ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $334460570 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $334460570 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3120637 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3120637 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2197353 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2197353 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317990 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317990 |
| Total Investments in Securities | &nbsp;&nbsp;$339778560 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$339778560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $339,957,902) including securities on loan of $2,879,437 | $336657923 |
| Investment in affiliated investment companies, at value<br> (identified cost $3,120,637) | &nbsp;&nbsp;&nbsp;&nbsp;3120637 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671603 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32422 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;340537902 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;2197353 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187480 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30395 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23592 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2454395 |
| Net assets | $338083507 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $22149 |
| Additional paid-in-capital | &nbsp;&nbsp;323196264 |
|  | &nbsp;&nbsp;323218413 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;14865094 |
| Net assets | $338083507 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $15272924 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1030546 |
| Net asset value per share outstanding | $14.82 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Maximum offering price per share outstanding | $15.68 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $1212031 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83066 |
| Net asset value and offering price per share outstanding | $14.59 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $113746968 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;7443425 |
| Net asset value and offering price per share outstanding | $15.28 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $207851584 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;13591977 |
| Net asset value and offering price per share outstanding | $15.29 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Fiera SMID Growth Fund

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $1,137) | $868709 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147065 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;1017730 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1403770 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110045 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42865 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35421 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17387 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14722 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9364 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;1650572 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;1580330 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562600) |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on unaffiliated investments | &nbsp;&nbsp;&nbsp;19992253 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments | &nbsp;&nbsp;(47749239) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(27756986) |
| Net increase (decrease) in net assets resulting from operations | $(28319586) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(562600) | &nbsp;&nbsp;$(523749) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;19992253 | &nbsp;&nbsp;&nbsp;&nbsp;11124395 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(47749239) | &nbsp;&nbsp;&nbsp;&nbsp;47099341 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(28319586) | &nbsp;&nbsp;&nbsp;&nbsp;57699987 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(4279426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2469988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(6407526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4466294) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(11073480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6960620) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;51461054 | &nbsp;&nbsp;&nbsp;&nbsp;207722129 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;10468124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675155 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(71188204) | &nbsp;&nbsp;&nbsp;&nbsp;(94382298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(9259026) | &nbsp;&nbsp;&nbsp;&nbsp;120014986 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(48652092) | &nbsp;&nbsp;&nbsp;&nbsp;170754353 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;386735599 | &nbsp;&nbsp;&nbsp;&nbsp;215981246 |
| End of period | $338083507 | &nbsp;&nbsp;$386735599 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Fiera SMID Growth Fund

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.60 | &nbsp;&nbsp;&nbsp;&nbsp;$13.78 | &nbsp;&nbsp;&nbsp;&nbsp;$13.96 | &nbsp;&nbsp;&nbsp;&nbsp;$19.12 | &nbsp;&nbsp;&nbsp;&nbsp;$20.85 | &nbsp;&nbsp;&nbsp;&nbsp;$12.68 | &nbsp;&nbsp;&nbsp;&nbsp;$16.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.82 | &nbsp;&nbsp;&nbsp;&nbsp;$16.60 | &nbsp;&nbsp;&nbsp;&nbsp;$13.78 | &nbsp;&nbsp;&nbsp;&nbsp;$13.96 | &nbsp;&nbsp;&nbsp;&nbsp;$19.12 | &nbsp;&nbsp;&nbsp;&nbsp;$20.85 | &nbsp;&nbsp;&nbsp;&nbsp;$12.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.25)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.78%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.38)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.38% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.36)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52)% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55)% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78)% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70)% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$15273 | &nbsp;&nbsp;&nbsp;&nbsp;$11096 | &nbsp;&nbsp;&nbsp;&nbsp;$446 | &nbsp;&nbsp;&nbsp;&nbsp;$122 | &nbsp;&nbsp;&nbsp;&nbsp;$108 | &nbsp;&nbsp;&nbsp;&nbsp;$70 | &nbsp;&nbsp;&nbsp;&nbsp;$11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**July 24, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;&nbsp;$13.75 | &nbsp;&nbsp;&nbsp;&nbsp;$15.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.59 | &nbsp;&nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;&nbsp;$13.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.75)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1212 | &nbsp;&nbsp;&nbsp;&nbsp;$995 | &nbsp;&nbsp;&nbsp;&nbsp;$28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Fiera SMID Growth Fund

------

[**Table of Contents**](#JOB_NYLI__158a4b68-b7ef-4f12-a3ba-4e0054def099_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$17.08 | &nbsp;&nbsp;&nbsp;&nbsp;$14.12 | &nbsp;&nbsp;&nbsp;&nbsp;$14.28 | &nbsp;&nbsp;&nbsp;&nbsp;$19.45 | &nbsp;&nbsp;&nbsp;&nbsp;$21.13 | &nbsp;&nbsp;&nbsp;&nbsp;$12.78 | &nbsp;&nbsp;&nbsp;&nbsp;$16.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.28 | &nbsp;&nbsp;&nbsp;&nbsp;$17.08 | &nbsp;&nbsp;&nbsp;&nbsp;$14.12 | &nbsp;&nbsp;&nbsp;&nbsp;$14.28 | &nbsp;&nbsp;&nbsp;&nbsp;$19.45 | &nbsp;&nbsp;&nbsp;&nbsp;$21.13 | &nbsp;&nbsp;&nbsp;&nbsp;$12.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.21%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.18)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.06% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.16)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30)% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45)% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$113747 | &nbsp;&nbsp;&nbsp;&nbsp;$150143 | &nbsp;&nbsp;&nbsp;&nbsp;$85042 | &nbsp;&nbsp;&nbsp;&nbsp;$73927 | &nbsp;&nbsp;&nbsp;&nbsp;$123419 | &nbsp;&nbsp;&nbsp;&nbsp;$149608 | &nbsp;&nbsp;&nbsp;&nbsp;$108356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Financial Highlights selected per share data and ratios

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**July 24, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$17.09 | &nbsp;&nbsp;&nbsp;&nbsp;$14.13 | &nbsp;&nbsp;&nbsp;&nbsp;$15.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.29 | &nbsp;&nbsp;&nbsp;&nbsp;$17.09 | &nbsp;&nbsp;&nbsp;&nbsp;$14.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.47)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%††‡‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$207852 | &nbsp;&nbsp;&nbsp;&nbsp;$224501 | &nbsp;&nbsp;&nbsp;&nbsp;$130464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| ‡‡ | Less than 0.01%. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Fiera SMID Growth Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Fiera SMID Growth Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Fiera Capital Small/Mid Cap Growth Fund (the "Predecessor Fund"), which was a series of a different registered investment company for which Fiera Capital, Inc. served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization on July 24, 2023. Upon completion of the reorganization, the Class A and Class I shares of the Fund assumed the performance, financial and other information of the corresponding shares of the Predecessor Fund. All information provided for periods prior to July 24, 2023, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;February 12, 2018 |
| Class C | &nbsp;&nbsp;July 24, 2023 |
| Class I | &nbsp;&nbsp;June 29, 2012 |
| Class R6 | &nbsp;&nbsp;July 24, 2023 |

---

Class A shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A shares at the end of the calendar quarter eight years after the date they were purchased. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than

Class A shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek long-term capital growth.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation

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Notes to Financial Statements (Unaudited) (continued)

committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for

14 NYLI Fiera SMID Growth Fund

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which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing

authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

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Notes to Financial Statements (Unaudited) (continued)

(G) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(H) Market Capitalization Risk. Investments in securities issued by small- or mid-cap companies, will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with

these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Fiera Capital, Inc. ("Fiera" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Fiera, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.75% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 1.15%; Class C, 2.05%; Class I, 0.85%; and Class R6, 0.84%. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $1,403,770 and waived fees and/or reimbursed expenses in the amount of $70,242 and paid the Subadvisor fees in the amount of $701,885.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations.

16 NYLI Fiera SMID Growth Fund

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For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A Plan, the Distributor receives a monthly fee from the Class A shares at an annual rate of 0.25% of the average daily net assets of the Class A shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A shares during the six-month period ended April 30, 2025, were $11,561.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $691 and $44, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses

incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$9456 | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;94927 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class C | &nbsp;&nbsp;$24572 | &nbsp;&nbsp;2.0% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;25101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $344145923 | $36463678 | $(40831041) | $(4367363) |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$291643 |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;6668977 |
| Total | &nbsp;&nbsp;$6960620 |

---

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Notes to Financial Statements (Unaudited) (continued)

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $107,153 and $124,930, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526274 | &nbsp;&nbsp;$8462171 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352260 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(188471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2933394) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881037 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67921 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362110 | &nbsp;&nbsp;$5948958 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721050 | &nbsp;&nbsp;$11932813 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21383 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1418630) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636053 | &nbsp;&nbsp;$10535566 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26421 | &nbsp;&nbsp;$436254 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65652) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22489 | &nbsp;&nbsp;$377036 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62383 | &nbsp;&nbsp;$1013265 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66163) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58529 | &nbsp;&nbsp;$947764 |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1018061 | &nbsp;&nbsp;$17553421 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768014 |
| Shares redeemed | &nbsp;&nbsp;(2565795) | &nbsp;&nbsp;&nbsp;&nbsp;(42895221) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1343395) | &nbsp;&nbsp;&nbsp;&nbsp;(21573786) |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67921) |
| Net increase (decrease) | &nbsp;&nbsp;(1347896) | &nbsp;&nbsp;$(21641707) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;5864444 | &nbsp;&nbsp;$98433368 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186816 |
| Shares redeemed | &nbsp;&nbsp;(3235514) | &nbsp;&nbsp;&nbsp;&nbsp;(54039223) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;2770106 | &nbsp;&nbsp;$46580961 |

---

18 NYLI Fiera SMID Growth Fund

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1515126 | &nbsp;&nbsp;$25009208 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341416 |
| Shares redeemed | &nbsp;&nbsp;(1405594) | &nbsp;&nbsp;&nbsp;&nbsp;(25293937) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453240 | &nbsp;&nbsp;$6056687 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;5890527 | &nbsp;&nbsp;$96342683 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466294 |
| Shares redeemed | &nbsp;&nbsp;(2275807) | &nbsp;&nbsp;&nbsp;&nbsp;(38858282) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;3902868 | &nbsp;&nbsp;$61950695 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI Epoch Capital Growth Fund

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### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imgfcedeb301.jpg)

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**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_e7d494f5-898b-49c1-b628-19593f323224_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_e7d494f5-898b-49c1-b628-19593f323224_6) | &nbsp;&nbsp;8 |
| [Notes to Financial Statements](#xx_f99a0075-e6f7-42d6-b76f-be41cc2b3800_1) | &nbsp;&nbsp;15 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_ede4b863-92e0-4516-92c1-99addcf30eb7_1) | &nbsp;&nbsp;23 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_ede4b863-92e0-4516-92c1-99addcf30eb7_1) | &nbsp;&nbsp;23 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_ede4b863-92e0-4516-92c1-99addcf30eb7_1) | &nbsp;&nbsp;23 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_5b62a086-12fd-40e9-a0e9-5f878af67952_1) | &nbsp;&nbsp;24 |

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 99.1%** | **Common Stocks 99.1%** | **Common Stocks 99.1%** |
| **Australia 1.6%** | **Australia 1.6%** | **Australia 1.6%** |
| Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 39094 | &nbsp;&nbsp;$1676210 |
| Pro Medicus Ltd. (Health Care Technology) | &nbsp;&nbsp;&nbsp;&nbsp; 6815 | &nbsp;&nbsp;&nbsp;&nbsp; 1007044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683254 |
| **Canada 1.9%** | **Canada 1.9%** | **Canada 1.9%** |
| Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 43850 | &nbsp;&nbsp;&nbsp;&nbsp; 2288877 |
| Constellation Software, Inc. (Software) | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 918997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207874 |
| **China 1.3%** | **China 1.3%** | **China 1.3%** |
| BYD Co. Ltd., Class H (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp; 44500 | &nbsp;&nbsp;&nbsp;&nbsp; 2145396 |
| **Denmark 0.9%** | **Denmark 0.9%** | **Denmark 0.9%** |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 21938 | &nbsp;&nbsp;&nbsp;&nbsp; 1461464 |
| **France 2.7%** | **France 2.7%** | **France 2.7%** |
| Gaztransport Et Technigaz SA (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 5696 | &nbsp;&nbsp;&nbsp;&nbsp; 925259 |
| Hermes International SCA (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp;&nbsp; 1580585 |
| Sartorius Stedim Biotech (Life Sciences Tools & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 8180 | &nbsp;&nbsp;&nbsp;&nbsp; 1918761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4424605 |
| **Indonesia 0.5%** | **Indonesia 0.5%** | **Indonesia 0.5%** |
| Bank Central Asia Tbk. PT (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;1410200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757904 |
| **Ireland 0.6%** | **Ireland 0.6%** | **Ireland 0.6%** |
| Accenture plc, Class A (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010529 |
| **Italy 0.6%** | **Italy 0.6%** | **Italy 0.6%** |
| Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946114 |
| **Japan 3.9%** | **Japan 3.9%** | **Japan 3.9%** |
| BayCurrent, Inc. (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036600 |
| Hoya Corp. (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493550 |
| Lasertec Corp. (Semiconductors & Semiconductor Equipment) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848935 |
| Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460719 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Unicharm Corp. (Household Products) | &nbsp;&nbsp;&nbsp;&nbsp; 64800 | &nbsp;&nbsp;$601083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440887 |
| **Jordan 0.5%** | **Jordan 0.5%** | **Jordan 0.5%** |
| Hikma Pharmaceuticals plc (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 32819 | &nbsp;&nbsp;&nbsp;&nbsp; 869160 |
| **Mexico 1.9%** | **Mexico 1.9%** | **Mexico 1.9%** |
| Grupo Financiero Banorte SAB de CV, Class O (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 169622 | &nbsp;&nbsp;&nbsp;&nbsp; 1457622 |
| Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 546022 | &nbsp;&nbsp;&nbsp;&nbsp; 1730464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188086 |
| **Netherlands 1.4%** | **Netherlands 1.4%** | **Netherlands 1.4%** |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 683485 |
| BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15899 | &nbsp;&nbsp;&nbsp;&nbsp; 1725012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408497 |
| **Portugal 1.0%** | **Portugal 1.0%** | **Portugal 1.0%** |
| Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 66786 | &nbsp;&nbsp;&nbsp;&nbsp; 1618385 |
| **Singapore 0.7%** | **Singapore 0.7%** | **Singapore 0.7%** |
| Singapore Exchange Ltd. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 113200 | &nbsp;&nbsp;&nbsp;&nbsp; 1245883 |
| **South Africa 0.8%** | **South Africa 0.8%** | **South Africa 0.8%** |
| FirstRand Ltd. (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381929 |
| **Spain 2.4%** | **Spain 2.4%** | **Spain 2.4%** |
| Amadeus IT Group SA (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447923 |
| Industria de Diseno Textil SA (Specialty Retail) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935298 |
| **Sweden 1.8%** | **Sweden 1.8%** | **Sweden 1.8%** |
| Atlas Copco AB, Class B (Machinery) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669781 |
| Epiroc AB, Class B (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873857 |
| Evolution AB (Hotels, Restaurants & Leisure) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018371 |
| **Switzerland 2.4%** | **Switzerland 2.4%** | **Switzerland 2.4%** |
| EMS-Chemie Holding AG (Chemicals) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896408 |

---

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Kuehne + Nagel International AG (Registered) (Marine Transportation) | &nbsp;&nbsp;&nbsp;&nbsp; 5578 | &nbsp;&nbsp;$1276048 |
| Partners Group Holding AG (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1804229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976685 |
| **Taiwan 2.2%** | **Taiwan 2.2%** | **Taiwan 2.2%** |
| Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026920 |
| eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 1529168 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639322 |
| **Thailand 0.7%** | **Thailand 0.7%** | **Thailand 0.7%** |
| Fabrinet (Electronic Equipment, Instruments & Components) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5313 | &nbsp;&nbsp;&nbsp;&nbsp; 1089484 |
| **United Kingdom 4.3%** | **United Kingdom 4.3%** | **United Kingdom 4.3%** |
| AstraZeneca plc (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 12884 | &nbsp;&nbsp;&nbsp;&nbsp; 1846421 |
| Auto Trader Group plc (Interactive Media & Services) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 114856 | &nbsp;&nbsp;&nbsp;&nbsp; 1289524 |
| Games Workshop Group plc (Leisure Products) | &nbsp;&nbsp;&nbsp;&nbsp; 5470 | &nbsp;&nbsp;&nbsp;&nbsp; 1124995 |
| Howden Joinery Group plc (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp; 128771 | &nbsp;&nbsp;&nbsp;&nbsp; 1326152 |
| Rightmove plc (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 163082 | &nbsp;&nbsp;&nbsp;&nbsp; 1610299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197391 |
| **United States 65.0%** | **United States 65.0%** | **United States 65.0%** |
| Adobe, Inc. (Software) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119315 |
| Alphabet, Inc., Class A (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679469 |
| Ameriprise Financial, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706010 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780112 |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546586 |
| Arista Networks, Inc. (Communications Equipment) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998750 |
| Automatic Data Processing, Inc. (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788871 |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570437 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Chemed Corp. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 4016 | &nbsp;&nbsp;$2335344 |
| Copart, Inc. (Commercial Services & Supplies) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 34302 | &nbsp;&nbsp;&nbsp;&nbsp; 2093451 |
| Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp;&nbsp; 2714985 |
| CSL Ltd. (Biotechnology) | &nbsp;&nbsp;&nbsp;&nbsp; 8318 | &nbsp;&nbsp;&nbsp;&nbsp; 1340655 |
| Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11431 | &nbsp;&nbsp;&nbsp;&nbsp; 1266898 |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 5067 | &nbsp;&nbsp;&nbsp;&nbsp; 2484705 |
| Donaldson Co., Inc. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 12059 | &nbsp;&nbsp;&nbsp;&nbsp; 792638 |
| Eagle Materials, Inc. (Construction Materials) | &nbsp;&nbsp;&nbsp;&nbsp; 8337 | &nbsp;&nbsp;&nbsp;&nbsp; 1887413 |
| Electronic Arts, Inc. (Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp; 6255 | &nbsp;&nbsp;&nbsp;&nbsp; 907538 |
| Eli Lilly & Co. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 2288 | &nbsp;&nbsp;&nbsp;&nbsp; 2056798 |
| EMCOR Group, Inc. (Construction & Engineering) | &nbsp;&nbsp;&nbsp;&nbsp; 4075 | &nbsp;&nbsp;&nbsp;&nbsp; 1632852 |
| Encompass Health Corp. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 14475 | &nbsp;&nbsp;&nbsp;&nbsp; 1693430 |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | &nbsp;&nbsp;&nbsp;&nbsp; 15535 | &nbsp;&nbsp;&nbsp;&nbsp; 1707452 |
| Fastenal Co. (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp; 29293 | &nbsp;&nbsp;&nbsp;&nbsp; 2371854 |
| Ferguson Enterprises, Inc. (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp; 6255 | &nbsp;&nbsp;&nbsp;&nbsp; 1052329 |
| Gentex Corp. (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp; 57556 | &nbsp;&nbsp;&nbsp;&nbsp; 1253570 |
| HCA Healthcare, Inc. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680885 |
| Hess Midstream LP, Class A (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929457 |
| IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151282 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455974 |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988986 |
| LPL Financial Holdings, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750834 |
| Magnolia Oil & Gas Corp., Class A (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055016 |
| Manhattan Associates, Inc. (Software) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543523 |
| Marsh & McLennan Cos., Inc. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898949 |
| Mastercard, Inc., Class A (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024743 |
| Medpace Holdings, Inc. (Life Sciences Tools & Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023038 |

---

4 NYLI Epoch Capital Growth Fund

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Meta Platforms, Inc., Class A (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 5313 | &nbsp;&nbsp;$2916837 |
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1766440 |
| Microsoft Corp. (Software) | &nbsp;&nbsp;&nbsp;&nbsp; 5273 | &nbsp;&nbsp;&nbsp;&nbsp; 2084206 |
| Monster Beverage Corp. (Beverages) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 49022 | &nbsp;&nbsp;&nbsp;&nbsp; 2947203 |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp; 13316 | &nbsp;&nbsp;&nbsp;&nbsp; 1195111 |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 15565 | &nbsp;&nbsp;&nbsp;&nbsp; 1695340 |
| O'Reilly Automotive, Inc. (Specialty Retail) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp;&nbsp; 1430767 |
| PACCAR, Inc. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 17332 | &nbsp;&nbsp;&nbsp;&nbsp; 1563520 |
| Paychex, Inc. (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp; 21467 | &nbsp;&nbsp;&nbsp;&nbsp; 3158225 |
| Pool Corp. (Distributors) | &nbsp;&nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp;&nbsp; 990227 |
| QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 17421 | &nbsp;&nbsp;&nbsp;&nbsp; 2586322 |
| Regeneron Pharmaceuticals, Inc. (Biotechnology) | &nbsp;&nbsp;&nbsp;&nbsp; 2514 | &nbsp;&nbsp;&nbsp;&nbsp; 1505283 |
| Rollins, Inc. (Commercial Services & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp; 17696 | &nbsp;&nbsp;&nbsp;&nbsp; 1010972 |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 14328 | &nbsp;&nbsp;&nbsp;&nbsp; 1146956 |
| TJX Cos., Inc. (The) (Specialty Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 13866 | &nbsp;&nbsp;&nbsp;&nbsp; 1784277 |
| TKO Group Holdings, Inc. (Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp; 8435 | &nbsp;&nbsp;&nbsp;&nbsp; 1374146 |
| Ulta Beauty, Inc. (Specialty Retail) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845661 |
| Union Pacific Corp. (Ground Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109786 |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765489 |
| VeriSign, Inc. (IT Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792590 |
| Verisk Analytics, Inc. (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496379 |
| Visa, Inc., Class A (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466524 |
| Waters Corp. (Life Sciences Tools & Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925309 |
| West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076945 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444951 |
| Zoetis, Inc. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;107950002 |
| Total Common Stocks<br> (Cost $123,784,082) |  | &nbsp;&nbsp;&nbsp;&nbsp;164596520 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Warrants** | &nbsp;&nbsp;**Value** |
| **Warrants 0.0% ‡** | **Warrants 0.0% ‡** | **Warrants 0.0% ‡** |
| **Canada 0.0% ‡** | **Canada 0.0% ‡** | **Canada 0.0% ‡** |
| Constellation Software, Inc. (Software) |  |  |
| &nbsp;&nbsp;&nbsp;Expires 3/31/40 (b)(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;$— |
| Total Warrants<br> (Cost $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** |
| **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** |
| **United States 0.6%** | **United States 0.6%** | **United States 0.6%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (f) | &nbsp;&nbsp;&nbsp;&nbsp; 955632 | &nbsp;&nbsp;&nbsp;&nbsp; 955632 |
| **Unaffiliated Investment Company 2.4%** | **Unaffiliated Investment Company 2.4%** | **Unaffiliated Investment Company 2.4%** |
| **United States 2.4%** | **United States 2.4%** | **United States 2.4%** |
| Invesco Government & Agency Portfolio, 4.367% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;3986835 | &nbsp;&nbsp;&nbsp;&nbsp; 3986835 |
| Total Short-Term Investments<br> (Cost $4,942,467) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942467 |
| Total Investments<br> (Cost $128,726,549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.1% | &nbsp;&nbsp;&nbsp;&nbsp;169538987 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3540779) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$165998208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $5,698,179; the total market value of collateral held by the Fund was $6,072,405. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,085,570. The Fund received cash collateral with a value of $3,986,835. (See Note 2(I)) |
| (b) | Non-income producing security. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund's net assets. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

(f) Current yield as of April 30, 2025.

(g) Represents a security purchased with cash collateral received for securities on loan.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$250 | &nbsp;&nbsp;$22844 | &nbsp;&nbsp;$(22138) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$956 | &nbsp;&nbsp;$21 | &nbsp;&nbsp;$— | &nbsp;&nbsp;956 |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2683254 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $2683254 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2145396 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2145396 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1461464 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1461464 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4424605 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4424605 |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 757904 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 757904 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 946114 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 946114 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6440887 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 6440887 |
| &nbsp;&nbsp;&nbsp;Jordan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 869160 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 869160 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2408497 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2408497 |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1618385 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1618385 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1245883 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1245883 |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1381929 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1381929 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3935298 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3935298 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3018371 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3018371 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3976685 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3976685 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3639322 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3639322 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7197391 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7197391 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp; 105557018 | &nbsp;&nbsp;&nbsp;&nbsp; 2392984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 107950002 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 8495973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 8495973 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;114052991 | &nbsp;&nbsp;&nbsp;&nbsp;50543529 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;164596520 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 955632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 955632 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3986835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3986835 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942467 |
| Total Investments in Securities | &nbsp;&nbsp;$118995458 | &nbsp;&nbsp;$50543529 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$169538987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

6 NYLI Epoch Capital Growth Fund

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

The table below sets forth the diversification of the Fund's investments by industry.

#### Industry Diversification

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent <sup>†</sup><sup>^</sup>** |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;$1707452 | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253570 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145396 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215526 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947203 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845938 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506956 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896408 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104423 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998750 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632852 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887413 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352711 | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990227 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089484 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281684 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873196 | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109786 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644832 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7475148 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007044 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675478 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601083 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898949 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496129 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803119 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124995 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7710493 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899796 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276048 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909732 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9766344 | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8480075 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19174198 | &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666041 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7548080 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975223 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874403 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750335 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164596520 | &nbsp;&nbsp;&nbsp;&nbsp;99.1 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent <sup>†</sup><sup>^</sup>** |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;$4942467 | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3540779) | &nbsp;&nbsp;&nbsp;&nbsp;(2.1) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$165998208 | &nbsp;&nbsp;100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

† Percentages indicated are based on Fund net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

^ Industry and country classifications may be different than those used for compliance monitoring purposes.

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $127,770,917) including securities on loan of $5,698,179 | $168583355 |
| Investment in affiliated investment companies, at value<br> (identified cost $955,632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955632 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297479 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268148 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;170138925 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;3986835 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86728 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26050 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18223 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14496 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;4140717 |
| Net assets | $165998208 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $11329 |
| Additional paid-in-capital | &nbsp;&nbsp;123974895 |
|  | &nbsp;&nbsp;123986224 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;42011984 |
| Net assets | $165998208 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $65754388 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;4498362 |
| Net asset value per share outstanding | $14.62 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Maximum offering price per share outstanding | $15.47 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $3791309 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261842 |
| Net asset value per share outstanding | $14.48 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Maximum offering price per share outstanding | $15.24 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $1107522 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81701 |
| Net asset value and offering price per share outstanding | $13.56 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $95344989 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;6487411 |
| Net asset value and offering price per share outstanding | $14.70 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Epoch Capital Growth Fund

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $48,268) | $1159522 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21470 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;1184640 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;662446 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81562 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88959 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35284 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31570 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21860 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6923 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;947703 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;893406 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;291234 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;2321438 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12731) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;2308707 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(3969529) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(3964287) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(1655580) |
| Net increase (decrease) in net assets resulting from operations | $(1364346) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $291234 | &nbsp;&nbsp;$729545 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2308707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131223 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3964287) | &nbsp;&nbsp;&nbsp;&nbsp;30600553 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(1364346) | &nbsp;&nbsp;&nbsp;&nbsp;38461321 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(2860272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(5087350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581113) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(8162620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(780846) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;28328265 | &nbsp;&nbsp;&nbsp;&nbsp;63678026 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;8043773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775082 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(32907350) | &nbsp;&nbsp;&nbsp;&nbsp;(57558076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;3464688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895032 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(6062278) | &nbsp;&nbsp;&nbsp;&nbsp;44575507 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;172060486 | &nbsp;&nbsp;&nbsp;&nbsp;127484979 |
| End of period | $165998208 | &nbsp;&nbsp;$172060486 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Epoch Capital Growth Fund

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.35 | &nbsp;&nbsp;&nbsp;&nbsp;$11.98 | &nbsp;&nbsp;&nbsp;&nbsp;$10.44 | &nbsp;&nbsp;&nbsp;&nbsp;$17.09 | &nbsp;&nbsp;&nbsp;&nbsp;$14.43 | &nbsp;&nbsp;&nbsp;&nbsp;$13.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.62 | &nbsp;&nbsp;&nbsp;&nbsp;$15.35 | &nbsp;&nbsp;&nbsp;&nbsp;$11.98 | &nbsp;&nbsp;&nbsp;&nbsp;$10.44 | &nbsp;&nbsp;&nbsp;&nbsp;$17.09 | &nbsp;&nbsp;&nbsp;&nbsp;$14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.79)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$65754 | &nbsp;&nbsp;&nbsp;&nbsp;$57130 | &nbsp;&nbsp;&nbsp;&nbsp;$38828 | &nbsp;&nbsp;&nbsp;&nbsp;$20880 | &nbsp;&nbsp;&nbsp;&nbsp;$21767 | &nbsp;&nbsp;&nbsp;&nbsp;$6733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.19 | &nbsp;&nbsp;&nbsp;&nbsp;$11.87 | &nbsp;&nbsp;&nbsp;&nbsp;$10.35 | &nbsp;&nbsp;&nbsp;&nbsp;$17.02 | &nbsp;&nbsp;&nbsp;&nbsp;$14.40 | &nbsp;&nbsp;&nbsp;&nbsp;$13.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.48 | &nbsp;&nbsp;&nbsp;&nbsp;$15.19 | &nbsp;&nbsp;&nbsp;&nbsp;$11.87 | &nbsp;&nbsp;&nbsp;&nbsp;$10.35 | &nbsp;&nbsp;&nbsp;&nbsp;$17.02 | &nbsp;&nbsp;&nbsp;&nbsp;$14.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$3791 | &nbsp;&nbsp;&nbsp;&nbsp;$3772 | &nbsp;&nbsp;&nbsp;&nbsp;$3195 | &nbsp;&nbsp;&nbsp;&nbsp;$1134 | &nbsp;&nbsp;&nbsp;&nbsp;$1648 | &nbsp;&nbsp;&nbsp;&nbsp;$1416 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Epoch Capital Growth Fund

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.30 | &nbsp;&nbsp;&nbsp;&nbsp;$11.22 | &nbsp;&nbsp;&nbsp;&nbsp;$9.86 | &nbsp;&nbsp;&nbsp;&nbsp;$16.49 | &nbsp;&nbsp;&nbsp;&nbsp;$14.10 | &nbsp;&nbsp;&nbsp;&nbsp;$12.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.56 | &nbsp;&nbsp;&nbsp;&nbsp;$14.30 | &nbsp;&nbsp;&nbsp;&nbsp;$11.22 | &nbsp;&nbsp;&nbsp;&nbsp;$9.86 | &nbsp;&nbsp;&nbsp;&nbsp;$16.49 | &nbsp;&nbsp;&nbsp;&nbsp;$14.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1108 | &nbsp;&nbsp;&nbsp;&nbsp;$1418 | &nbsp;&nbsp;&nbsp;&nbsp;$1091 | &nbsp;&nbsp;&nbsp;&nbsp;$794 | &nbsp;&nbsp;&nbsp;&nbsp;$1288 | &nbsp;&nbsp;&nbsp;&nbsp;$1152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.45 | &nbsp;&nbsp;&nbsp;&nbsp;$12.04 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 | &nbsp;&nbsp;&nbsp;&nbsp;$17.15 | &nbsp;&nbsp;&nbsp;&nbsp;$14.47 | &nbsp;&nbsp;&nbsp;&nbsp;$13.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.70 | &nbsp;&nbsp;&nbsp;&nbsp;$15.45 | &nbsp;&nbsp;&nbsp;&nbsp;$12.04 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 | &nbsp;&nbsp;&nbsp;&nbsp;$17.15 | &nbsp;&nbsp;&nbsp;&nbsp;$14.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$95345 | &nbsp;&nbsp;&nbsp;&nbsp;$109740 | &nbsp;&nbsp;&nbsp;&nbsp;$84371 | &nbsp;&nbsp;&nbsp;&nbsp;$41282 | &nbsp;&nbsp;&nbsp;&nbsp;$53944 | &nbsp;&nbsp;&nbsp;&nbsp;$56502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI Epoch Capital Growth Fund

------

[**Table of Contents**](#JOB_NYLI__554e0ea4-6a71-45e2-b525-b42d3e4b0be1_TOC)

Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Epoch Capital Growth Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;June 30, 2016 |
| Investor Class | &nbsp;&nbsp;June 30, 2016 |
| Class C | &nbsp;&nbsp;June 30, 2016 |
| Class I | &nbsp;&nbsp;June 30, 2016 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek long-term capital appreciation.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through

improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on

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Notes to Financial Statements (Unaudited) (continued)

an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input

level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

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| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural

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disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies

summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust's written liquidity risk management program and related procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with the Fund's procedures described above. The liquidity of the Fund's investments was determined as of April 30, 2025, and can change at any time.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current

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Notes to Financial Statements (Unaudited) (continued)

interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not

included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a

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borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(J) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Fund could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Fund is exposed to risk until the sale or exercise of each right or warrant is completed.

(K) Foreign Securities Risk. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet

occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Epoch Investment Partners, Inc. ("Epoch" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Epoch, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.75% of the Fund's average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 1.15% and Class I, 0.90%. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $662,446 and waived fees and/or reimbursed expenses in the amount of $54,297 and paid the Subadvisor fees in the amount of $304,075.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations.

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Notes to Financial Statements (Unaudited) (continued)

For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $17,982 and $96, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $139 and $317, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination

prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$31325 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;51041 | &nbsp;&nbsp;&nbsp;&nbsp;— |

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(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $129844967 | $44420137 | $(4726117) | $39694020 |

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During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$742149 |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38697 |
| Total | &nbsp;&nbsp;$780846 |

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#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

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#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $26,970 and $31,535, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1167534 | &nbsp;&nbsp;$17863517 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771730 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(590761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8702576) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932671 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311888 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777579 | &nbsp;&nbsp;$12244559 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1198106 | &nbsp;&nbsp;$17216436 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183616 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(776668) | &nbsp;&nbsp;&nbsp;&nbsp;(11347356) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6052696 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673090 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25910) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479023 | &nbsp;&nbsp;$6699876 |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31473 | &nbsp;&nbsp;$457991 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157173 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181457) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433707 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236167) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13543 | &nbsp;&nbsp;$197540 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56394 | &nbsp;&nbsp;$813335 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11877 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585102) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240110 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52646 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612699) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20834) | &nbsp;&nbsp;$(319943) |

---

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Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313 | &nbsp;&nbsp;$86910 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42559 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298573) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169104) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75721) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17507) | &nbsp;&nbsp;$(244825) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37421 | &nbsp;&nbsp;$514194 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400650) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113841 |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87127) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;$26714 |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642161 | &nbsp;&nbsp;$9919847 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072311 |
| Shares redeemed | &nbsp;&nbsp;(1587203) | &nbsp;&nbsp;&nbsp;&nbsp;(23724744) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(617585) | &nbsp;&nbsp;$(8732586) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;3146818 | &nbsp;&nbsp;$45134061 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579292 |
| Shares redeemed | &nbsp;&nbsp;(3092956) | &nbsp;&nbsp;&nbsp;&nbsp;(45224968) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97582 | &nbsp;&nbsp;$488385 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be

applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

22 NYLI Epoch Capital Growth Fund

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI Epoch International Choice Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img88071f041.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_b98d4280-d9f5-4824-afa7-79ab0c8ad0b2_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_b98d4280-d9f5-4824-afa7-79ab0c8ad0b2_5) | &nbsp;&nbsp;7 |
| [Notes to Financial Statements](#xx_23186254-c93e-43fd-ae12-b258356a14cc_1) | &nbsp;&nbsp;13 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_5060f854-2680-4b4c-b7ee-739edeec313b_1) | &nbsp;&nbsp;22 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_5060f854-2680-4b4c-b7ee-739edeec313b_1) | &nbsp;&nbsp;22 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_5060f854-2680-4b4c-b7ee-739edeec313b_1) | &nbsp;&nbsp;22 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_d813204b-50e1-424b-a580-05f7569fcbab_1) | &nbsp;&nbsp;23 |

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 97.2%** | **Common Stocks 97.2%** | **Common Stocks 97.2%** |
| **Finland 4.2%** | **Finland 4.2%** | **Finland 4.2%** |
| Nordea Bank Abp (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 764989 | &nbsp;&nbsp;$10523760 |
| **France 13.0%** | **France 13.0%** | **France 13.0%** |
| Airbus SE (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp; 32102 | &nbsp;&nbsp;&nbsp;&nbsp; 5374612 |
| AXA SA (Insurance) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177619 | &nbsp;&nbsp;&nbsp;&nbsp; 8419734 |
| BNP Paribas SA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 94660 | &nbsp;&nbsp;&nbsp;&nbsp; 8000318 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 7884 | &nbsp;&nbsp;&nbsp;&nbsp; 4350609 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 113678 | &nbsp;&nbsp;&nbsp;&nbsp; 6446602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32591875 |
| **Germany 9.8%** | **Germany 9.8%** | **Germany 9.8%** |
| Deutsche Post AG (Air Freight & Logistics) | &nbsp;&nbsp;&nbsp;&nbsp; 200343 | &nbsp;&nbsp;&nbsp;&nbsp; 8518988 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 124491 | &nbsp;&nbsp;&nbsp;&nbsp; 4467094 |
| Siemens AG (Registered) (Industrial Conglomerates) | &nbsp;&nbsp;&nbsp;&nbsp; 13826 | &nbsp;&nbsp;&nbsp;&nbsp; 3170324 |
| Vonovia SE (Real Estate Management & Development) | &nbsp;&nbsp;&nbsp;&nbsp; 259667 | &nbsp;&nbsp;&nbsp;&nbsp; 8618456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24774862 |
| **Japan 21.7%** | **Japan 21.7%** | **Japan 21.7%** |
| Asahi Group Holdings Ltd. (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 517200 | &nbsp;&nbsp;&nbsp;&nbsp; 7144214 |
| Hitachi Ltd. (Industrial Conglomerates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074676 |
| Hoya Corp. (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516690 |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11591618 |
| Lasertec Corp. (Semiconductors & Semiconductor Equipment) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873317 |
| Mitsubishi UFJ Financial Group, Inc. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8901855 |
| Nissan Chemical Corp. (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298887 |
| Rohto Pharmaceutical Co. Ltd. (Personal Care Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209436 |
| Sony Group Corp. (Household Durables) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458154 |
| Suzuki Motor Corp. (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54506879 |
| **Netherlands 5.2%** | **Netherlands 5.2%** | **Netherlands 5.2%** |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267350 |
| NN Group NV (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10747169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13014519 |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Republic of Korea 2.8%** | **Republic of Korea 2.8%** | **Republic of Korea 2.8%** |
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp; 7265 | &nbsp;&nbsp;$7081257 |
| **Sweden 4.8%** | **Sweden 4.8%** | **Sweden 4.8%** |
| Epiroc AB, Class A (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 270764 | &nbsp;&nbsp;&nbsp;&nbsp; 5804766 |
| Evolution AB (Hotels, Restaurants & Leisure) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 88343 | &nbsp;&nbsp;&nbsp;&nbsp; 6190952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11995718 |
| **Taiwan 2.3%** | **Taiwan 2.3%** | **Taiwan 2.3%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 35332 | &nbsp;&nbsp;&nbsp;&nbsp; 5889491 |
| **United Kingdom 26.0%** | **United Kingdom 26.0%** | **United Kingdom 26.0%** |
| AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 155222 | &nbsp;&nbsp;&nbsp;&nbsp; 11143388 |
| Beazley plc (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 483204 | &nbsp;&nbsp;&nbsp;&nbsp; 5705391 |
| Coca-Cola Europacific Partners plc (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 65376 | &nbsp;&nbsp;&nbsp;&nbsp; 5932218 |
| Compass Group plc (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 156588 | &nbsp;&nbsp;&nbsp;&nbsp; 5260364 |
| Lloyds Banking Group plc (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;10677828 | &nbsp;&nbsp;&nbsp;&nbsp; 10445691 |
| RELX plc (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp; 141045 | &nbsp;&nbsp;&nbsp;&nbsp; 7685101 |
| Severn Trent plc (Water Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 253619 | &nbsp;&nbsp;&nbsp;&nbsp; 9443885 |
| Unilever plc (Personal Care Products) | &nbsp;&nbsp;&nbsp;&nbsp; 152985 | &nbsp;&nbsp;&nbsp;&nbsp; 9709812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65325850 |
| **United States 7.4%** | **United States 7.4%** | **United States 7.4%** |
| BP plc (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197252 |
| CSL Ltd. (Biotechnology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754437 |
| Linde plc (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790117 |
| Schneider Electric SE (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18662901 |
| Total Common Stocks<br> (Cost $227,518,311) |  | &nbsp;&nbsp;&nbsp;&nbsp;244367112 |
| **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** |
| **Affiliated Investment Company 1.4%** | **Affiliated Investment Company 1.4%** | **Affiliated Investment Company 1.4%** |
| **United States 1.4%** | **United States 1.4%** | **United States 1.4%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643800 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investments (continued)** | **Short-Term Investments (continued)** | **Short-Term Investments (continued)** |
| **Unaffiliated Investment Company 1.0%** | **Unaffiliated Investment Company 1.0%** | **Unaffiliated Investment Company 1.0%** |
| **United States 1.0%** | **United States 1.0%** | **United States 1.0%** |
| Invesco Government & Agency Portfolio, 4.367% (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 2502397 | &nbsp;&nbsp;$2502397 |
| Total Short-Term Investments<br> (Cost $6,146,197) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146197 |
| Total Investments<br> (Cost $233,664,508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;250513309 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888848 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$251402157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $8,550,807; the total market value of collateral held by the Fund was $11,135,807. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $8,633,410. The Fund received cash collateral with a value of $2,502,397. (See Note 2(I)) |
| (c) | Current yield as of April 30, 2025. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |

---

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$2241 | &nbsp;&nbsp;$56727 | &nbsp;&nbsp;$(55324) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3644 | &nbsp;&nbsp;$95 | &nbsp;&nbsp;$— | &nbsp;&nbsp;3644 |

---

Abbreviation(s): <br> ADR—American Depositary Receipt <br> GDR—Global Depositary Receipt

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Epoch International Choice Fund

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10523760 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $10523760 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32591875 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 32591875 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24774862 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 24774862 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54506879 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 54506879 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13014519 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 13014519 |
| &nbsp;&nbsp;&nbsp;Republic of Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7081257 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7081257 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11995718 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 11995718 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 17075606 | &nbsp;&nbsp;&nbsp;&nbsp; 48250244 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 65325850 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp; 7790117 | &nbsp;&nbsp;&nbsp;&nbsp; 10872784 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 18662901 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 5889491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 5889491 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;30755214 | &nbsp;&nbsp;&nbsp;&nbsp;213611898 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;244367112 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3643800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3643800 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2502397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2502397 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146197 |
| Total Investments in Securities | &nbsp;&nbsp;$36901411 | &nbsp;&nbsp;$213611898 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$250513309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The table below sets forth the diversification of the Fund's investments by industry.

#### Industry Diversification

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;$5374612 | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518988 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438032 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37871624 | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13076432 | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754437 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12089004 | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467094 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921095 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11591618 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516690 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11451316 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458154 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245000 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24872294 | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5804766 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643854 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13919248 | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143388 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685101 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8618456 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030158 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081257 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350609 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9443885 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244367112 | &nbsp;&nbsp;&nbsp;&nbsp;97.2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146197 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888848 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$251402157 | &nbsp;&nbsp;100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Epoch International Choice Fund

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $230,020,708) including securities on loan of $8,550,807 | $246869509 |
| Investment in affiliated investment companies, at value<br> (identified cost $3,643,800) | &nbsp;&nbsp;&nbsp;&nbsp;3643800 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 |
| Cash denominated in foreign currencies<br> (identified cost $17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;3609430 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;1241663 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;255430255 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;2502397 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;1256647 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159245 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33874 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33770 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17335 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14766 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6622 |
| &nbsp;&nbsp;&nbsp;Dividend payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;4028098 |
| Net assets | $251402157 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $5977 |
| Additional paid-in-capital | &nbsp;&nbsp;277731704 |
|  | &nbsp;&nbsp;277737681 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(26335524) |
| Net assets | $251402157 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $29339723 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696833 |
| Net asset value per share outstanding | $42.10 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| Maximum offering price per share outstanding | $44.55 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $3559280 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84576 |
| Net asset value per share outstanding | $42.08 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| Maximum offering price per share outstanding | $44.29 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $76295 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 |
| Net asset value and offering price per share outstanding<sup>(a)</sup> | $41.72 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $218354475 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5191747 |
| Net asset value and offering price per share outstanding | $42.06 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $72384 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 |
| Net asset value and offering price per share outstanding | $42.03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The difference between the calculated and stated NAV was caused by rounding.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $250,830) | $2944580 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94908 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;3076701 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984614 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60745 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50433 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34030 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36350 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22602 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;1208524 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;1204564 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1872137 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;5404325 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67803) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5336522 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;6914040 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144209 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;7058249 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;12394771 |
| Net increase (decrease) in net assets resulting from operations | $14266908 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Epoch International Choice Fund

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1872137 | &nbsp;&nbsp;$3568106 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5336522 | &nbsp;&nbsp;&nbsp;&nbsp;16739152 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;7058249 | &nbsp;&nbsp;&nbsp;&nbsp;12759963 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;14266908 | &nbsp;&nbsp;&nbsp;&nbsp;33067221 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(3395121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2984898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(3786419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3553299) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;28310944 | &nbsp;&nbsp;&nbsp;&nbsp;52745507 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3769460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527905 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(30105818) | &nbsp;&nbsp;&nbsp;&nbsp;(42808833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;1974586 | &nbsp;&nbsp;&nbsp;&nbsp;13464579 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;12455075 | &nbsp;&nbsp;&nbsp;&nbsp;42978501 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;238947082 | &nbsp;&nbsp;&nbsp;&nbsp;195968581 |
| End of period | $251402157 | &nbsp;&nbsp;$238947082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$40.52 | &nbsp;&nbsp;&nbsp;&nbsp;$35.17 | &nbsp;&nbsp;&nbsp;&nbsp;$31.28 | &nbsp;&nbsp;&nbsp;&nbsp;$41.50 | &nbsp;&nbsp;&nbsp;&nbsp;$33.68 | &nbsp;&nbsp;&nbsp;&nbsp;$35.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$42.10 | &nbsp;&nbsp;&nbsp;&nbsp;$40.52 | &nbsp;&nbsp;&nbsp;&nbsp;$35.17 | &nbsp;&nbsp;&nbsp;&nbsp;$31.28 | &nbsp;&nbsp;&nbsp;&nbsp;$41.50 | &nbsp;&nbsp;&nbsp;&nbsp;$33.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.84)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$29340 | &nbsp;&nbsp;&nbsp;&nbsp;$28137 | &nbsp;&nbsp;&nbsp;&nbsp;$26164 | &nbsp;&nbsp;&nbsp;&nbsp;$19445 | &nbsp;&nbsp;&nbsp;&nbsp;$26613 | &nbsp;&nbsp;&nbsp;&nbsp;$20108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In 2022, the Fund's total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.89)%. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$40.41 | &nbsp;&nbsp;&nbsp;&nbsp;$35.08 | &nbsp;&nbsp;&nbsp;&nbsp;$31.20 | &nbsp;&nbsp;&nbsp;&nbsp;$41.39 | &nbsp;&nbsp;&nbsp;&nbsp;$33.60 | &nbsp;&nbsp;&nbsp;&nbsp;$35.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$42.08 | &nbsp;&nbsp;&nbsp;&nbsp;$40.41 | &nbsp;&nbsp;&nbsp;&nbsp;$35.08 | &nbsp;&nbsp;&nbsp;&nbsp;$31.20 | &nbsp;&nbsp;&nbsp;&nbsp;$41.39 | &nbsp;&nbsp;&nbsp;&nbsp;$33.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23.07)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$3559 | &nbsp;&nbsp;&nbsp;&nbsp;$3671 | &nbsp;&nbsp;&nbsp;&nbsp;$3892 | &nbsp;&nbsp;&nbsp;&nbsp;$3795 | &nbsp;&nbsp;&nbsp;&nbsp;$5341 | &nbsp;&nbsp;&nbsp;&nbsp;$5308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In 2022, the Fund's total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.12)%. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Epoch International Choice Fund

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$39.83 | &nbsp;&nbsp;&nbsp;&nbsp;$34.44 | &nbsp;&nbsp;&nbsp;&nbsp;$30.66 | &nbsp;&nbsp;&nbsp;&nbsp;$40.33 | &nbsp;&nbsp;&nbsp;&nbsp;$32.90 | &nbsp;&nbsp;&nbsp;&nbsp;$34.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$41.72 | &nbsp;&nbsp;&nbsp;&nbsp;$39.83 | &nbsp;&nbsp;&nbsp;&nbsp;$34.44 | &nbsp;&nbsp;&nbsp;&nbsp;$30.66 | &nbsp;&nbsp;&nbsp;&nbsp;$40.33 | &nbsp;&nbsp;&nbsp;&nbsp;$32.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23.66)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$76 | &nbsp;&nbsp;&nbsp;&nbsp;$85 | &nbsp;&nbsp;&nbsp;&nbsp;$207 | &nbsp;&nbsp;&nbsp;&nbsp;$339 | &nbsp;&nbsp;&nbsp;&nbsp;$1081 | &nbsp;&nbsp;&nbsp;&nbsp;$4740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In 2022, the Fund's total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.71)%. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$40.55 | &nbsp;&nbsp;&nbsp;&nbsp;$35.19 | &nbsp;&nbsp;&nbsp;&nbsp;$31.30 | &nbsp;&nbsp;&nbsp;&nbsp;$41.52 | &nbsp;&nbsp;&nbsp;&nbsp;$33.69 | &nbsp;&nbsp;&nbsp;&nbsp;$35.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$42.06 | &nbsp;&nbsp;&nbsp;&nbsp;$40.55 | &nbsp;&nbsp;&nbsp;&nbsp;$35.19 | &nbsp;&nbsp;&nbsp;&nbsp;$31.30 | &nbsp;&nbsp;&nbsp;&nbsp;$41.52 | &nbsp;&nbsp;&nbsp;&nbsp;$33.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.63)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$218354 | &nbsp;&nbsp;&nbsp;&nbsp;$207003 | &nbsp;&nbsp;&nbsp;&nbsp;$157911 | &nbsp;&nbsp;&nbsp;&nbsp;$173142 | &nbsp;&nbsp;&nbsp;&nbsp;$241084 | &nbsp;&nbsp;&nbsp;&nbsp;$252974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In 2022, the Fund's total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.68)%. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$40.41 | &nbsp;&nbsp;&nbsp;&nbsp;$35.07 | &nbsp;&nbsp;&nbsp;&nbsp;$31.16 | &nbsp;&nbsp;&nbsp;&nbsp;$41.39 | &nbsp;&nbsp;&nbsp;&nbsp;$33.59 | &nbsp;&nbsp;&nbsp;&nbsp;$35.90\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$42.03 | &nbsp;&nbsp;&nbsp;&nbsp;$40.41 | &nbsp;&nbsp;&nbsp;&nbsp;$35.07 | &nbsp;&nbsp;&nbsp;&nbsp;$31.16 | &nbsp;&nbsp;&nbsp;&nbsp;$41.39 | &nbsp;&nbsp;&nbsp;&nbsp;$33.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23.26)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69%††(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69%††(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$72 | &nbsp;&nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;&nbsp;$34 | &nbsp;&nbsp;&nbsp;&nbsp;$23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In 2022, the Fund's total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.31)%. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | Net of interest expense of less than 0.01%. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Epoch International Choice Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Epoch International Choice Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;September 1, 2006 |
| Investor Class | &nbsp;&nbsp;April 29, 2008 |
| Class C | &nbsp;&nbsp;September 1, 2006 |
| Class I | &nbsp;&nbsp;December 31, 1997 |
| SIMPLE Class | &nbsp;&nbsp;August 31, 2020 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and SIMPLE Class shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek total return.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation

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Notes to Financial Statements (Unaudited) (continued)

Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal

14 NYLI Epoch International Choice Fund

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conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using

the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of

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Notes to Financial Statements (Unaudited) (continued)

Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between

the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

16 NYLI Epoch International Choice Fund

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(J) Foreign Securities Risk. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(K) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Epoch Investment Partners, Inc. ("Epoch" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York

Life Investments and Epoch, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.80% up to $5 billion; 0.775% from $5 billion to $7.5 billion; and 0.75% in excess of $7.5 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.80% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class I shares do not exceed 0.95% of its average daily net assets. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $984,614 and waived fees and/or reimbursed expenses, including the waiver/reimbursement of certain class specific expenses in the amount of $3,960 and paid the Subadvisor fees in the amount of $492,307.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the

------

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Notes to Financial Statements (Unaudited) (continued)

Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the SIMPLE Class Plan, SIMPLE Class shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $741 and $130, respectively.

During the six-month period ended April 30, 2025, the Fund was also advised that the Distributor did not retain any CDSCs on redemptions of any shares within the Fund.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$4500 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp;(3873) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;35723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| SIMPLE Class | &nbsp;&nbsp;$30661 | &nbsp;&nbsp;42.4% |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $233683790 | $29012992 | $(12183473) | $16829519 |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $50,517,807, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$50518 | &nbsp;&nbsp;$— |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$3553299 |

---

18 NYLI Epoch International Choice Fund

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[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $70,931 and $72,166, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64995 | &nbsp;&nbsp;$2618509 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353814 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(75342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2972795) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154540 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;$154068 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28408 | &nbsp;&nbsp;$1172642 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406964 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(100789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4060388) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(61794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2480782) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495660 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(49609) | &nbsp;&nbsp;$(1985122) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;$27595 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33608 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195238) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134035) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119522) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6252) | &nbsp;&nbsp;$(253074) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;$49039 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49921 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(10945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440476) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341516) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(11861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482037) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(20123) | &nbsp;&nbsp;$(817171) |

---

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[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$2029 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8320) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6291) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5868) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | &nbsp;&nbsp;$(12159) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;$1496 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135812) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134270) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20005) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3881) | &nbsp;&nbsp;$(154275) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;657545 | &nbsp;&nbsp;$25641200 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381551 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(656622) | &nbsp;&nbsp;&nbsp;&nbsp;(26924615) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098136 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29633) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86427 | &nbsp;&nbsp;$2068503 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;1252225 | &nbsp;&nbsp;$51180919 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967058 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(712063) | &nbsp;&nbsp;&nbsp;&nbsp;(28934874) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;617490 | &nbsp;&nbsp;$25213103 |
| &nbsp;&nbsp;**Class R1<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;$648 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151067) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3716) | &nbsp;&nbsp;$(148031) |
| &nbsp;&nbsp;**Class R2<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 | &nbsp;&nbsp;$236996 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74011 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(156036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6213796) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(148054) | &nbsp;&nbsp;$(5902789) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R3<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | &nbsp;&nbsp;$95035 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27017 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(72453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2872400) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(69306) | &nbsp;&nbsp;$(2750348) |
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;$21611 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4850) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;$17248 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;$8732 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;$9212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

20 NYLI Epoch International Choice Fund

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[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

------

[**Table of Contents**](#JOB_NYLI__01288ca9-0c25-4991-a684-7093d90818d8_TOC)

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI Balanced Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img2549a2c31.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_c73fd2d9-db75-4ab5-bc8a-93fc324e3a4b_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_c73fd2d9-db75-4ab5-bc8a-93fc324e3a4b_10) | &nbsp;&nbsp;12 |
| [Notes to Financial Statements](#xx_fd266ebc-6a76-4668-acf8-f94ab787b937_1) | &nbsp;&nbsp;18 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_40be4fde-9303-4308-8232-f39273308539_1) | &nbsp;&nbsp;28 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_40be4fde-9303-4308-8232-f39273308539_1) | &nbsp;&nbsp;28 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_40be4fde-9303-4308-8232-f39273308539_1) | &nbsp;&nbsp;28 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreements](#xx_21f5dbdd-1832-4d39-974d-b8d8f6eda640_1) | &nbsp;&nbsp;29 |

---

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Bonds 32.5%** | **Long-Term Bonds 32.5%** | **Long-Term Bonds 32.5%** |
| **Asset-Backed Securities 0.4%** | **Asset-Backed Securities 0.4%** | **Asset-Backed Securities 0.4%** |
| **Other Asset-Backed Securities 0.4%** | **Other Asset-Backed Securities 0.4%** | **Other Asset-Backed Securities 0.4%** |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-3A, Class A2R |  |  |
| &nbsp;&nbsp;&nbsp;5.918% (3 Month SOFR + 1.662%), due 10/15/30 (a)(b) | &nbsp;&nbsp;&nbsp;$1100000 | &nbsp;&nbsp;$1102446 |
| Invesco US CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.779% (3 Month SOFR + 1.51%), due 7/20/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444444 | &nbsp;&nbsp;&nbsp;&nbsp; 444436 |
| Store Master Funding I-VII XIV XIX XX |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;2.12%, due 6/20/51 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826758 |
| Total Asset-Backed Securities<br> (Cost $1,843,887) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826758 |
| **Corporate Bonds 13.2%** | **Corporate Bonds 13.2%** | **Corporate Bonds 13.2%** |
| **Aerospace & Defense 0.3%** | **Aerospace & Defense 0.3%** | **Aerospace & Defense 0.3%** |
| BAE Systems plc |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 3/26/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867868 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.528%, due 5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071955 |
| **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** |
| Daimler Truck Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/13/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329684 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300164 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05%, due 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227443 |
| **Banks 4.5%** | **Banks 4.5%** | **Banks 4.5%** |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408855 |
| Bank of America Corp. (c) |  |  |
| &nbsp;&nbsp;&nbsp;1.734%, due 7/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005469 |
| &nbsp;&nbsp;&nbsp;2.087%, due 6/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805545 |
| &nbsp;&nbsp;&nbsp;5.202%, due 4/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674164 |
| &nbsp;&nbsp;&nbsp;5.511%, due 1/24/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182449 |
| &nbsp;&nbsp;&nbsp;5.518%, due 10/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171646 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.474%, due 10/25/34 (c) | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;$191326 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 429712 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;5.786%, due 1/13/33 (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 471120 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.592% (5 Year Treasury Constant Maturity Rate + 1.28%), due 11/19/34 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196177 |
| &nbsp;&nbsp;&nbsp;5.61%, due 9/29/26 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053598 |
| &nbsp;&nbsp;&nbsp;6.174%, due 5/25/34 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419662 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.645%, due 4/25/35 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280214 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;5.862%, due 1/9/36 (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366301 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;5.403%, due 9/11/35 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327118 |
| Goldman Sachs Group, Inc. (The) (c) |  |  |
| &nbsp;&nbsp;&nbsp;5.016%, due 10/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184103 |
| &nbsp;&nbsp;&nbsp;5.218%, due 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712914 |
| &nbsp;&nbsp;&nbsp;6.484%, due 10/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366011 |
| HSBC Holdings plc (c) |  |  |
| &nbsp;&nbsp;&nbsp;6.547%, due 6/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344822 |
| &nbsp;&nbsp;&nbsp;7.39%, due 11/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499630 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.272%, due 1/15/31 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554132 |
| JPMorgan Chase & Co. (c) |  |  |
| &nbsp;&nbsp;&nbsp;5.04%, due 1/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631041 |
| &nbsp;&nbsp;&nbsp;5.103%, due 4/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972299 |
| &nbsp;&nbsp;&nbsp;5.571%, due 4/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301685 |
| &nbsp;&nbsp;&nbsp;5.572%, due 4/22/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511413 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;5.121%, due 4/4/31 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539187 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;4.679%, due 7/17/26 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313661 |
| &nbsp;&nbsp;&nbsp;4.754%, due 4/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426498 |
| &nbsp;&nbsp;&nbsp;4.952%, due 1/14/28 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252020 |
| &nbsp;&nbsp;&nbsp;5.173%, due 1/16/30 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162955 |
| &nbsp;&nbsp;&nbsp;5.32%, due 7/19/35 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184165 |
| &nbsp;&nbsp;&nbsp;5.656%, due 4/18/30 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320641 |
| PNC Financial Services Group, Inc. (The) (c) |  |  |
| &nbsp;&nbsp;&nbsp;6.615%, due 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561312 |
| &nbsp;&nbsp;&nbsp;6.875%, due 10/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21986 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.146% (5 Year Treasury Constant Maturity Rate + 1.50%), due 9/10/34 (b) | &nbsp;&nbsp;&nbsp;$335000 | &nbsp;&nbsp;$331926 |
| Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.632% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 244601 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, due 1/26/34 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 156619 |
| U.S. Bancorp (c) |  |  |
| &nbsp;&nbsp;&nbsp;4.653%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150499 |
| &nbsp;&nbsp;&nbsp;6.787%, due 10/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397933 |
| UBS Group AG (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.428% (1 Year Treasury Constant Maturity Rate + 1.52%), due 2/8/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348227 |
| &nbsp;&nbsp;&nbsp;6.442%, due 8/11/28 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571039 |
| Wells Fargo & Co. (c) |  |  |
| &nbsp;&nbsp;&nbsp;4.97%, due 4/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602500 |
| &nbsp;&nbsp;&nbsp;5.15%, due 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522988 |
| &nbsp;&nbsp;&nbsp;5.605%, due 4/23/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19363095 |
| **Beverages 0.1%** | **Beverages 0.1%** | **Beverages 0.1%** |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, due 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336651 |
| Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491643 |
| **Biotechnology 0.1%** | **Biotechnology 0.1%** | **Biotechnology 0.1%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306645 |
| &nbsp;&nbsp;&nbsp;5.25%, due 3/2/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625464 |
| **Commercial Services 0.1%** | **Commercial Services 0.1%** | **Commercial Services 0.1%** |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383322 |
| **Computers 0.1%** | **Computers 0.1%** | **Computers 0.1%** |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267485 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services 0.8%** | **Diversified Financial Services 0.8%** | **Diversified Financial Services 0.8%** |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 9/10/29 | &nbsp;&nbsp;&nbsp;$530000 | &nbsp;&nbsp;$526014 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.992%, due 6/13/29 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 446668 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.489%, due 10/30/31 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 423100 |
| Ares Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 449340 |
| Blackstone Holdings Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, due 11/3/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623902 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.183%, due 1/30/36 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330828 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.196%, due 11/17/29 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498895 |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421272 |
| **Electric 1.6%** | **Electric 1.6%** | **Electric 1.6%** |
| AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, due 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38819 |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225434 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43153 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, due 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419633 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, due 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196128 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215577 |
| &nbsp;&nbsp;&nbsp;4.50%, due 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135397 |
| Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71114 |
| Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222902 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376089 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656689 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, due 5/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763834 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337562 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405132 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Pacific Gas and Electric Co. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.10%, due 1/15/29 | &nbsp;&nbsp;&nbsp;$240000 | &nbsp;&nbsp;$248025 |
| &nbsp;&nbsp;&nbsp;6.15%, due 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 866827 |
| &nbsp;&nbsp;&nbsp;6.40%, due 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 113737 |
| PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, due 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 311279 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, due 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 385246 |
| Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 10/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220467 |
| &nbsp;&nbsp;&nbsp;5.70%, due 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103917 |
| Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371082 |
| Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018651 |
| **Electronics 0.2%** | **Electronics 0.2%** | **Electronics 0.2%** |
| Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370924 |
| Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744388 |
| **Entertainment 0.1%** | **Entertainment 0.1%** | **Entertainment 0.1%** |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.054%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209235 |
| **Environmental Control 0.1%** | **Environmental Control 0.1%** | **Environmental Control 0.1%** |
| Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408976 |
| **Food 0.0% ‡** | **Food 0.0% ‡** | **Food 0.0% ‡** |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124991 |
| **Gas 0.2%** | **Gas 0.2%** | **Gas 0.2%** |
| CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476223 |
| Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 3/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701291 |
| **Healthcare-Products 0.1%** | **Healthcare-Products 0.1%** | **Healthcare-Products 0.1%** |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 2/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613908 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services 0.1%** | **Healthcare-Services 0.1%** | **Healthcare-Services 0.1%** |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 3/15/32 | &nbsp;&nbsp;&nbsp;$360000 | &nbsp;&nbsp;$326537 |
| **Home Furnishings 0.1%** | **Home Furnishings 0.1%** | **Home Furnishings 0.1%** |
| Leggett & Platt, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643000 | &nbsp;&nbsp;&nbsp;&nbsp; 614899 |
| **Insurance 0.6%** | **Insurance 0.6%** | **Insurance 0.6%** |
| Corebridge Global Funding (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, due 1/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 555992 |
| &nbsp;&nbsp;&nbsp;5.20%, due 6/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330578 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, due 1/13/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660127 |
| Lincoln Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, due 1/13/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440128 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 11/21/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727494 |
| **Internet 0.1%** | **Internet 0.1%** | **Internet 0.1%** |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, due 5/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380419 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;7.05%, due 9/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422825 |
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, due 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664393 |
| &nbsp;&nbsp;&nbsp;6.384%, due 10/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374530 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, due 5/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343130 |
| **Mining 0.0% ‡** | **Mining 0.0% ‡** | **Mining 0.0% ‡** |
| Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, due 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198246 |
| **Oil & Gas 0.2%** | **Oil & Gas 0.2%** | **Oil & Gas 0.2%** |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527091 |
| Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.15%, due 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925567 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, due 11/21/26 | &nbsp;&nbsp;&nbsp;$240000 | &nbsp;&nbsp;$235921 |
| &nbsp;&nbsp;&nbsp;5.05%, due 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 388241 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 12/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 200366 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 5/19/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 207375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031903 |
| **Pipelines 0.6%** | **Pipelines 0.6%** | **Pipelines 0.6%** |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.927%, due 8/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282363 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174801 |
| &nbsp;&nbsp;&nbsp;5.75%, due 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207878 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, due 1/31/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407678 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378659 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253949 |
| Targa Resources Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460423 |
| **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, due 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581418 |
| CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312400 |
| Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291377 |
| **Retail 0.3%** | **Retail 0.3%** | **Retail 0.3%** |
| Home Depot, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329286 |
| &nbsp;&nbsp;&nbsp;4.95%, due 6/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180998 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, due 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310626 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204320 |
| &nbsp;&nbsp;&nbsp;5.15%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130699 |
| **Semiconductors 0.3%** | **Semiconductors 0.3%** | **Semiconductors 0.3%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 2/15/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101191 |
| &nbsp;&nbsp;&nbsp;5.05%, due 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468320 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 2/10/30 | &nbsp;&nbsp;&nbsp;$290000 | &nbsp;&nbsp;$292759 |
| &nbsp;&nbsp;&nbsp;5.15%, due 2/21/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194755 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 5/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 442617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499642 |
| **Software 0.4%** | **Software 0.4%** | **Software 0.4%** |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 8/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846590 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462196 |
| &nbsp;&nbsp;&nbsp;4.30%, due 7/8/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278367 |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/3/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762874 |
| **Telecommunications 0.6%** | **Telecommunications 0.6%** | **Telecommunications 0.6%** |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352556 |
| &nbsp;&nbsp;&nbsp;4.35%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953474 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662482 |
| &nbsp;&nbsp;&nbsp;2.625%, due 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125524 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, due 3/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414941 |
| **Transportation 0.3%** | **Transportation 0.3%** | **Transportation 0.3%** |
| JB Hunt Transport Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, due 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429255 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223838 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, due 2/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219089 |
| United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221533 |
| &nbsp;&nbsp;&nbsp;5.15%, due 5/22/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473916 |
| **Trucking & Leasing 0.1%** | **Trucking & Leasing 0.1%** | **Trucking & Leasing 0.1%** |
| Penske Truck Leasing Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 5/24/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232469 |
| Total Corporate Bonds<br> (Cost $56,260,038) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56910480 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mortgage-Backed Securities 0.3%** | **Mortgage-Backed Securities 0.3%** | **Mortgage-Backed Securities 0.3%** |
| **Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.2%** | **Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.2%** | **Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.2%** |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-GC46, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;2.717%, due 2/15/53 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$901711 |
| **Whole Loan (Collateralized Mortgage Obligation) 0.1%** | **Whole Loan (Collateralized Mortgage Obligation) 0.1%** | **Whole Loan (Collateralized Mortgage Obligation) 0.1%** |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM8, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;6.394%, due 10/25/63 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370831 | &nbsp;&nbsp;&nbsp;&nbsp; 373673 |
| Total Mortgage-Backed Securities<br> (Cost $1,397,582) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275384 |
| **U.S. Government & Federal Agencies 18.6%** | **U.S. Government & Federal Agencies 18.6%** | **U.S. Government & Federal Agencies 18.6%** |
| **United States Treasury Notes 18.6%** | **United States Treasury Notes 18.6%** | **United States Treasury Notes 18.6%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 3/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32098518 |
| &nbsp;&nbsp;&nbsp;3.875%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16272398 |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820492 |
| &nbsp;&nbsp;&nbsp;4.125%, due 3/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658766 |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6017500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79867674 |
| Total U.S. Government & Federal Agencies<br> (Cost $79,199,616) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79867674 |
| Total Long-Term Bonds<br> (Cost $138,701,123) |  | &nbsp;&nbsp;&nbsp;&nbsp;139880296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Common Stocks 57.7%** | **Common Stocks 57.7%** | **Common Stocks 57.7%** |
| **Aerospace & Defense 1.5%** | **Aerospace & Defense 1.5%** | **Aerospace & Defense 1.5%** |
| BAE Systems plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378766 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633733 |
| **Automobile Components 0.7%** | **Automobile Components 0.7%** | **Automobile Components 0.7%** |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126563 |
| **Banks 4.6%** | **Banks 4.6%** | **Banks 4.6%** |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9940868 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438319 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167521 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19871313 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Beverages 0.7%** | **Beverages 0.7%** | **Beverages 0.7%** |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 93211 | &nbsp;&nbsp;$3224168 |
| **Biotechnology 1.2%** | **Biotechnology 1.2%** | **Biotechnology 1.2%** |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 49081 | &nbsp;&nbsp;&nbsp;&nbsp; 5229090 |
| **Building Products 1.5%** | **Building Products 1.5%** | **Building Products 1.5%** |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37143 | &nbsp;&nbsp;&nbsp;&nbsp; 1999036 |
| Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp; 55627 | &nbsp;&nbsp;&nbsp;&nbsp; 4667106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666142 |
| **Capital Markets 4.8%** | **Capital Markets 4.8%** | **Capital Markets 4.8%** |
| Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 17109 | &nbsp;&nbsp;&nbsp;&nbsp; 2609636 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 34498 | &nbsp;&nbsp;&nbsp;&nbsp; 3942086 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10253 | &nbsp;&nbsp;&nbsp;&nbsp; 3278807 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 35964 | &nbsp;&nbsp;&nbsp;&nbsp; 4150965 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38962 | &nbsp;&nbsp;&nbsp;&nbsp; 2969294 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 26727 | &nbsp;&nbsp;&nbsp;&nbsp; 3662668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20613456 |
| **Chemicals 0.7%** | **Chemicals 0.7%** | **Chemicals 0.7%** |
| Axalta Coating Systems Ltd. (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942648 |
| **Communications Equipment 2.1%** | **Communications Equipment 2.1%** | **Communications Equipment 2.1%** |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5971937 |
| F5, Inc. (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132668 |
| **Consumer Staples Distribution & Retail 0.9%** | **Consumer Staples Distribution & Retail 0.9%** | **Consumer Staples Distribution & Retail 0.9%** |
| U.S. Foods Holding Corp. (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865076 |
| **Diversified Consumer Services 0.9%** | **Diversified Consumer Services 0.9%** | **Diversified Consumer Services 0.9%** |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783629 |
| **Electric Utilities 1.0%** | **Electric Utilities 1.0%** | **Electric Utilities 1.0%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087126 |
| **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270935 |
| **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585534 |
| **Food Products 0.8%** | **Food Products 0.8%** | **Food Products 0.8%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262949 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Gas Utilities 1.0%** | **Gas Utilities 1.0%** | **Gas Utilities 1.0%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 26607 | &nbsp;&nbsp;$4273882 |
| **Ground Transportation 0.5%** | **Ground Transportation 0.5%** | **Ground Transportation 0.5%** |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 50453 | &nbsp;&nbsp;&nbsp;&nbsp; 1976244 |
| **Health Care Equipment & Supplies 1.0%** | **Health Care Equipment & Supplies 1.0%** | **Health Care Equipment & Supplies 1.0%** |
| Boston Scientific Corp. (e) | &nbsp;&nbsp;&nbsp;&nbsp; 42501 | &nbsp;&nbsp;&nbsp;&nbsp; 4372078 |
| **Health Care Providers & Services 3.7%** | **Health Care Providers & Services 3.7%** | **Health Care Providers & Services 3.7%** |
| Centene Corp. (e) | &nbsp;&nbsp;&nbsp;&nbsp; 72198 | &nbsp;&nbsp;&nbsp;&nbsp; 4321050 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11082 | &nbsp;&nbsp;&nbsp;&nbsp; 4660868 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16624 | &nbsp;&nbsp;&nbsp;&nbsp; 6839778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15821696 |
| **Hotels, Restaurants & Leisure 0.5%** | **Hotels, Restaurants & Leisure 0.5%** | **Hotels, Restaurants & Leisure 0.5%** |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27215 | &nbsp;&nbsp;&nbsp;&nbsp; 2178561 |
| **Household Durables 0.4%** | **Household Durables 0.4%** | **Household Durables 0.4%** |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 17217 | &nbsp;&nbsp;&nbsp;&nbsp; 1869938 |
| **Industrial Conglomerates 0.8%** | **Industrial Conglomerates 0.8%** | **Industrial Conglomerates 0.8%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 23894 | &nbsp;&nbsp;&nbsp;&nbsp; 3319116 |
| **Insurance 3.9%** | **Insurance 3.9%** | **Insurance 3.9%** |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5181411 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982595 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463855 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16967967 |
| **Interactive Media & Services 0.7%** | **Interactive Media & Services 0.7%** | **Interactive Media & Services 0.7%** |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956354 |
| **IT Services 1.0%** | **IT Services 1.0%** | **IT Services 1.0%** |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474176 |
| **Machinery 1.6%** | **Machinery 1.6%** | **Machinery 1.6%** |
| Middleby Corp. (The) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080652 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960403 |
| **Multi-Utilities 1.9%** | **Multi-Utilities 1.9%** | **Multi-Utilities 1.9%** |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347617 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 35367 | &nbsp;&nbsp;$3873394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221011 |
| **Oil, Gas & Consumable Fuels 5.3%** | **Oil, Gas & Consumable Fuels 5.3%** | **Oil, Gas & Consumable Fuels 5.3%** |
| Antero Resources Corp. (e) | &nbsp;&nbsp;&nbsp;&nbsp; 93741 | &nbsp;&nbsp;&nbsp;&nbsp; 3264999 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 43791 | &nbsp;&nbsp;&nbsp;&nbsp; 3902654 |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 135095 | &nbsp;&nbsp;&nbsp;&nbsp; 3317933 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20744 | &nbsp;&nbsp;&nbsp;&nbsp; 2738416 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27734 | &nbsp;&nbsp;&nbsp;&nbsp; 3059892 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 23495 | &nbsp;&nbsp;&nbsp;&nbsp; 3228448 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 19057 | &nbsp;&nbsp;&nbsp;&nbsp; 3256841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22769183 |
| **Personal Care Products 1.5%** | **Personal Care Products 1.5%** | **Personal Care Products 1.5%** |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 151621 | &nbsp;&nbsp;&nbsp;&nbsp; 3578255 |
| Unilever plc, Sponsored ADR (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 46872 | &nbsp;&nbsp;&nbsp;&nbsp; 2978716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556971 |
| **Pharmaceuticals 5.4%** | **Pharmaceuticals 5.4%** | **Pharmaceuticals 5.4%** |
| AstraZeneca plc, Sponsored ADR (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576721 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8097640 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768140 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859006 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23151931 |
| **Semiconductors & Semiconductor Equipment 1.6%** | **Semiconductors & Semiconductor Equipment 1.6%** | **Semiconductors & Semiconductor Equipment 1.6%** |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419422 |
| NXP Semiconductors NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6828420 |
| **Software 0.7%** | **Software 0.7%** | **Software 0.7%** |
| Adobe, Inc. (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046713 |
| **Specialized REITs 1.8%** | **Specialized REITs 1.8%** | **Specialized REITs 1.8%** |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803024 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718355 |
| **Specialty Retail 1.4%** | **Specialty Retail 1.4%** | **Specialty Retail 1.4%** |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170553 |
| Industria de Diseno Textil SA, ADR (Spain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043240 |
| Total Common Stocks<br> (Cost $211,234,841) |  | &nbsp;&nbsp;&nbsp;&nbsp;248801269 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Exchange-Traded Funds 8.7%** | **Exchange-Traded Funds 8.7%** | **Exchange-Traded Funds 8.7%** |
| iShares Intermediate Government/Credit Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 159088 | &nbsp;&nbsp;$16954008 |
| Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 223613 | &nbsp;&nbsp;&nbsp;&nbsp; 13410072 |
| Vanguard Russell 1000 Value (f) | &nbsp;&nbsp;&nbsp;&nbsp; 87009 | &nbsp;&nbsp;&nbsp;&nbsp; 6952019 |
| Total Exchange-Traded Funds<br> (Cost $36,180,848) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37316099 |
| **Short-Term Investment 0.6%** | **Short-Term Investment 0.6%** | **Short-Term Investment 0.6%** |
| **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2526018 | &nbsp;&nbsp;&nbsp;&nbsp; 2526018 |
| Total Short-Term Investment<br> (Cost $2,526,018) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526018 |
| Total Investments<br> (Cost $388,642,830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;428523682 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222138 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$430745820 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of April 30, 2025. |
| (c) | Fixed to floating rate—Rate shown was the rate in effect as of April 30, 2025. |
| (d) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (e) | Non-income producing security. |
| (f) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $527,340. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $538,106. (See Note 2(I)) |
| (g) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$4134 | &nbsp;&nbsp;$22951 | &nbsp;&nbsp;$(24559) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2526 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$— | &nbsp;&nbsp;2526 |

---

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;104 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $11191971 | &nbsp;&nbsp; $11356312 | &nbsp;&nbsp; $164341 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5169310) | &nbsp;&nbsp;&nbsp;&nbsp; (5203711) | &nbsp;&nbsp;&nbsp;&nbsp; (34401) |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (780737) | &nbsp;&nbsp;&nbsp;&nbsp; (785531) | &nbsp;&nbsp;&nbsp;&nbsp; (4794) |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2156311) | &nbsp;&nbsp;&nbsp;&nbsp; (2179953) | &nbsp;&nbsp;&nbsp;&nbsp; (23642) |
| Total Short Contracts |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62837) |
| Net Unrealized Appreciation |  |  |  |  | &nbsp;&nbsp;$101504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $93,257 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| CLO—Collateralized Loan Obligation |
| ETF—Exchange-Traded Fund |
| REIT—Real Estate Investment Trust |
| SOFR—Secured Overnight Financing Rate |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1826758 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1826758 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56910480 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 56910480 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1275384 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1275384 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Federal Agencies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79867674 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 79867674 |
| Total Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;139880296 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;139880296 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; 4254967 | &nbsp;&nbsp;&nbsp;&nbsp; 2378766 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 6633733 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 20301507 | &nbsp;&nbsp;&nbsp;&nbsp; 2850424 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 23151931 |
| &nbsp;&nbsp;&nbsp;All Other Industries | &nbsp;&nbsp;&nbsp;&nbsp; 219015605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 219015605 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;243572079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5229190 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;248801269 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 37316099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 37316099 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2526018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2526018 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;283414196 | &nbsp;&nbsp;&nbsp;&nbsp;145109486 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;428523682 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 164341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 164341 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$283578537 | &nbsp;&nbsp;$145109486 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$428688023 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(62837) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(62837) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $386,116,812) including securities on loan of $527,340 | $425997664 |
| Investment in affiliated investment companies, at value<br> (identified cost $2,526,018) | &nbsp;&nbsp;&nbsp;&nbsp;2526018 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;3212149 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93257 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;1158878 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383697 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107091 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;433547625 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;2192890 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227378 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158464 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90396 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81031 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33042 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2801805 |
| Net assets | $430745820 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $14258 |
| Additional paid-in-capital | &nbsp;&nbsp;379385041 |
|  | &nbsp;&nbsp;379399299 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;51346521 |
| Net assets | $430745820 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $343612959 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;11376970 |
| Net asset value per share outstanding | $30.20 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Maximum offering price per share outstanding | $31.13 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $32784219 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1085395 |
| Net asset value per share outstanding | $30.20 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Maximum offering price per share outstanding | $30.97 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $5684650 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190857 |
| Net asset value and offering price per share outstanding | $29.78 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $48602714 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1602919 |
| Net asset value and offering price per share outstanding | $30.32 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $61278 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 |
| Net asset value and offering price per share outstanding<sup>(a)</sup> | $30.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The difference between the calculated and stated NAV was caused by rounding.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $34,208) | $3843190 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;3288809 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80064 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;7242985 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1441208 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438578 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42497 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35913 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278409 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49231 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43935 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19030 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13265 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;2382362 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;2357452 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4885533 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;12772841 |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293676) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;12479542 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(19453224) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359366 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(19092731) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(6613189) |
| Net increase (decrease) in net assets resulting from operations | $(1727656) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4885533 | &nbsp;&nbsp;$9500456 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;12479542 | &nbsp;&nbsp;&nbsp;&nbsp;17733473 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(19092731) | &nbsp;&nbsp;&nbsp;&nbsp;50333601 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(1727656) | &nbsp;&nbsp;&nbsp;&nbsp;77567530 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(16486006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7614829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;(1558883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(2489461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1451) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(20882926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9747251) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;18574309 | &nbsp;&nbsp;&nbsp;&nbsp;34526594 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;20606080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589554 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(41844954) | &nbsp;&nbsp;&nbsp;&nbsp;(91032711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2664565) | &nbsp;&nbsp;&nbsp;&nbsp;(46916563) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(25275147) | &nbsp;&nbsp;&nbsp;&nbsp;20903716 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;456020967 | &nbsp;&nbsp;&nbsp;&nbsp;435117251 |
| End of period | $430745820 | &nbsp;&nbsp;$456020967 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$31.77 | &nbsp;&nbsp;&nbsp;&nbsp;$27.34 | &nbsp;&nbsp;&nbsp;&nbsp;$28.21 | &nbsp;&nbsp;&nbsp;&nbsp;$37.09 | &nbsp;&nbsp;&nbsp;&nbsp;$29.72 | &nbsp;&nbsp;&nbsp;&nbsp;$30.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$30.20 | &nbsp;&nbsp;&nbsp;&nbsp;$31.77 | &nbsp;&nbsp;&nbsp;&nbsp;$27.34 | &nbsp;&nbsp;&nbsp;&nbsp;$28.21 | &nbsp;&nbsp;&nbsp;&nbsp;$37.09 | &nbsp;&nbsp;&nbsp;&nbsp;$29.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$343613 | &nbsp;&nbsp;&nbsp;&nbsp;$358863 | &nbsp;&nbsp;&nbsp;&nbsp;$328665 | &nbsp;&nbsp;&nbsp;&nbsp;$345376 | &nbsp;&nbsp;&nbsp;&nbsp;$343224 | &nbsp;&nbsp;&nbsp;&nbsp;$252574 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$31.77 | &nbsp;&nbsp;&nbsp;&nbsp;$27.34 | &nbsp;&nbsp;&nbsp;&nbsp;$28.20 | &nbsp;&nbsp;&nbsp;&nbsp;$37.10 | &nbsp;&nbsp;&nbsp;&nbsp;$29.75 | &nbsp;&nbsp;&nbsp;&nbsp;$31.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$30.20 | &nbsp;&nbsp;&nbsp;&nbsp;$31.77 | &nbsp;&nbsp;&nbsp;&nbsp;$27.34 | &nbsp;&nbsp;&nbsp;&nbsp;$28.20 | &nbsp;&nbsp;&nbsp;&nbsp;$37.10 | &nbsp;&nbsp;&nbsp;&nbsp;$29.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$32784 | &nbsp;&nbsp;&nbsp;&nbsp;$34819 | &nbsp;&nbsp;&nbsp;&nbsp;$36675 | &nbsp;&nbsp;&nbsp;&nbsp;$40341 | &nbsp;&nbsp;&nbsp;&nbsp;$46706 | &nbsp;&nbsp;&nbsp;&nbsp;$47358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$31.33 | &nbsp;&nbsp;&nbsp;&nbsp;$26.95 | &nbsp;&nbsp;&nbsp;&nbsp;$27.80 | &nbsp;&nbsp;&nbsp;&nbsp;$36.71 | &nbsp;&nbsp;&nbsp;&nbsp;$29.55 | &nbsp;&nbsp;&nbsp;&nbsp;$30.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$29.78 | &nbsp;&nbsp;&nbsp;&nbsp;$31.33 | &nbsp;&nbsp;&nbsp;&nbsp;$26.95 | &nbsp;&nbsp;&nbsp;&nbsp;$27.80 | &nbsp;&nbsp;&nbsp;&nbsp;$36.71 | &nbsp;&nbsp;&nbsp;&nbsp;$29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$5685 | &nbsp;&nbsp;&nbsp;&nbsp;$8183 | &nbsp;&nbsp;&nbsp;&nbsp;$11121 | &nbsp;&nbsp;&nbsp;&nbsp;$17020 | &nbsp;&nbsp;&nbsp;&nbsp;$26050 | &nbsp;&nbsp;&nbsp;&nbsp;$30769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$31.89 | &nbsp;&nbsp;&nbsp;&nbsp;$27.44 | &nbsp;&nbsp;&nbsp;&nbsp;$28.31 | &nbsp;&nbsp;&nbsp;&nbsp;$37.19 | &nbsp;&nbsp;&nbsp;&nbsp;$29.80 | &nbsp;&nbsp;&nbsp;&nbsp;$31.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$30.32 | &nbsp;&nbsp;&nbsp;&nbsp;$31.89 | &nbsp;&nbsp;&nbsp;&nbsp;$27.44 | &nbsp;&nbsp;&nbsp;&nbsp;$28.31 | &nbsp;&nbsp;&nbsp;&nbsp;$37.19 | &nbsp;&nbsp;&nbsp;&nbsp;$29.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$48603 | &nbsp;&nbsp;&nbsp;&nbsp;$53409 | &nbsp;&nbsp;&nbsp;&nbsp;$53113 | &nbsp;&nbsp;&nbsp;&nbsp;$57772 | &nbsp;&nbsp;&nbsp;&nbsp;$72481 | &nbsp;&nbsp;&nbsp;&nbsp;$152036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$31.93 | &nbsp;&nbsp;&nbsp;&nbsp;$27.47 | &nbsp;&nbsp;&nbsp;&nbsp;$28.35 | &nbsp;&nbsp;&nbsp;&nbsp;$37.23 | &nbsp;&nbsp;&nbsp;&nbsp;$29.83 | &nbsp;&nbsp;&nbsp;&nbsp;$31.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$30.36 | &nbsp;&nbsp;&nbsp;&nbsp;$31.93 | &nbsp;&nbsp;&nbsp;&nbsp;$27.47 | &nbsp;&nbsp;&nbsp;&nbsp;$28.35 | &nbsp;&nbsp;&nbsp;&nbsp;$37.23 | &nbsp;&nbsp;&nbsp;&nbsp;$29.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;$62 | &nbsp;&nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;$49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Balanced Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;January 2, 2004 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class C | &nbsp;&nbsp;December 30, 2002 |
| Class I | &nbsp;&nbsp;May 1, 1989 |
| Class R6 | &nbsp;&nbsp;December 15, 2017 |

---

Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fees.

The Fund's investment objective is to seek total return.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment

Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The

18 NYLI Balanced Fund

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Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

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Notes to Financial Statements (Unaudited) (continued)

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Exchange-traded funds ("ETFs") are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisors. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisors, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between

such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on

20 NYLI Balanced Fund

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securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract.

Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and

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Notes to Financial Statements (Unaudited) (continued)

liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(J) Debt Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

Investments in the Fund are not guaranteed, even though some of the Fund's underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund's investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money because the Fund may be unable to invest in higher yielding assets. The Fund is subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

The Fund may invest in foreign debt securities, which carry certain risks that are in addition to the usual risks inherent in domestic instruments.

Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(K) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(L) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Fund's securities as well as to help manage the duration and yield curve positioning of the portfolio.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $164341 | $164341 |
| Total Fair Value | $164341 | $164341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;

22 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(62837) | $(62837) |
| Total Fair Value | $(62837) | $(62837) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $(293676) | $(293676) |
| Total Net Realized Gain (Loss) | $(293676) | $(293676) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $359366 | $359366 |
| Total Net Change in Unrealized Appreciation (Depreciation) | $359366 | $359366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Long | $10184146 |
| Futures Contracts Short | $(6228082) |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisors. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Wellington Management Company LLP ("Wellington" or the "Subadvisor"), a registered investment adviser, serves as a Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the equity portion of the Fund, pursuant to the terms of a Subadvisory Agreement (a "Subadvisory Agreement") between New York Life Investments and Wellington. NYL Investors LLC ("NYL Investors" or the "Subadvisor," and, together with Wellington, the "Subadvisors"), a

registered investment adviser and a direct, wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the fixed-income portion of the Fund, pursuant to the terms of a Subadvisory Agreement between New York Life Investments and NYL Investors. New York Life Investments pays for the services of the Subadvisors.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.65% up to $1 billion; 0.625% from $1 billion to $2 billion; and 0.60% in excess of $2 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.65% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $1,441,208 and waived fees and/or reimbursed expenses, including the voluntary waiver/reimbursement of certain class specific expenses in the amount of $24,910 and paid Wellington and NYL Investors $363,057 and $230,682, respectively.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Notes to Financial Statements (Unaudited) (continued)

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $18,433 and $876, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class and Class C shares during the six-month period ended April 30, 2025, of $6,559, $9 and $957, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the

aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$158169 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79750 | &nbsp;&nbsp;&nbsp;&nbsp;(20425) |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4331) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class R6 | &nbsp;&nbsp;$37790 | &nbsp;&nbsp;61.7% |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $390605461 | $47119214 | $(9200993) | $37918221 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$9747251 |

---

24 NYLI Balanced Fund

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of U.S. government securities were $426,094 and $418,178, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $122,421 and $140,727, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507163 | &nbsp;&nbsp;$15665455 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16260708 |
| Shares redeemed | &nbsp;&nbsp;(1007451) | &nbsp;&nbsp;&nbsp;&nbsp;(31155006) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771157 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830219 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82523 | &nbsp;&nbsp;$2601376 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913476 | &nbsp;&nbsp;$27623837 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7482614 |
| Shares redeemed | &nbsp;&nbsp;(2160588) | &nbsp;&nbsp;&nbsp;&nbsp;(65094339) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1002083) | &nbsp;&nbsp;&nbsp;&nbsp;(29987888) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552256 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134066) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(728367) | &nbsp;&nbsp;$(21569698) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19623 | &nbsp;&nbsp;$605053 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552299 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1837251) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320101 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311132 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928116) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10407) | &nbsp;&nbsp;$(296883) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36287 | &nbsp;&nbsp;$1092265 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695073 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(122459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3696094) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1908756) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947451 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(213791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6606635) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(245881) | &nbsp;&nbsp;$(7567940) |

---

------

[**Table of Contents**](#JOB_NYLI__8947a204-1b25-4181-8fd6-91d6de73eebb_TOC)

Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;$21346 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32756) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11410) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661917) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21862) | &nbsp;&nbsp;$(673327) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;$29015 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18529 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916645) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869101) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1792994) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89352) | &nbsp;&nbsp;$(2662095) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989 | &nbsp;&nbsp;$245302 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324173 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2146144) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1576669) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551318) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70308) | &nbsp;&nbsp;$(2127987) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31695 | &nbsp;&nbsp;$960278 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108628 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(158263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4730041) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(122968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3661135) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849259) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(151438) | &nbsp;&nbsp;$(4510394) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65747 | &nbsp;&nbsp;$2057478 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444596 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(215844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6672668) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71706) | &nbsp;&nbsp;$(2170594) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151995 | &nbsp;&nbsp;$4608025 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276967 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(458261) | &nbsp;&nbsp;&nbsp;&nbsp;(13870528) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(264548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7985536) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126066 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27180) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(261264) | &nbsp;&nbsp;$(7886650) |
| &nbsp;&nbsp;**Class R1<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;$6072 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174282) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5624) | &nbsp;&nbsp;$(167610) |
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;$3189 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(509540) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17049) | &nbsp;&nbsp;$(505473) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6954 | &nbsp;&nbsp;$203907 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2040606) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1831885) |
| Shares converted from Class R3 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215639) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68671) | &nbsp;&nbsp;$(2047524) |

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26 NYLI Balanced Fund

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;$1021 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1129) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;$2850 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$6 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;$821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreements

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI Floating Rate Fund

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### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img813b08b01.jpg)

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**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_463e8c4e-2008-4604-b85e-f4aef4600158_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_463e8c4e-2008-4604-b85e-f4aef4600158_25) | &nbsp;&nbsp;27 |
| [Notes to Financial Statements](#xx_42734461-8170-4ab8-9d22-c7d499689300_1) | &nbsp;&nbsp;33 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_61cd26e0-6912-4cb5-a2a4-2254e70c7e99_1) | &nbsp;&nbsp;43 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_61cd26e0-6912-4cb5-a2a4-2254e70c7e99_1) | &nbsp;&nbsp;43 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_61cd26e0-6912-4cb5-a2a4-2254e70c7e99_1) | &nbsp;&nbsp;43 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_7981bf1e-c7f7-4dc0-a909-5bdf9db98a5f_1) | &nbsp;&nbsp;44 |

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Bonds 96.9%** | **Long-Term Bonds 96.9%** | **Long-Term Bonds 96.9%** |
| **Asset-Backed Securities 3.0%** | **Asset-Backed Securities 3.0%** | **Asset-Backed Securities 3.0%** |
| **Other Asset-Backed Securities 3.0%** | **Other Asset-Backed Securities 3.0%** | **Other Asset-Backed Securities 3.0%** |
| 720 East CLO IV Ltd. (a)(b) | 720 East CLO IV Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;6.256% (3 Month SOFR + 2.00%), due 4/15/37 | &nbsp;&nbsp;&nbsp;$787500 | &nbsp;&nbsp;$788769 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;8.106% (3 Month SOFR + 3.85%), due 4/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251670 |
| 720 East CLO VI Ltd. (a)(b) | 720 East CLO VI Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;5.919% (3 Month SOFR + 1.65%), due 1/20/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688798 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class D2 |  |  |
| &nbsp;&nbsp;&nbsp;8.369% (3 Month SOFR + 4.10%), due 1/20/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188100 |
| AIMCO CLO 16 Ltd. | AIMCO CLO 16 Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2021-16A, Class D2R |  |  |
| &nbsp;&nbsp;&nbsp;8.48% (3 Month SOFR + 4.20%), due 7/17/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970584 |
| AIMCO CLO 20 Ltd. (a)(b) | AIMCO CLO 20 Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2023-20A, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;6.461% (3 Month SOFR + 2.20%), due 10/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502063 |
| &nbsp;&nbsp;&nbsp;Series 2023-20A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;8.261% (3 Month SOFR + 4.00%), due 10/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283426 |
| Ballyrock CLO 23 Ltd. | Ballyrock CLO 23 Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2023-23A, Class C1R |  |  |
| &nbsp;&nbsp;&nbsp;8.059% (3 Month SOFR + 3.75%), due 4/25/38 (a)(b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| Elmwood CLO 35 Ltd. (a)(b) | Elmwood CLO 35 Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2024-11A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;5.919% (3 Month SOFR + 1.65%), due 10/18/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994164 |
| &nbsp;&nbsp;&nbsp;Series 2024-11A, Class D2 |  |  |
| &nbsp;&nbsp;&nbsp;8.269% (3 Month SOFR + 4.00%), due 10/18/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597523 |
| Empower CLO Ltd. (a)(b) | Empower CLO Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class BR |  |  |
| &nbsp;&nbsp;&nbsp;6.019% (3 Month SOFR + 1.75%), due 10/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237576 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;7.006% (3 Month SOFR + 2.75%), due 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255170 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class D1R |  |  |
| &nbsp;&nbsp;&nbsp;7.269% (3 Month SOFR + 3.00%), due 10/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207014 |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| Empower CLO Ltd. (a)(b) (continued) | Empower CLO Ltd. (a)(b) (continued) |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;9.656% (3 Month SOFR + 5.40%), due 7/15/36 | &nbsp;&nbsp;&nbsp;$1250000 | &nbsp;&nbsp;$1254511 |
| Galaxy 32 CLO Ltd. (a)(b) | Galaxy 32 CLO Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2023-32A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;6.569% (3 Month SOFR + 2.30%), due 10/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502100 |
| &nbsp;&nbsp;&nbsp;Series 2023-32A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;8.569% (3 Month SOFR + 4.30%), due 10/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1507897 |
| Magnetite XXXI Ltd. (a)(b) | Magnetite XXXI Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2021-31A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;6.168% (3 Month SOFR + 1.912%), due 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499012 |
| &nbsp;&nbsp;&nbsp;Series 2021-31A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;10.518% (3 Month SOFR + 6.262%), due 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449110 |
| OHA Credit Funding 16 Ltd. (a)(b) | OHA Credit Funding 16 Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2023-16A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;6.519% (3 Month SOFR + 2.25%), due 10/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502637 |
| &nbsp;&nbsp;&nbsp;Series 2023-16A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;8.269% (3 Month SOFR + 4.00%), due 10/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507912 |
| Palmer Square CLO Ltd. (a)(b) | Palmer Square CLO Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;6.256% (3 Month SOFR + 2.00%), due 4/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252843 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class D1R |  |  |
| &nbsp;&nbsp;&nbsp;7.269% (3 Month SOFR + 3.00%), due 7/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862079 |
| &nbsp;&nbsp;&nbsp;Series 2021-4A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;7.468% (3 Month SOFR + 3.212%), due 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495370 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;7.656% (3 Month SOFR + 3.40%), due 4/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255525 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class D2R |  |  |
| &nbsp;&nbsp;&nbsp;8.469% (3 Month SOFR + 4.20%), due 7/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872411 |
| Rockland Park CLO Ltd. (a)(b) | Rockland Park CLO Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;6.181% (3 Month SOFR + 1.912%), due 4/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489497 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;10.781% (3 Month SOFR + 6.512%), due 4/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475217 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| Sixth Street CLO 27 Ltd. (a)(b) | Sixth Street CLO 27 Ltd. (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2024-27A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;6.007% (3 Month SOFR + 1.65%), due 1/17/38 | &nbsp;&nbsp;&nbsp;$1875000 | &nbsp;&nbsp;$1865436 |
| &nbsp;&nbsp;&nbsp;Series 2024-27A, Class D2 |  |  |
| &nbsp;&nbsp;&nbsp;8.357% (3 Month SOFR + 4.00%), due 1/17/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1833870 |
| Total Asset-Backed Securities<br> (Cost $46,779,785) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46590284 |
| **Corporate Bonds 9.8%** | **Corporate Bonds 9.8%** | **Corporate Bonds 9.8%** |
| **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** |
| Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 11/30/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266045 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/1/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305432 |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| JetBlue Airways Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 9/20/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579159 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 4/15/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788579 |
| VistaJet Malta Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;9.50%, due 6/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321319 |
| **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.10%, due 8/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822362 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.35%, due 11/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881451 |
| **Auto Parts & Equipment 0.4%** | **Auto Parts & Equipment 0.4%** | **Auto Parts & Equipment 0.4%** |
| Adient Global Holdings Ltd. (a) |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463703 |
| &nbsp;&nbsp;&nbsp;8.25%, due 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989946 |
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378571 |
| **Building Materials 0.5%** | **Building Materials 0.5%** | **Building Materials 0.5%** |
| EMRLD Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 7/15/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519436 |
| JELD-WEN, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720445 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Masterbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 7/15/32 (a) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1002425 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 3/1/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505612 |
| Wilsonart LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.00%, due 8/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2715655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7463573 |
| **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.10% (5.85% Cash and 1.25% PIK), due 9/30/29 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220370 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722185 |
| INEOS Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174090 |
| INEOS Quattro Finance 2 plc |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 3/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280125 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015481 |
| Olympus Water US Holding Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 |
| &nbsp;&nbsp;&nbsp;9.75%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646853 |
| SCIL IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651277 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 8/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13970544 |
| **Commercial Services 0.9%** | **Commercial Services 0.9%** | **Commercial Services 0.9%** |
| Allied Universal Holdco LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215419 |
| &nbsp;&nbsp;&nbsp;9.75%, due 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007102 |
| Avis Budget Car Rental LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483525 |
| &nbsp;&nbsp;&nbsp;8.25%, due 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995400 |
| Champions Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 2/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773308 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999176 |
| Sotheby's |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407843 |
| WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/15/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14437603 |
| **Computers 0.0% ‡** | **Computers 0.0% ‡** | **Computers 0.0% ‡** |
| Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 8/1/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518791 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Distribution & Wholesale 0.1%** | **Distribution & Wholesale 0.1%** | **Distribution & Wholesale 0.1%** |
| OPENLANE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 6/1/25 (a) | &nbsp;&nbsp;&nbsp;$400000 | &nbsp;&nbsp;$399303 |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 6/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581064 |
| **Diversified Financial Services 0.9%** | **Diversified Financial Services 0.9%** | **Diversified Financial Services 0.9%** |
| Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 4/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240350 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 9/15/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011966 |
| GGAM Finance Ltd. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857814 |
| &nbsp;&nbsp;&nbsp;7.75%, due 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643275 |
| &nbsp;&nbsp;&nbsp;8.00%, due 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283350 |
| Jane Street Group |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 4/30/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609627 |
| LD Holdings Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 11/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360423 |
| TrueNoord Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 3/1/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13356209 |
| **Electric 0.3%** | **Electric 0.3%** | **Electric 0.3%** |
| Lightning Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 8/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015311 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/31/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486940 |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 3/15/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949197 |
| **Engineering & Construction 0.1%** | **Engineering & Construction 0.1%** | **Engineering & Construction 0.1%** |
| Brand Industrial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.375%, due 8/1/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424889 |
| **Entertainment 0.2%** | **Entertainment 0.2%** | **Entertainment 0.2%** |
| Great Canadian Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 11/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387374 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 5/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737679 |
| **Environmental Control 0.1%** | **Environmental Control 0.1%** | **Environmental Control 0.1%** |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 6/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970223 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food 0.1%** | **Food 0.1%** | **Food 0.1%** |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/29 (a) | &nbsp;&nbsp;&nbsp;$240000 | &nbsp;&nbsp;$235561 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 1/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 523055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758616 |
| **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** |
| Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 11/15/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127668 |
| **Healthcare-Products 0.0% ‡** | **Healthcare-Products 0.0% ‡** | **Healthcare-Products 0.0% ‡** |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446330 |
| **Healthcare-Services 0.4%** | **Healthcare-Services 0.4%** | **Healthcare-Services 0.4%** |
| Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 7/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535695 |
| Fortrea Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 7/1/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728933 |
| LifePoint Health, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274920 |
| &nbsp;&nbsp;&nbsp;10.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5479548 |
| **Insurance 0.3%** | **Insurance 0.3%** | **Insurance 0.3%** |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, due 2/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135725 |
| Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 6/1/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233705 |
| **Internet 0.1%** | **Internet 0.1%** | **Internet 0.1%** |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 9/30/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341640 |
| **Iron & Steel 0.0% ‡** | **Iron & Steel 0.0% ‡** | **Iron & Steel 0.0% ‡** |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630489 |
| **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 5/1/25 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| **Machinery-Diversified 0.1%** | **Machinery-Diversified 0.1%** | **Machinery-Diversified 0.1%** |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/23/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252304 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** |
| GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 12/23/29 (a) | &nbsp;&nbsp;&nbsp;$2100000 | &nbsp;&nbsp;$1575000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827304 |
| **Media 0.7%** | **Media 0.7%** | **Media 0.7%** |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50%, due 7/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940000 | &nbsp;&nbsp;&nbsp;&nbsp; 1991375 |
| Radiate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 9/15/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 629829 |
| Univision Communications, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4328324 |
| &nbsp;&nbsp;&nbsp;8.50%, due 7/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10018427 |
| **Mining 0.1%** | **Mining 0.1%** | **Mining 0.1%** |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 1/30/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318730 |
| **Oil & Gas 0.3%** | **Oil & Gas 0.3%** | **Oil & Gas 0.3%** |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/1/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187821 |
| SM Energy Co. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260400 |
| &nbsp;&nbsp;&nbsp;7.00%, due 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692750 |
| **Oil & Gas Services 0.1%** | **Oil & Gas Services 0.1%** | **Oil & Gas Services 0.1%** |
| Star Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 8/1/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281463 |
| **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** |
| Ardagh Metal Packaging Finance USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522245 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 4/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927291 |
| LABL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 10/1/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452500 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 4/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503960 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;12.75%, due 12/31/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643865 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** |
| 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;10.00%, due 4/15/32 (a) | &nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;$734381 |
| Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, due 4/15/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1737000 | &nbsp;&nbsp;&nbsp;&nbsp; 1806020 |
| Organon & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 4/30/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715492 |
| **Pipelines 0.1%** | **Pipelines 0.1%** | **Pipelines 0.1%** |
| Global Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, due 1/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018020 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 2/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957831 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Anywhere Real Estate Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318804 |
| **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** |
| MPT Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, due 2/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509478 |
| RHP Hotel Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294395 |
| &nbsp;&nbsp;&nbsp;7.25%, due 7/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934341 |
| **Retail 0.1%** | **Retail 0.1%** | **Retail 0.1%** |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752564 |
| **Software 0.5%** | **Software 0.5%** | **Software 0.5%** |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 6/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328082 |
| Clarivate Science Holdings Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660531 |
| &nbsp;&nbsp;&nbsp;4.875%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636228 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, due 6/30/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742007 |
| Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, due 11/28/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973045 |
| **Telecommunications 0.4%** | **Telecommunications 0.4%** | **Telecommunications 0.4%** |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.50%, due 12/15/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507861 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50%, due 5/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790262 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Telesat Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 6/1/27 (a) | &nbsp;&nbsp;&nbsp;$900000 | &nbsp;&nbsp;$479538 |
| Zegona Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 7/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3190260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967921 |
| **Transportation 0.1%** | **Transportation 0.1%** | **Transportation 0.1%** |
| Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 3/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp;&nbsp; 1695468 |
| **Trucking & Leasing 0.1%** | **Trucking & Leasing 0.1%** | **Trucking & Leasing 0.1%** |
| Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 6/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165298 |
| Total Corporate Bonds<br> (Cost $153,674,079) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149577844 |
| **Loan Assignments 84.1%** | **Loan Assignments 84.1%** | **Loan Assignments 84.1%** |
| **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** |
| Arcline FM Holdings LLC | Arcline FM Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 New Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 New Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.819% (1 Month SOFR + 3.50%), due 6/24/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718058 |
| Asplundh Tree Expert LLC | Asplundh Tree Expert LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2021 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2021 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.172% (1 Month SOFR + 1.75%), due 9/6/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578055 |
| Chromalloy Corp. | Chromalloy Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.038% (3 Month SOFR + 3.75%), due 3/27/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169603 |
| Cobham Ultra SeniorCo SARL | Cobham Ultra SeniorCo SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.427% (6 Month SOFR + 3.75%), due 8/3/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244840 |
| Dynasty Acquisition Co., Inc. (b) | Dynasty Acquisition Co., Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693424 |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024491 |
| Engineering Research and Consulting LLC | Engineering Research and Consulting LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;9.313% (3 Month SOFR + 5.00%), due 8/15/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298240 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| GOAT Holdco LLC | GOAT Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month SOFR + 3.00%), due 1/27/32 (b) | &nbsp;&nbsp;&nbsp;$3333333 | &nbsp;&nbsp;$3283930 |
| Kaman Corp. | Kaman Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan 7.025% - 7.068% | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan 7.025% - 7.068% |  |
| &nbsp;&nbsp;&nbsp;(3 Month SOFR + 2.75%, 6 Month SOFR + 2.75%), due 2/26/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827587 | &nbsp;&nbsp;&nbsp;&nbsp; 1798802 |
| SkyMiles IP Ltd. | SkyMiles IP Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.022% (3 Month SOFR + 3.75%), due 10/20/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640358 |
| TransDigm, Inc. (b) | TransDigm, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan L | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan L |  |
| &nbsp;&nbsp;&nbsp;6.799% (3 Month SOFR + 2.50%), due 1/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983530 |
| &nbsp;&nbsp;&nbsp;First Lien Facility Tranche Term Loan I | &nbsp;&nbsp;&nbsp;First Lien Facility Tranche Term Loan I |  |
| &nbsp;&nbsp;&nbsp;7.049% (3 Month SOFR + 2.75%), due 8/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928747 |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan K | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan K |  |
| &nbsp;&nbsp;&nbsp;7.049% (3 Month SOFR + 2.75%), due 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36666344 |
| **Animal Food 0.3%** | **Animal Food 0.3%** | **Animal Food 0.3%** |
| Alltech, Inc. | Alltech, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;8.686% (1 Month SOFR + 4.25%), due 8/13/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361269 |
| **Automobile 3.1%** | **Automobile 3.1%** | **Automobile 3.1%** |
| American Auto Auction Group LLC | American Auto Auction Group LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.799% (3 Month SOFR + 4.50%), due 12/30/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5805825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791310 |
| Autokiniton US Holdings, Inc. | Autokiniton US Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.436% (1 Month SOFR + 4.00%), due 4/6/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914990 |
| Belron Finance 2019 LLC | Belron Finance 2019 LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2031 Dollar Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2031 Dollar Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.052% (3 Month SOFR + 2.75%), due 10/16/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102026 |
| Clarios Global LP (b) | Clarios Global LP (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 5/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268539 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Automobile (continued)** | **Automobile (continued)** | **Automobile (continued)** |
| Clarios Global LP (b) (continued) | Clarios Global LP (b) (continued) |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 6 Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 6 Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 1/28/32 | &nbsp;&nbsp;&nbsp;$4500000 | &nbsp;&nbsp;$4414221 |
| First Brands Group LLC (b) | First Brands Group LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien 2021 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2021 Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.541% (3 Month SOFR + 5.00%), due 3/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312821 | &nbsp;&nbsp;&nbsp;&nbsp; 1216821 |
| &nbsp;&nbsp;&nbsp;First Lien 2022-II Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2022-II Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.541% (3 Month SOFR + 5.00%), due 3/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4168148 | &nbsp;&nbsp;&nbsp;&nbsp; 3864657 |
| Gates Global LLC | Gates Global LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan B5 | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 6/4/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6403834 |
| Mavis Tire Express Services Topco Corp. | Mavis Tire Express Services Topco Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.313% (3 Month SOFR + 3.00%), due 5/4/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538677 |
| Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 1/30/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6157660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6065296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47580371 |
| **Banking 0.5%** | **Banking 0.5%** | **Banking 0.5%** |
| Edelman Financial Engines Center LLC (The) | Edelman Financial Engines Center LLC (The) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 4/7/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499239 |
| Jane Street Group LLC | Jane Street Group LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Extended Term Loan | &nbsp;&nbsp;&nbsp;First Lien Extended Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.313% (3 Month SOFR + 2.00%), due 12/15/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464109 |
| **Beverage, Food & Tobacco 1.3%** | **Beverage, Food & Tobacco 1.3%** | **Beverage, Food & Tobacco 1.3%** |
| CHG PPC Parent LLC | CHG PPC Parent LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2021-1 US Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2021-1 US Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.436% (1 Month SOFR + 3.00%), due 12/8/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164417 |
| Clover Holdings 2 LLC | Clover Holdings 2 LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Floating Rate Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Floating Rate Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.295% (3 Month SOFR + 4.00%), due 12/9/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009469 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Beverage, Food & Tobacco (continued)** | **Beverage, Food & Tobacco (continued)** | **Beverage, Food & Tobacco (continued)** |
| Froneri International Ltd. | Froneri International Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B4 | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;6.237% (6 Month SOFR + 2.00%), due 9/30/31 (b) | &nbsp;&nbsp;&nbsp;$2886863 | &nbsp;&nbsp;$2863046 |
| Naked Juice LLC (b) | Naked Juice LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.558% (3 Month SOFR + 3.25%), due 1/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305803 | &nbsp;&nbsp;&nbsp;&nbsp; 183482 |
| &nbsp;&nbsp;&nbsp;First Lien First Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.708% (3 Month SOFR + 5.50%), due 1/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057931 | &nbsp;&nbsp;&nbsp;&nbsp; 1036773 |
| &nbsp;&nbsp;&nbsp;First Lien Third Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien Third Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;10.308% (3 Month SOFR + 6.00%), due 1/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76451 |
| Pegasus Bidco BV | Pegasus Bidco BV |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-2 Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024-2 Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.573% (3 Month SOFR + 3.25%), due 7/12/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280205 |
| Primo Brands Corp. | Primo Brands Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.549% (3 Month SOFR + 2.25%), due 3/31/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20310086 |
| **Broadcasting & Entertainment 1.1%** | **Broadcasting & Entertainment 1.1%** | **Broadcasting & Entertainment 1.1%** |
| Altice France SA | Altice France SA |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B14 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B14 |  |
| &nbsp;&nbsp;&nbsp;9.756% (3 Month SOFR + 5.50%), due 8/15/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143913 |
| Charter Communications Operating LLC | Charter Communications Operating LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;6.548% (3 Month SOFR + 2.25%), due 12/15/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986583 |
| CMG Media Corp. | CMG Media Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.899% (3 Month SOFR + 3.50%), due 6/18/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397556 |
| Gray Media, Inc. | Gray Media, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan D | &nbsp;&nbsp;&nbsp;First Lien Term Loan D |  |
| &nbsp;&nbsp;&nbsp;7.438% (1 Month SOFR + 3.00%), due 12/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112065 |
| Nexstar Media, Inc. | Nexstar Media, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;6.936% (1 Month SOFR + 2.50%), due 9/18/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532731 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Broadcasting & Entertainment (continued)** | **Broadcasting & Entertainment (continued)** | **Broadcasting & Entertainment (continued)** |
| Univision Communications, Inc. (b) | Univision Communications, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.686% (1 Month SOFR + 3.25%), due 1/31/29 | &nbsp;&nbsp;&nbsp;$4369740 | &nbsp;&nbsp;$4129404 |
| &nbsp;&nbsp;&nbsp;First Lien 2022 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2022 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.549% (3 Month SOFR + 4.25%), due 6/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911719 | &nbsp;&nbsp;&nbsp;&nbsp; 877529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17179781 |
| **Buildings & Real Estate 1.6%** | **Buildings & Real Estate 1.6%** | **Buildings & Real Estate 1.6%** |
| AllSpring Buyer LLC | AllSpring Buyer LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Specified Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Specified Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.313% (3 Month SOFR + 3.00%), due 11/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615984 |
| Core & Main LP | Core & Main LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan D | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan D |  |
| &nbsp;&nbsp;&nbsp;6.27% (6 Month SOFR + 2.00%), due 7/27/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526229 |
| Cornerstone Building Brands, Inc. | Cornerstone Building Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.672% (1 Month SOFR + 3.25%), due 4/12/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763761 |
| Cushman & Wakefield US Borrower LLC | Cushman & Wakefield US Borrower LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-3 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024-3 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 1/31/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202604 |
| LSF12 Crown US Commercial Bidco LLC | LSF12 Crown US Commercial Bidco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.569% (1 Month SOFR + 4.25%), due 12/2/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881249 |
| VC GB Holdings I Corp. | VC GB Holdings I Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.061% (3 Month SOFR + 3.50%), due 7/23/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031918 |
| WEC US Holdings, Inc. | WEC US Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.574% (1 Month SOFR + 2.25%), due 1/27/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908618 |
| Wilsonart LLC | Wilsonart LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.549% (3 Month SOFR + 4.25%), due 8/5/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24290264 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Capital Equipment 0.9%** | **Capital Equipment 0.9%** | **Capital Equipment 0.9%** |
| AZZ, Inc. | AZZ, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 5/14/29 (b) | &nbsp;&nbsp;&nbsp;$2677692 | &nbsp;&nbsp;$2671668 |
| CPM Holdings, Inc. | CPM Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.824% (1 Month SOFR + 4.50%), due 9/28/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1970038 | &nbsp;&nbsp;&nbsp;&nbsp; 1901086 |
| Crosby US Acquisition Corp. | Crosby US Acquisition Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 4 Replacement Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 4 Replacement Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.825% (1 Month SOFR + 3.50%), due 8/16/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377693 |
| Discovery Energy Holding Corp. | Discovery Energy Holding Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.049% (3 Month SOFR + 3.75%), due 5/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669561 |
| EMRLD Borrower LP | EMRLD Borrower LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Amendment Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Amendment Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.799% (3 Month SOFR + 2.50%), due 8/4/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968388 |
| MIWD Holdco II LLC | MIWD Holdco II LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 3/28/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14183812 |
| **Cargo Transport 0.2%** | **Cargo Transport 0.2%** | **Cargo Transport 0.2%** |
| Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.98% (3 Month SOFR + 2.75%), due 4/9/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633371 |
| **Chemicals, Plastics & Rubber 6.4%** | **Chemicals, Plastics & Rubber 6.4%** | **Chemicals, Plastics & Rubber 6.4%** |
| Aruba Investments Holdings LLC (b) | Aruba Investments Holdings LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.422% (1 Month SOFR + 4.00%), due 11/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233790 |
| &nbsp;&nbsp;&nbsp;First Lien 2022 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2022 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.072% (1 Month SOFR + 4.75%), due 11/24/27 (e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429594 |
| Bakelite US Holdco, Inc. | Bakelite US Holdco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.049% (3 Month SOFR + 3.75%), due 12/23/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663306 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Chemicals, Plastics & Rubber (continued)** | **Chemicals, Plastics & Rubber (continued)** | **Chemicals, Plastics & Rubber (continued)** |
| Clydesdale Acquisition Holdings, Inc. (b) | Clydesdale Acquisition Holdings, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Delayed Draw Commitment Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Delayed Draw Commitment Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.48% (3 Month SOFR + 3.25%), due 4/1/32 | &nbsp;&nbsp;&nbsp;$2103 | &nbsp;&nbsp;$2086 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.497% (1 Month SOFR + 3.175%), due 4/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4054416 | &nbsp;&nbsp;&nbsp;&nbsp; 4019572 |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Cloasing Date Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Cloasing Date Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.548% (3 Month SOFR + 3.25%), due 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4009897 | &nbsp;&nbsp;&nbsp;&nbsp; 3976815 |
| Fortis 333, Inc. | Fortis 333, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Dollar Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Dollar Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.803% (3 Month SOFR + 3.50%), due 3/29/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6451501 |
| Glatfelter Corp. | Glatfelter Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.563% (3 Month SOFR + 4.25%), due 11/4/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975859 |
| INEOS US Finance LLC | INEOS US Finance LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2030 Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2030 Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 2/18/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108162 |
| INEOS US Petrochem LLC | INEOS US Petrochem LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;8.672% (1 Month SOFR + 4.25%), due 4/2/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945561 |
| Innophos Holdings, Inc. | Innophos Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.686% (1 Month SOFR + 4.25%), due 3/16/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612289 |
| Jazz Financing Lux SARL | Jazz Financing Lux SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien Dollar Tranche Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Dollar Tranche Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 5/5/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634564 |
| Koppers, Inc. | Koppers, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2023 Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien 2023 Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month SOFR + 2.50%), due 4/10/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394119 |
| Lonza Group AG | Lonza Group AG |  |
| &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.324% (3 Month SOFR + 3.925%), due 7/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968357 |
| Nouryon Finance BV (b) | Nouryon Finance BV (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien November 2024 Dollar Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien November 2024 Dollar Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.553% (3 Month SOFR + 3.25%), due 4/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6207613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168815 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals, Plastics & Rubber (continued)** | **Chemicals, Plastics & Rubber (continued)** | **Chemicals, Plastics & Rubber (continued)** |
| Nouryon Finance BV (b) (continued) | Nouryon Finance BV (b) (continued) |  |
| &nbsp;&nbsp;&nbsp;First Lien November 2024 Dollar Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien November 2024 Dollar Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;7.554% (3 Month SOFR + 3.25%), due 4/3/28 | &nbsp;&nbsp;&nbsp;$1234430 | &nbsp;&nbsp;$1236744 |
| Olympus Water US Holding Corp. | Olympus Water US Holding Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Dollar Term Loan B6 | &nbsp;&nbsp;&nbsp;First Lien Dollar Term Loan B6 |  |
| &nbsp;&nbsp;&nbsp;7.299% (3 Month SOFR + 3.00%), due 6/23/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2950164 | &nbsp;&nbsp;&nbsp;&nbsp; 2910419 |
| OQ Chemicals International Holding GmbH | OQ Chemicals International Holding GmbH |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;7.097% (3 Month SOFR + 2.712%), due 4/8/31 (b)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014153 |
| Pasadena Performance Products LLC | Pasadena Performance Products LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.752% (6 Month SOFR + 3.50%), due 3/1/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987500 |
| SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.28% (3 Month SOFR + 3.00%), due 1/31/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568530 |
| Sparta US HoldCo LLC | Sparta US HoldCo LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.319% (1 Month SOFR + 3.00%), due 8/2/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991115 |
| TricorBraun Holdings, Inc. | TricorBraun Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Closing Date Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Closing Date Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.686% (1 Month SOFR + 3.25%), due 3/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5643464 |
| Tronox Finance LLC | Tronox Finance LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.549% (3 Month SOFR + 2.25%), due 4/4/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305045 |
| Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.642% (3 Month SOFR + 4.25%), due 4/23/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5220312 |
| Windsor Holdings III LLC | Windsor Holdings III LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.073% (1 Month SOFR + 2.75%), due 8/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4927874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850876 |
| WR Grace Holdings LLC | WR Grace Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.549% (3 Month SOFR + 3.25%), due 9/22/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97628252 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Commercial Services 0.4%** | **Commercial Services 0.4%** | **Commercial Services 0.4%** |
| Champions Financing, Inc. | Champions Financing, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.072% (3 Month SOFR + 4.75%), due 2/6/29 (b) | &nbsp;&nbsp;&nbsp;$1989975 | &nbsp;&nbsp;$1766103 |
| Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-1 Refinancing Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien 2024-1 Refinancing Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.319% (1 Month SOFR + 2.00%), due 10/15/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4962594 | &nbsp;&nbsp;&nbsp;&nbsp; 4933905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700008 |
| **Construction & Buildings 0.3%** | **Construction & Buildings 0.3%** | **Construction & Buildings 0.3%** |
| Queen MergerCo, Inc. | Queen MergerCo, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.053% (1 Year SOFR + 3.00%), due 4/30/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495625 |
| Star Holding LLC | Star Holding LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.822% (1 Month SOFR + 4.50%), due 7/18/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804349 |
| **Consumer Durables 0.1%** | **Consumer Durables 0.1%** | **Consumer Durables 0.1%** |
| SWF Holdings I Corp. (b) | SWF Holdings I Corp. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Tranche Term Loan A2 | &nbsp;&nbsp;&nbsp;First Lien Initial Tranche Term Loan A2 |  |
| &nbsp;&nbsp;&nbsp;8.436% (1 Month SOFR + 4.00%), due 10/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845316 |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan A1 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan A1 |  |
| &nbsp;&nbsp;&nbsp;8.822% (1 Month SOFR + 4.50%), due 12/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484959 |
| **Containers, Packaging & Glass 2.6%** | **Containers, Packaging & Glass 2.6%** | **Containers, Packaging & Glass 2.6%** |
| Alliance Laundry Systems LLC | Alliance Laundry Systems LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 8/19/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547722 |
| Altium Packaging LLC | Altium Packaging LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 6/11/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888431 |
| Berlin Packaging LLC | Berlin Packaging LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-2 Replacement Term Loan 7.799% - 7.824% | &nbsp;&nbsp;&nbsp;First Lien 2024-2 Replacement Term Loan 7.799% - 7.824% |  |
| &nbsp;&nbsp;&nbsp;(1 Month SOFR + 3.50%, 3 Month SOFR + 3.50%), due 6/9/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050619 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Containers, Packaging & Glass (continued)** | **Containers, Packaging & Glass (continued)** | **Containers, Packaging & Glass (continued)** |
| Charter Next Generation, Inc. | Charter Next Generation, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Replacement Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Replacement Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.071% (1 Month SOFR + 2.75%), due 11/29/30 (b) | &nbsp;&nbsp;&nbsp;$5911569 | &nbsp;&nbsp;$5887556 |
| Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 8/4/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3788694 | &nbsp;&nbsp;&nbsp;&nbsp; 3778749 |
| Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Facility Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Facility Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.319% (1 Month SOFR + 3.00%), due 4/15/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176747 |
| Pretium Packaging LLC | Pretium Packaging LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Tranche Term Loan A1 | &nbsp;&nbsp;&nbsp;First Lien Initial Tranche Term Loan A1 |  |
| &nbsp;&nbsp;&nbsp;8.189% (0.70% PIK) (3 Month SOFR + 3.899%), due 10/2/28 (b)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915548 |
| Pretium PKG Holdings, Inc. (b) | Pretium PKG Holdings, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Third Amendment Tranche Term Loan A | &nbsp;&nbsp;&nbsp;First Lien Third Amendment Tranche Term Loan A |  |
| &nbsp;&nbsp;&nbsp;8.041% (1.25% PIK) (3 Month SOFR + 3.75%), due 10/2/28 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122200 |
| &nbsp;&nbsp;&nbsp;Second Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;Second Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;11.309% (3 Month SOFR + 6.75%), due 9/30/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323750 |
| ProAmpac PG Borrower LLC | ProAmpac PG Borrower LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B 8.256% - 8.323% | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B 8.256% - 8.323% |  |
| &nbsp;&nbsp;&nbsp;(3 Month SOFR + 4.00%), due 9/15/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528027 |
| RLG Holdings LLC | RLG Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Closing Date Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Closing Date Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.686% (1 Month SOFR + 4.25%), due 7/7/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257000 |
| Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B7 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B7 |  |
| &nbsp;&nbsp;&nbsp;8.049% (3 Month SOFR + 3.75%), due 9/15/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39321290 |
| **Diversified/Conglomerate Manufacturing 1.9%** | **Diversified/Conglomerate Manufacturing 1.9%** | **Diversified/Conglomerate Manufacturing 1.9%** |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial US Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial US Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.172% (1 Month SOFR + 3.75%), due 5/12/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10833847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10817260 |
| Filtration Group Corp. | Filtration Group Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 10/23/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5639089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629221 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Diversified/Conglomerate Manufacturing (continued)** | **Diversified/Conglomerate Manufacturing (continued)** | **Diversified/Conglomerate Manufacturing (continued)** |
| GYP Holdings III Corp. | GYP Holdings III Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 5/13/30 (b) | &nbsp;&nbsp;&nbsp;$562244 | &nbsp;&nbsp;$560135 |
| Iron Mountain, Inc. | Iron Mountain, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 1 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 1 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 1/31/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1639742 | &nbsp;&nbsp;&nbsp;&nbsp; 1625394 |
| LTI Holdings, Inc. | LTI Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 7/29/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401109 |
| Quikrete Holdings, Inc. (b) | Quikrete Holdings, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 4/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840134 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 2/10/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28790753 |
| **Diversified/Conglomerate Service 1.8%** | **Diversified/Conglomerate Service 1.8%** | **Diversified/Conglomerate Service 1.8%** |
| Applied Systems, Inc. | Applied Systems, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.049% (3 Month SOFR + 2.75%), due 2/24/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382262 |
| Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;8.322% (1 Month SOFR + 4.00%), due 3/12/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4952816 |
| Genesys Cloud Services, Inc. | Genesys Cloud Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 1/30/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7862790 |
| MKS Instruments, Inc. | MKS Instruments, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025-1 Dollar Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2025-1 Dollar Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.323% (1 Month SOFR + 2.00%), due 8/17/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4328041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288365 |
| TruGreen LP | TruGreen LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.422% (1 Month SOFR + 4.00%), due 11/2/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27394032 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ecological 0.5%** | **Ecological 0.5%** | **Ecological 0.5%** |
| Discovery Purchaser Corp. | Discovery Purchaser Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.022% (3 Month SOFR + 3.75%), due 10/4/29 (b) | &nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;$3475938 |
| GFL Environmental Services, Inc. | GFL Environmental Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.819% (3 Month SOFR + 2.50%), due 3/3/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4137000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612938 |
| **Electronics 5.8%** | **Electronics 5.8%** | **Electronics 5.8%** |
| Camelot US Acquisition LLC | Camelot US Acquisition LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 1/31/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628955 |
| Castle U.S. Holding Corp. (b) | Castle U.S. Holding Corp. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Out Dollar Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Second Out Dollar Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;8.685% (1 Month SOFR + 4.25%), due 5/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101611 |
| &nbsp;&nbsp;&nbsp;First Lien Second Out Dollar Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Second Out Dollar Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;8.935% (1 Month SOFR + 4.50%), due 5/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585489 |
| &nbsp;&nbsp;&nbsp;First Lien Initial First Out Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial First Out Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;10.33% (3 Month SOFR + 6.00%), due 4/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931440 |
| CommScope, Inc. | CommScope, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.572% (1 Month SOFR + 5.25%), due 12/18/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6059368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928080 |
| CoreLogic, Inc. | CoreLogic, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.936% (1 Month SOFR + 3.50%), due 6/2/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7311190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7194664 |
| DCert Buyer, Inc. | DCert Buyer, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.322% (1 Month SOFR + 4.00%), due 10/16/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735129 |
| Eagle Parent Corp. | Eagle Parent Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.549% (3 Month SOFR + 4.25%), due 4/2/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605115 |
| ECI Macola/Max Holding LLC | ECI Macola/Max Holding LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.549% (3 Month SOFR + 3.25%), due 5/9/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337024 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| Epicor Software Corp. | Epicor Software Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan E | &nbsp;&nbsp;&nbsp;First Lien Term Loan E |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 5/30/31 (b) | &nbsp;&nbsp;&nbsp;$7226322 | &nbsp;&nbsp;$7185674 |
| Flexera Software LLC | Flexera Software LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;7.299% (3 Month SOFR + 3.00%), due 3/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4649013 | &nbsp;&nbsp;&nbsp;&nbsp; 4618795 |
| Gainwell Acquisition Corp. | Gainwell Acquisition Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.399% (3 Month SOFR + 4.00%), due 10/1/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910469 |
| ION Trading Finance Ltd. | ION Trading Finance Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Dollar Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Dollar Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.799% (3 Month SOFR + 3.50%), due 4/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764285 |
| MH Sub I LLC (b) | MH Sub I LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 5/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719838 |
| &nbsp;&nbsp;&nbsp;First Lien 2024 December New Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 December New Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 12/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893013 |
| Project Alpha Intermediate Holding, Inc. (b) | Project Alpha Intermediate Holding, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Amendment Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Amendment Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.549% (6 Month SOFR + 3.25%), due 10/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6370811 |
| &nbsp;&nbsp;&nbsp;Second Lien Term Loan | &nbsp;&nbsp;&nbsp;Second Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.777% (1 Year SOFR + 5.00%), due 11/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995312 |
| Proofpoint, Inc. | Proofpoint, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 8/31/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7335351 |
| Rocket Software, Inc. | Rocket Software, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 11/28/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053850 |
| Sharp Services LLC | Sharp Services LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.549% (3 Month SOFR + 3.25%), due 1/2/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023294 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B8 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B8 |  |
| &nbsp;&nbsp;&nbsp;6.325% (1 Month SOFR + 2.00%), due 5/9/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640822 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| Vertiv Group Corp. | Vertiv Group Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;6.069% (1 Month SOFR + 1.75%), due 3/2/27 (b) | &nbsp;&nbsp;&nbsp;$3716609 | &nbsp;&nbsp;$3700813 |
| VS Buyer LLC | VS Buyer LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-1 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024-1 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.019% (3 Month SOFR + 2.75%), due 4/14/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3554048 | &nbsp;&nbsp;&nbsp;&nbsp; 3545162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88804996 |
| **Energy (Electricity) 0.9%** | **Energy (Electricity) 0.9%** | **Energy (Electricity) 0.9%** |
| Alpha Generation LLC | Alpha Generation LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 9/30/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894660 |
| Cogentrix Finance Holdco I LLC | Cogentrix Finance Holdco I LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 2/13/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745312 |
| Lightning Power LLC | Lightning Power LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.549% (3 Month SOFR + 2.25%), due 8/18/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467680 |
| Reworld Holding Corp. (b) | Reworld Holding Corp. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.579% (1 Month SOFR + 2.25%), due 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875198 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan C | &nbsp;&nbsp;&nbsp;First Lien Term Loan C |  |
| &nbsp;&nbsp;&nbsp;6.579% (1 Month SOFR + 2.25%), due 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13358336 |
| **Entertainment 1.5%** | **Entertainment 1.5%** | **Entertainment 1.5%** |
| Alterra Mountain Co. (b) | Alterra Mountain Co. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B6 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B6 |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 8/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695067 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B7 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B7 |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 5/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284783 |
| Delta 2 (Lux) SARL | Delta 2 (Lux) SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.299% (3 Month SOFR + 2.00%), due 9/30/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320556 |
| Endeavor Operating Co. LLC | Endeavor Operating Co. LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 3/24/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933332 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Fertitta Entertainment LLC | Fertitta Entertainment LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 1/29/29 (b) | &nbsp;&nbsp;&nbsp;$4875782 | &nbsp;&nbsp;$4746438 |
| Great Canadian Gaming Corp. | Great Canadian Gaming Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;9.053% (3 Month SOFR + 4.75%), due 11/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550274 | &nbsp;&nbsp;&nbsp;&nbsp; 1486712 |
| J&J Ventures Gaming LLC | J&J Ventures Gaming LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 4/26/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23508480 |
| **Finance 7.1%** | **Finance 7.1%** | **Finance 7.1%** |
| AAdvantage Loyalty IP Ltd. | AAdvantage Loyalty IP Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.522% (3 Month SOFR + 2.25%), due 4/20/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938487 |
| ADMI Corp. (b) | ADMI Corp. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 4 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 4 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.811% (1 Month SOFR + 3.375%), due 12/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876302 |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.186% (1 Month SOFR + 3.75%), due 12/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513202 |
| AlixPartners LLP | AlixPartners LLP |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.936% (1 Month SOFR + 2.50%), due 2/4/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311158 |
| Ascensus Group Holdings, Inc. | Ascensus Group Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 8/2/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6776144 |
| Azorra SOAR Finance Ltd. | Azorra SOAR Finance Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.799% (3 Month SOFR + 3.50%), due 10/18/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970075 |
| Boost Newco Borrower LLC | Boost Newco Borrower LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.299% (3 Month SOFR + 4.175%), due 1/31/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978148 |
| Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2031 Replacement Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2031 Replacement Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 7/30/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185581 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |
| Covia Holdings LLC | Covia Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.568% (3 Month SOFR + 3.25%), due 2/13/32 (b) | &nbsp;&nbsp;&nbsp;$2700000 | &nbsp;&nbsp;$2691562 |
| Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.049% (3 Month SOFR + 3.75%), due 4/9/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5214297 | &nbsp;&nbsp;&nbsp;&nbsp; 4937940 |
| Focus Financial Partners LLC | Focus Financial Partners LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Tranche Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Incremental Tranche Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 9/15/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377548 |
| GTCR Everest Borrower LLC | GTCR Everest Borrower LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.049% (3 Month SOFR + 2.75%), due 9/5/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742648 |
| LBM Acquisition LLC | LBM Acquisition LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 3 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 3 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.179% (1 Month SOFR + 3.75%), due 6/6/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5582167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313525 |
| Leia Finco US LLC | Leia Finco US LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.458% (3 Month SOFR + 3.25%), due 10/9/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786822 |
| LSF11 Trinity Bidco, Inc. | LSF11 Trinity Bidco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month SOFR + 3.00%), due 6/14/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622668 |
| Minimax Viking GmbH | Minimax Viking GmbH |  |
| &nbsp;&nbsp;&nbsp;First Lien Senior USD Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Senior USD Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 2/20/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046857 |
| Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.936% (1 Month SOFR + 3.50%), due 2/10/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067625 |
| Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.302% (3 Month SOFR + 4.75%), due 2/28/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842515 |
| Orbit Private Holdings I Ltd. (b) | Orbit Private Holdings I Ltd. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.885% (1 Year SOFR + 3.75%), due 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447273 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.035% (6 Month SOFR + 3.75%), due 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535090 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Finance (continued)** | **Finance (continued)** | **Finance (continued)** |
| Park River Holdings, Inc. | Park River Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.799% (3 Month SOFR + 3.25%), due 12/28/27 (b) | &nbsp;&nbsp;&nbsp;$4460174 | &nbsp;&nbsp;$4186989 |
| Peraton Corp. | Peraton Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.172% (1 Month SOFR + 3.75%), due 2/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5885463 | &nbsp;&nbsp;&nbsp;&nbsp; 5291661 |
| Pluto Acquisition I, Inc. (b) | Pluto Acquisition I, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.302% (3 Month SOFR + 4.00%), due 9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335919 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan A | &nbsp;&nbsp;&nbsp;First Lien Term Loan A |  |
| &nbsp;&nbsp;&nbsp;9.803% (3 Month SOFR + 5.50%), due 6/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874246 |
| Potters Borrower LP | Potters Borrower LP |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.317% (3 Month SOFR + 3.00%), due 12/14/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503131 |
| RealPage, Inc. | RealPage, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.561% (3 Month SOFR + 3.00%), due 4/24/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391880 |
| RealTruck Group, Inc. | RealTruck Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.936% (1 Month SOFR + 3.50%), due 1/31/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383323 |
| Russell Investments US Institutional Holdco, Inc. | Russell Investments US Institutional Holdco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2027 Commitment Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2027 Commitment Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.28% (1.50% PIK) (3 Month SOFR + 5.00%), due 5/28/27 (b)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258280 |
| Spa Holdings 3 Oy | Spa Holdings 3 Oy |  |
| &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.311% (3 Month SOFR + 3.75%), due 2/4/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035943 |
| WCG Intermediate Corp. | WCG Intermediate Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 2/25/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409273 |
| WIN Waste Innovations Holdings, Inc. | WIN Waste Innovations Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.186% (1 Month SOFR + 2.75%), due 3/24/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108778140 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare 2.3%** | **Healthcare 2.3%** | **Healthcare 2.3%** |
| AHP Health Partners, Inc. | AHP Health Partners, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 8/24/28 (b) | &nbsp;&nbsp;&nbsp;$1727778 | &nbsp;&nbsp;$1723997 |
| Chariot Buyer LLC | Chariot Buyer LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.672% (1 Month SOFR + 3.25%), due 11/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6969320 | &nbsp;&nbsp;&nbsp;&nbsp; 6875980 |
| CHG Healthcare Services, Inc. | CHG Healthcare Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Refinancing Term Loan 7.299% - 7.313% | &nbsp;&nbsp;&nbsp;First Lien Refinancing Term Loan 7.299% - 7.313% |  |
| &nbsp;&nbsp;&nbsp;(3 Month SOFR + 3.00%), due 9/29/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965910 |
| ICU Medical, Inc. | ICU Medical, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.949% (3 Month SOFR + 2.50%), due 1/8/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018091 |
| LSCS Holdings, Inc. | LSCS Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.799% (3 Month SOFR + 4.50%), due 2/20/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530288 |
| Medical Solutions Holdings, Inc. | Medical Solutions Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.88% (3 Month SOFR + 3.50%), due 11/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204971 |
| Medline Borrower LP | Medline Borrower LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Dollar Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien Dollar Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 10/23/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9318752 |
| US Anesthesia Partners, Inc. | US Anesthesia Partners, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.688% (1 Month SOFR + 4.25%), due 10/2/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35486107 |
| **Healthcare & Pharmaceuticals 1.6%** | **Healthcare & Pharmaceuticals 1.6%** | **Healthcare & Pharmaceuticals 1.6%** |
| 1261229 BC Ltd. | 1261229 BC Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;10.57% (1 Month SOFR + 6.25%), due 10/8/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295834 |
| Bausch + Lomb Corp. | Bausch + Lomb Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month SOFR + 3.25%), due 5/10/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797239 |
| Concentra Health Services, Inc. | Concentra Health Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 7/28/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932818 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Healthcare & Pharmaceuticals (continued)** | **Healthcare & Pharmaceuticals (continued)** | **Healthcare & Pharmaceuticals (continued)** |
| Embecta Corp. | Embecta Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.313% (3 Month SOFR + 3.00%), due 3/30/29 (b) | &nbsp;&nbsp;&nbsp;$4344729 | &nbsp;&nbsp;$4298566 |
| Owens & Minor, Inc. | Owens & Minor, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;8.172% (1 Month SOFR + 3.75%), due 3/29/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406667 | &nbsp;&nbsp;&nbsp;&nbsp; 2256250 |
| Pediatric Associates Holding Co. LLC | Pediatric Associates Holding Co. LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.791% (3 Month SOFR + 3.25%), due 12/29/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020858 |
| Phoenix Newco, Inc. | Phoenix Newco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Sixth Amendment Term Loan | &nbsp;&nbsp;&nbsp;First Lien Sixth Amendment Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 11/15/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5576310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540064 |
| Physician Partners LLC (b) | Physician Partners LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Tranche Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Initial Tranche Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;8.449% (3 Month SOFR + 4.00%), due 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696476 |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan C | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan C |  |
| &nbsp;&nbsp;&nbsp;9.949% (4.00% PIK) (3 Month SOFR + 5.50%), due 12/31/30 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170495 |
| Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month SOFR + 2.75%), due 12/19/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24538582 |
| **Healthcare, Education & Childcare 3.0%** | **Healthcare, Education & Childcare 3.0%** | **Healthcare, Education & Childcare 3.0%** |
| Agiliti Health, Inc. | Agiliti Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan 7.216% - 7.298% | &nbsp;&nbsp;&nbsp;First Lien Term Loan 7.216% - 7.298% |  |
| &nbsp;&nbsp;&nbsp;(3 Month SOFR + 3.00%, 6 Month SOFR + 3.00%), due 5/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589484 |
| Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.822% (1 Month SOFR + 5.50%), due 5/4/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650068 |
| AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 2/15/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10752816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10652008 |
| Carestream Health, Inc. | Carestream Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;11.899% (3 Month SOFR + 7.50%), due 9/30/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326260 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare, Education & Childcare (continued)** | **Healthcare, Education & Childcare (continued)** | **Healthcare, Education & Childcare (continued)** |
| Ecovyst Catalyst Technologies LLC | Ecovyst Catalyst Technologies LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Amendment Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Amendment Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.28%, due 6/12/31 | &nbsp;&nbsp;&nbsp;$1920394 | &nbsp;&nbsp;$1883906 |
| Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.174% (1 Month SOFR + 1.75%), due 8/2/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751424 | &nbsp;&nbsp;&nbsp;&nbsp; 1739747 |
| Insulet Corp. | Insulet Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-A Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024-A Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 8/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302599 |
| Journey Personal Care Corp. | Journey Personal Care Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.049% (3 Month SOFR + 3.75%), due 3/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771309 |
| Mallinckrodt plc | Mallinckrodt plc |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;14.00% (1 Month SOFR + 9.50%), due 11/14/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573337 |
| National Mentor Holdings, Inc. (b) | National Mentor Holdings, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan 8.149% - 8.172% | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan 8.149% - 8.172% |  |
| &nbsp;&nbsp;&nbsp;(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005463 |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan C | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan C |  |
| &nbsp;&nbsp;&nbsp;8.149% (3 Month SOFR + 3.75%), due 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75725 |
| Organon & Co. | Organon & Co. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month SOFR + 2.25%), due 5/19/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136139 |
| Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.811% (3 Month SOFR + 3.25%), due 3/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332371 |
| Select Medical Corp. | Select Medical Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 12/3/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415216 |
| Sound Inpatient Physicians Holdings LLC (b)(d) | Sound Inpatient Physicians Holdings LLC (b)(d) |  |
| &nbsp;&nbsp;&nbsp;First Lien PIK Term Loan B | &nbsp;&nbsp;&nbsp;First Lien PIK Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.061% (1.50% PIK) (3 Month SOFR + 3.50%), due 6/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483624 |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan A | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan A |  |
| &nbsp;&nbsp;&nbsp;10.061% (1.00% PIK) (3 Month SOFR + 5.50%), due 6/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45276991 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **High Tech Industries 3.5%** | **High Tech Industries 3.5%** | **High Tech Industries 3.5%** |
| Altar Bidco, Inc. | Altar Bidco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.247% (1 Year SOFR + 3.10%), due 2/1/29 (b) | &nbsp;&nbsp;&nbsp;$4000539 | &nbsp;&nbsp;$3888856 |
| AP Gaming I LLC | AP Gaming I LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.072% (1 Month SOFR + 3.75%), due 2/15/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5506159 | &nbsp;&nbsp;&nbsp;&nbsp; 5497559 |
| Central Parent LLC | Central Parent LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.549% (3 Month SOFR + 3.25%), due 7/6/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655569 |
| Clearwater Analytics LLC | Clearwater Analytics LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.519% (3 Month SOFR + 2.25%), due 4/21/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980000 |
| Hanesbrands, Inc. | Hanesbrands, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Trance Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Trance Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 3/8/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4046186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985493 |
| Javelin Buyer, Inc. | Javelin Buyer, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.563% (3 Month SOFR + 3.25%), due 12/5/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195126 |
| Modena Buyer LLC | Modena Buyer LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.78% (3 Month SOFR + 4.50%), due 7/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291833 |
| NAB Holdings LLC | NAB Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.799% (3 Month SOFR + 2.50%), due 11/24/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284507 |
| Neon Maple US Debt Mergersub, Inc. | Neon Maple US Debt Mergersub, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.322%, due 11/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058562 |
| Open Text Corp. | Open Text Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 1/31/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617838 |
| Plusgrade, Inc. | Plusgrade, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Replacement Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Replacement Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.799% (3 Month SOFR + 3.50%), due 3/3/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255107 |
| Sandisk Corp. | Sandisk Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.33% (3 Month SOFR + 3.00%), due 2/21/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200000 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **High Tech Industries (continued)** | **High Tech Industries (continued)** | **High Tech Industries (continued)** |
| Scientific Games Holdings LP | Scientific Games Holdings LP |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.285% (3 Month SOFR + 3.00%), due 4/4/29 (b) | &nbsp;&nbsp;&nbsp;$4259557 | &nbsp;&nbsp;$4216961 |
| Sophos Holdings LLC | Sophos Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Dollar Tranche Term Loan | &nbsp;&nbsp;&nbsp;First Lien Dollar Tranche Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.935% (1 Month SOFR + 3.50%), due 3/5/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3958679 | &nbsp;&nbsp;&nbsp;&nbsp; 3952504 |
| Star Parent, Inc. | Star Parent, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.299% (3 Month SOFR + 4.00%), due 9/27/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53379498 |
| **Hotel, Gaming & Leisure 0.7%** | **Hotel, Gaming & Leisure 0.7%** | **Hotel, Gaming & Leisure 0.7%** |
| Flutter Financing BV | Flutter Financing BV |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.049% (3 Month SOFR + 1.75%), due 12/2/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912508 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;6.077% (1 Month SOFR + 1.75%), due 11/8/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707083 |
| Ontario Gaming GTA LP | Ontario Gaming GTA LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.549% (3 Month SOFR + 4.25%), due 8/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212677 |
| Tacala Investment Corp. | Tacala Investment Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 2 Replacement Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 2 Replacement Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 1/31/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10405083 |
| **Hotels, Motels, Inns & Gaming 3.3%** | **Hotels, Motels, Inns & Gaming 3.3%** | **Hotels, Motels, Inns & Gaming 3.3%** |
| Aimbridge Acquisition Co., Inc. (b) | Aimbridge Acquisition Co., Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien FLFO Term Loan | &nbsp;&nbsp;&nbsp;First Lien FLFO Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.935% (1 Month SOFR + 5.50%), due 3/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508622 |
| &nbsp;&nbsp;&nbsp;Second Lien Second Out Term Loan | &nbsp;&nbsp;&nbsp;Second Lien Second Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;11.935% (6.00% PIK) (1 Month SOFR + 7.614%), due 3/11/30 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490731 |
| Caesars Entertainment, Inc. (b) | Caesars Entertainment, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien 2023 Incremental Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2023 Incremental Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.563% (3 Month SOFR + 2.25%), due 2/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695452 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.563% (3 Month SOFR + 2.25%), due 2/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042098 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Hotels, Motels, Inns & Gaming (continued)** | **Hotels, Motels, Inns & Gaming (continued)** | **Hotels, Motels, Inns & Gaming (continued)** |
| Entain plc (b) | Entain plc (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien USD Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.903% (3 Month SOFR + 2.50%), due 3/29/27 | &nbsp;&nbsp;&nbsp;$4640712 | &nbsp;&nbsp;$4627950 |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;7.053% (3 Month SOFR + 2.75%), due 10/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1568163 | &nbsp;&nbsp;&nbsp;&nbsp; 1565714 |
| Everi Holdings, Inc. | Everi Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.936% (1 Month SOFR + 2.50%), due 8/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3859690 | &nbsp;&nbsp;&nbsp;&nbsp; 3851971 |
| Golden Entertainment, Inc. | Golden Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 5/27/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831825 |
| Light & Wonder International, Inc. | Light & Wonder International, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month SOFR + 2.25%), due 4/16/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785168 |
| Oceankey US II Corp. | Oceankey US II Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.922% (1 Month SOFR + 3.50%), due 12/15/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979469 |
| Penn Entertainment, Inc. | Penn Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 5/3/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935005 |
| Station Casinos LLC | Station Casinos LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 3/14/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410473 |
| Travel + Leisure Co. | Travel + Leisure Co. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 12/14/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659750 |
| UFC Holdings LLC | UFC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;6.58% (3 Month SOFR + 2.25%), due 11/21/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7347367 |
| Whatabrands LLC | Whatabrands LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-2 Refinancing Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024-2 Refinancing Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 8/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50143898 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance 2.7%** | **Insurance 2.7%** | **Insurance 2.7%** |
| Acrisure LLC | Acrisure LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B6 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B6 |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 11/6/30 (b) | &nbsp;&nbsp;&nbsp;$3283521 | &nbsp;&nbsp;$3258894 |
| Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.073% (1 Month SOFR + 2.75%), due 9/19/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3180095 | &nbsp;&nbsp;&nbsp;&nbsp; 3155160 |
| AssuredPartners, Inc. | AssuredPartners, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 2/14/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6927838 |
| Asurion LLC (b) | Asurion LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B12 | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B12 |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 9/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825728 |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B11 | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B11 |  |
| &nbsp;&nbsp;&nbsp;8.672% (1 Month SOFR + 4.25%), due 8/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121582 |
| &nbsp;&nbsp;&nbsp;Second Lien New Term Loan B3 | &nbsp;&nbsp;&nbsp;Second Lien New Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;9.686% (1 Month SOFR + 5.25%), due 1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049300 |
| &nbsp;&nbsp;&nbsp;Second Lien New Term Loan B4 | &nbsp;&nbsp;&nbsp;Second Lien New Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;9.686% (1 Month SOFR + 5.25%), due 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202500 |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 6/16/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5634322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5601220 |
| Goosehead Insurance Holdings LLC | Goosehead Insurance Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.792% (1 Month SOFR + 3.50%), due 1/8/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501875 |
| Ryan Specialty Group LLC | Ryan Specialty Group LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 9/15/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872425 |
| Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.313% (3 Month SOFR + 3.00%), due 7/31/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072889 |
| Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.049% (3 Month SOFR + 2.75%), due 5/6/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41409734 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Leisure, Amusement, Motion Pictures & Entertainment 1.1%** | **Leisure, Amusement, Motion Pictures & Entertainment 1.1%** | **Leisure, Amusement, Motion Pictures & Entertainment 1.1%** |
| Bombardier Recreational Products, Inc. | Bombardier Recreational Products, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Extended Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Extended Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 1/22/31 (b) | &nbsp;&nbsp;&nbsp;$3124364 | &nbsp;&nbsp;$3009640 |
| Creative Artists Agency LLC | Creative Artists Agency LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 10/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6724633 | &nbsp;&nbsp;&nbsp;&nbsp; 6678401 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 4/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816388 |
| Tripadvisor, Inc. | Tripadvisor, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.049% (3 Month SOFR + 2.75%), due 7/8/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17498282 |
| **Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.7%** | **Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.7%** | **Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.7%** |
| Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.674% (1 Month SOFR + 2.25%), due 7/31/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440893 |
| Columbus McKinnon Corp. | Columbus McKinnon Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.799% (3 Month SOFR + 2.50%), due 5/15/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740823 |
| Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.785% (6 Month SOFR + 4.50%), due 2/15/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10397820 |
| **Manufacturing 2.2%** | **Manufacturing 2.2%** | **Manufacturing 2.2%** |
| Chart Industries, Inc. | Chart Industries, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 7 Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 7 Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.788% (3 Month SOFR + 2.50%), due 3/15/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759092 |
| Coherent Corp. | Coherent Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 7/2/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757574 |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.172% (1 Month SOFR + 3.75%), due 11/23/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514254 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| FCG Acquisitions, Inc. | FCG Acquisitions, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 11 Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 11 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.549% (3 Month SOFR + 3.25%), due 3/31/28 (b) | &nbsp;&nbsp;&nbsp;$4074895 | &nbsp;&nbsp;$4049427 |
| LSF12 Badger Bidco LLC | LSF12 Badger Bidco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;10.322% (1 Month SOFR + 6.00%), due 8/30/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234375 | &nbsp;&nbsp;&nbsp;&nbsp; 1187315 |
| Madison IAQ LLC (b) | Madison IAQ LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.762% (6 Month SOFR + 2.50%), due 6/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684451 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.385% (1 Year SOFR + 3.25%), due 3/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969376 |
| Pro Mach Group, Inc. | Pro Mach Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 8/31/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734541 |
| Rexnord LLC | Rexnord LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.436% (1 Month SOFR + 2.00%), due 10/4/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884871 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.069% (1 Month SOFR + 1.75%), due 9/22/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810022 |
| Vortex Opco LLC | Vortex Opco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Closing Date Second-Out Purchased Term Loan | &nbsp;&nbsp;&nbsp;First Lien Closing Date Second-Out Purchased Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.664% (3 Month SOFR + 4.25%), due 12/18/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33044591 |
| **Media 1.1%** | **Media 1.1%** | **Media 1.1%** |
| Apple Bidco LLC | Apple Bidco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 9/23/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940125 |
| Cogeco Financing 2 LP | Cogeco Financing 2 LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.936% (1 Month SOFR + 2.50%), due 9/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973322 |
| Mission Broadcasting, Inc. | Mission Broadcasting, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;6.938% (1 Month SOFR + 2.50%), due 6/2/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346236 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Radiate Holdco LLC | Radiate Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 6 Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 6 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.686% (1 Month SOFR + 3.25%), due 9/25/26 (b) | &nbsp;&nbsp;&nbsp;$2502266 | &nbsp;&nbsp;$2158204 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B7 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B7 |  |
| &nbsp;&nbsp;&nbsp;8.522% (1 Month SOFR + 4.10%), due 12/31/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414252 | &nbsp;&nbsp;&nbsp;&nbsp; 1110188 |
| Virgin Media Bristol LLC | Virgin Media Bristol LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan Y | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan Y |  |
| &nbsp;&nbsp;&nbsp;7.373% (6 Month SOFR + 3.175%), due 3/31/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17544588 |
| **Mining, Steel, Iron & Non-Precious Metals 1.0%** | **Mining, Steel, Iron & Non-Precious Metals 1.0%** | **Mining, Steel, Iron & Non-Precious Metals 1.0%** |
| American Rock Salt Co. LLC (b) | American Rock Salt Co. LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.436% (1 Month SOFR + 4.00%), due 6/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723605 |
| &nbsp;&nbsp;&nbsp;First Lien First Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;11.197% (1 Year SOFR + 7.00%), due 6/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684733 |
| Arsenal AIC Parent LLC | Arsenal AIC Parent LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 8/19/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491903 |
| GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.303% (3 Month SOFR + 5.00%), due 12/21/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148893 |
| MRC Global (US), Inc. | MRC Global (US), Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 10/29/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791000 |
| Zekelman Industries, Inc. | Zekelman Industries, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.571% (1 Month SOFR + 2.25%), due 1/24/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15762080 |
| **Oil & Gas 2.5%** | **Oil & Gas 2.5%** | **Oil & Gas 2.5%** |
| ChampionX Corp. | ChampionX Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.172% (1 Month SOFR + 2.75%), due 6/7/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371719 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Compass Power Generation LLC | Compass Power Generation LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;8.075% (1 Month SOFR + 3.75%), due 4/16/29 (b) | &nbsp;&nbsp;&nbsp;$1929896 | &nbsp;&nbsp;$1933514 |
| Element Materials Technology Group US Holdings, Inc. | Element Materials Technology Group US Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial USD Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.049% (3 Month SOFR + 3.75%), due 6/22/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737000 | &nbsp;&nbsp;&nbsp;&nbsp; 2726736 |
| Fleet Midco I Ltd. | Fleet Midco I Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;7.055% (6 Month SOFR + 2.75%), due 2/21/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359212 |
| GIP Pilot Acquisition Partners LP | GIP Pilot Acquisition Partners LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.277% (3 Month SOFR + 2.00%), due 10/4/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316770 |
| Hilcorp Energy I LP | Hilcorp Energy I LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.321% (1 Month SOFR + 2.00%), due 2/6/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394286 |
| Liberty Media Corp. | Liberty Media Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;TBD, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660277 |
| NGL Energy Operating LLC | NGL Energy Operating LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.072% (1 Month SOFR + 3.75%), due 2/3/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744480 |
| Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.573% (1 Month SOFR + 2.25%), due 10/5/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795000 |
| Prairie Acquiror LP | Prairie Acquiror LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 8/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149416 |
| Thunder Generation Funding LLC | Thunder Generation Funding LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.299% (3 Month SOFR + 3.00%), due 9/26/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232070 |
| TransMontaigne Operating Co. LP | TransMontaigne Operating Co. LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 11/17/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819359 |
| Traverse Midstream Partners LLC | Traverse Midstream Partners LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Advance Term Loan | &nbsp;&nbsp;&nbsp;First Lien Advance Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.28% (3 Month SOFR + 3.00%), due 2/16/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38339428 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Packaging 0.2%** | **Packaging 0.2%** | **Packaging 0.2%** |
| LABL, Inc. | LABL, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;9.422% (1 Month SOFR + 5.00%), due 10/30/28 (b) | &nbsp;&nbsp;&nbsp;$3109679 | &nbsp;&nbsp;$2676915 |
| **Personal & Nondurable Consumer Products 1.6%** | **Personal & Nondurable Consumer Products 1.6%** | **Personal & Nondurable Consumer Products 1.6%** |
| ABG Intermediate Holdings 2 LLC (b) | ABG Intermediate Holdings 2 LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 12/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6913419 | &nbsp;&nbsp;&nbsp;&nbsp; 6776588 |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Delayed Draw Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 2/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562800 |
| Foundation Building Materials, Inc. (b) | Foundation Building Materials, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.686% (1 Month SOFR + 3.25%), due 1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838783 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.552% (3 Month SOFR + 4.00%), due 1/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267097 |
| Hunter Douglas, Inc. | Hunter Douglas, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.549% (3 Month SOFR + 3.25%), due 1/16/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295519 |
| Leslie's Poolmart, Inc. | Leslie's Poolmart, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.186% (3 Month SOFR + 2.75%), due 3/9/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340646 |
| Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.811% (3 Month SOFR + 4.25%), due 4/17/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930086 |
| Perrigo Investments LLC | Perrigo Investments LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 4/20/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24061784 |
| **Personal & Nondurable Consumer Products (Manufacturing Only) 0.8%** | **Personal & Nondurable Consumer Products (Manufacturing Only) 0.8%** | **Personal & Nondurable Consumer Products (Manufacturing Only) 0.8%** |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 1/31/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602558 |
| SRAM LLC | SRAM LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month SOFR + 2.25%), due 2/27/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374624 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Personal & Nondurable Consumer Products (Manufacturing Only) (continued)** | **Personal & Nondurable Consumer Products (Manufacturing Only) (continued)** | **Personal & Nondurable Consumer Products (Manufacturing Only) (continued)** |
| Varsity Brands, Inc. (b) | Varsity Brands, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.819% (3 Month SOFR + 3.50%), due 8/26/31 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1471875 |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.068% (3 Month SOFR + 3.75%), due 8/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3826875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275932 |
| **Personal, Food & Miscellaneous Services 0.7%** | **Personal, Food & Miscellaneous Services 0.7%** | **Personal, Food & Miscellaneous Services 0.7%** |
| Aramark Services, Inc. | Aramark Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B7 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B7 |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 4/6/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553803 |
| Hayward Industries, Inc. | Hayward Industries, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.936% (1 Month SOFR + 2.50%), due 5/30/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559354 |
| IRB Holding Corp. | IRB Holding Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Second Replacement Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Second Replacement Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 12/15/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027952 |
| KFC Holding Co. | KFC Holding Co. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2021 Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2021 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.184% (1 Month SOFR + 1.75%), due 3/15/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10271508 |
| **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** |
| Padagis LLC | Padagis LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;9.271% (3 Month SOFR + 4.75%), due 7/6/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730941 |
| **Retail 0.4%** | **Retail 0.4%** | **Retail 0.4%** |
| Great Outdoors Group LLC | Great Outdoors Group LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 1/23/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806117 |
| **Retail Store 1.0%** | **Retail Store 1.0%** | **Retail Store 1.0%** |
| Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 6/11/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092880 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Retail Store (continued)** | **Retail Store (continued)** | **Retail Store (continued)** |
| PetSmart LLC | PetSmart LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.172% (1 Month SOFR + 3.75%), due 2/11/28 (b) | &nbsp;&nbsp;&nbsp;$3348950 | &nbsp;&nbsp;$3292437 |
| White Cap Supply Holdings LLC | White Cap Supply Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Tranche Term Loan C | &nbsp;&nbsp;&nbsp;First Lien Facility Tranche Term Loan C |  |
| &nbsp;&nbsp;&nbsp;7.575% (1 Month SOFR + 3.25%), due 10/19/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8076443 | &nbsp;&nbsp;&nbsp;&nbsp; 7860761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15246078 |
| **Services: Business 4.1%** | **Services: Business 4.1%** | **Services: Business 4.1%** |
| Amentum Holdings, Inc. | Amentum Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 9/29/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164868 |
| Brown Group Holding LLC (b) | Brown Group Holding LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B2 6.78% - 6.822% | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B2 6.78% - 6.822% |  |
| &nbsp;&nbsp;&nbsp;(1 Month SOFR + 2.50%, 3 Month SOFR + 2.50%), due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175479 |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.822% (1 Month SOFR + 2.50%), due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737198 |
| ConnectWise LLC | ConnectWise LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.061% (3 Month SOFR + 3.50%), due 9/29/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867313 |
| Examworks Bidco, Inc. | Examworks Bidco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 11/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5963054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933239 |
| Fortrea Holdings, Inc. | Fortrea Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.072% (1 Month SOFR + 3.75%), due 7/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352634 |
| GIP II Blue Holding LP | GIP II Blue Holding LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.072% (1 Month SOFR + 3.75%), due 9/29/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775367 |
| Grant Thornton Advisors LLC | Grant Thornton Advisors LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.075% (1 Month SOFR + 2.75%), due 6/2/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607322 |
| ICON Luxembourg SARL | ICON Luxembourg SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien Repriced Lux Term Loan | &nbsp;&nbsp;&nbsp;First Lien Repriced Lux Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.299% (3 Month SOFR + 2.00%), due 7/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782889 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Services: Business (continued)** | **Services: Business (continued)** | **Services: Business (continued)** |
| Inizio Group Ltd. | Inizio Group Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.649% (3 Month SOFR + 4.25%), due 8/21/28 (b) | &nbsp;&nbsp;&nbsp;$4577000 | &nbsp;&nbsp;$4439690 |
| Mitchell International, Inc. | Mitchell International, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 6/17/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4975000 | &nbsp;&nbsp;&nbsp;&nbsp; 4901151 |
| MPH Acquisition Holdings LLC (b) | MPH Acquisition Holdings LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Exchange First Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien Exchange First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.03% (3 Month SOFR + 3.75%), due 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301773 |
| &nbsp;&nbsp;&nbsp;First Lien Second Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.141% (3 Month SOFR + 4.60%), due 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102858 |
| OVG Business Services LLC | OVG Business Services LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 6/25/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333586 |
| Plano HoldCo, Inc. | Plano HoldCo, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Closing Date Term Loan | &nbsp;&nbsp;&nbsp;First Lien Closing Date Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.799% (3 Month SOFR + 3.50%), due 10/2/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317250 |
| Pra Health Sciences, Inc. | Pra Health Sciences, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.299% (3 Month SOFR + 2.00%), due 7/3/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195057 |
| Project Boost Purchaser LLC (b) | Project Boost Purchaser LLC (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.299% (3 Month SOFR + 3.00%), due 7/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177545 |
| &nbsp;&nbsp;&nbsp;Second Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;Second Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.549% (3 Month SOFR + 5.25%), due 7/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 |
| Prometric Holdings, Inc. | Prometric Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan C | &nbsp;&nbsp;&nbsp;First Lien Term Loan C |  |
| &nbsp;&nbsp;&nbsp;9.186% (1 Month SOFR + 4.75%), due 1/31/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598266 |
| Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 11/19/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212400 |
| Ryan LLC | Ryan LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 11/14/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330120 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Services: Business (continued)** | **Services: Business (continued)** | **Services: Business (continued)** |
| Soliant Lower Intermediate LLC | Soliant Lower Intermediate LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.002% (3 Month SOFR + 3.75%), due 7/18/31 (b) | &nbsp;&nbsp;&nbsp;$997500 | &nbsp;&nbsp;$970069 |
| Vestis Corp. | Vestis Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.579% (3 Month SOFR + 2.25%), due 2/24/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2161250 | &nbsp;&nbsp;&nbsp;&nbsp; 2098213 |
| Vizient, Inc. | Vizient, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B8 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B8 |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 8/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567876 |
| WMB Holdings, Inc. | WMB Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien USD Tranche Term Loan B | &nbsp;&nbsp;&nbsp;First Lien USD Tranche Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.322% (1 Month SOFR + 2.00%), due 11/5/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62602309 |
| **Services: Consumer 0.6%** | **Services: Consumer 0.6%** | **Services: Consumer 0.6%** |
| Nielsen Consumer LLC | Nielsen Consumer LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Eleventh Amendment Dollar Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien Eleventh Amendment Dollar Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 3/6/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299023 |
| Planet US Buyer LLC | Planet US Buyer LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.319% (3 Month SOFR + 3.00%), due 2/7/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767237 |
| **Software 4.5%** | **Software 4.5%** | **Software 4.5%** |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.799%, due 3/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549151 |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.049% (3 Month SOFR + 3.75%), due 3/21/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217657 |
| Cloudera, Inc. | Cloudera, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.172% (1 Month SOFR + 3.75%), due 10/9/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424905 |
| Cornerstone OnDemand, Inc. | Cornerstone OnDemand, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.186% (1 Month SOFR + 3.75%), due 10/16/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227902 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Cotiviti, Inc. (b) | Cotiviti, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.074% (1 Month SOFR + 2.75%), due 5/1/31 | &nbsp;&nbsp;&nbsp;$5754582 | &nbsp;&nbsp;$5625104 |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 2 Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 2 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.077% (3 Month SOFR + 2.75%), due 3/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3667969 |
| Delta Topco, Inc. | Delta Topco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Fourth Amendment Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien Fourth Amendment Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.069% (3 Month SOFR + 2.75%), due 11/30/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1272889 | &nbsp;&nbsp;&nbsp;&nbsp; 1262206 |
| DS Admiral Bidco LLC | DS Admiral Bidco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.549% (3 Month SOFR + 4.25%), due 6/26/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850571 |
| Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 10/9/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793044 |
| Gen Digital, Inc. | Gen Digital, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 9/12/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243913 |
| Informatica LLC | Informatica LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 10/27/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3671059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673353 |
| Isolved, Inc. | Isolved, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 10/15/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581643 |
| McAfee Corp. | McAfee Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.319% (1 Month SOFR + 3.00%), due 3/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6890831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431440 |
| Mitnick Corp. Purchaser, Inc. | Mitnick Corp. Purchaser, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.88% (3 Month SOFR + 4.50%), due 5/2/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346407 |
| Opal LLC | Opal LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.385% (3 Month SOFR + 3.25%), due 3/31/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973750 |
| Sovos Compliance LLC | Sovos Compliance LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 2 Replacement Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 2 Replacement Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.322% (1 Month SOFR + 4.00%), due 8/13/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873200 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Starlight Parent LLC | Starlight Parent LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.261% (3 Month SOFR + 4.00%), due 3/12/32 (b) | &nbsp;&nbsp;&nbsp;$5250000 | &nbsp;&nbsp;$5066250 |
| UKG, Inc. | UKG, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month SOFR + 3.00%), due 2/10/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8773777 | &nbsp;&nbsp;&nbsp;&nbsp; 8737884 |
| Vision Solutions, Inc. | Vision Solutions, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.541% (3 Month SOFR + 4.00%), due 4/24/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68117084 |
| **Telecommunications 2.6%** | **Telecommunications 2.6%** | **Telecommunications 2.6%** |
| Avaya, Inc. | Avaya, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;First Lien Exit Term Loan |  |
| &nbsp;&nbsp;&nbsp;11.822% (1 Month SOFR + 7.50%), due 8/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339529 |
| Azalea Topco, Inc. | Azalea Topco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 4/30/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529880 |
| Cablevision Lightpath LLC | Cablevision Lightpath LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 11/30/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937937 |
| Connect Finco SARL | Connect Finco SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien First Amendment Term Loan | &nbsp;&nbsp;&nbsp;First Lien First Amendment Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 12/11/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108579 |
| CSC Holdings LLC | CSC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;9.00% (PRIME + 1.50%), due 4/15/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073712 |
| Cushman & Wakefield US Borrower LLC | Cushman & Wakefield US Borrower LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025-1 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025-1 Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 1/31/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065178 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.792% (6 Month SOFR + 2.50%), due 7/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267062 |
| Gogo Intermediate Holdings LLC | Gogo Intermediate Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.186% (1 Month SOFR + 3.75%), due 5/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5368927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066925 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Level 3 Financing, Inc. | Level 3 Financing, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 3/29/32 (b) | &nbsp;&nbsp;&nbsp;$1400000 | &nbsp;&nbsp;$1395187 |
| Lumen Technologies, Inc. (b) | Lumen Technologies, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.786% (1 Month SOFR + 2.35%), due 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449633 | &nbsp;&nbsp;&nbsp;&nbsp; 1382588 |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.786% (1 Month SOFR + 2.35%), due 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449633 | &nbsp;&nbsp;&nbsp;&nbsp; 1377876 |
| Telesat LLC | Telesat LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;7.325% (3 Month SOFR + 2.75%), due 12/6/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133998 |
| Zayo Group Holdings, Inc. (b) | Zayo Group Holdings, Inc. (b) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.436% (1 Month SOFR + 3.00%), due 3/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636183 |
| &nbsp;&nbsp;&nbsp;First Lien 2022 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2022 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 3/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39241937 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Astoria Energy LLC | Astoria Energy LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 12/10/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768059 |
| Edgewater Generation LLC | Edgewater Generation LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 8/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002927 |
| Hamilton Projects Acquiror LLC | Hamilton Projects Acquiror LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.322% (1 Month SOFR + 3.00%), due 5/30/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7351637 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

24 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Water 0.5%** | **Water 0.5%** | **Water 0.5%** |
| AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2025 Refinancing Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.319% (1 Month SOFR + 3.00%), due 7/31/28 (b) | &nbsp;&nbsp;&nbsp;$7706869 | &nbsp;&nbsp;$7606249 |
| Total Loan Assignments<br> (Cost $1,318,528,782) |  | &nbsp;&nbsp;&nbsp;&nbsp;1284838350 |
| Total Long-Term Bonds<br> (Cost $1,518,982,646) |  | &nbsp;&nbsp;&nbsp;&nbsp;1481006478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Affiliated Investment Company 0.5%** | **Affiliated Investment Company 0.5%** | **Affiliated Investment Company 0.5%** |
| **Fixed Income Fund 0.5%** |  |  |
| NYLI MacKay High Yield Corporate Bond Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299065 | &nbsp;&nbsp;&nbsp;&nbsp; 6664335 |
| Total Affiliated Investment Company<br> (Cost $7,308,299) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664335 |
| **Common Stocks 0.2%** | **Common Stocks 0.2%** | **Common Stocks 0.2%** |
| **Automobile Components 0.0% ‡** | **Automobile Components 0.0% ‡** | **Automobile Components 0.0% ‡** |
| Millennium Corporate Trust (e)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4973 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Millennium Industries Corp. (e)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5298 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Communications Equipment 0.0% ‡** | **Communications Equipment 0.0% ‡** | **Communications Equipment 0.0% ‡** |
| Avaya, Inc. (e)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233956 |
| **Hotels, Restaurants & Leisure 0.1%** | **Hotels, Restaurants & Leisure 0.1%** | **Hotels, Restaurants & Leisure 0.1%** |
| Aimbridge Acquisition Co., Inc. (e)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564090 |
| **IT Services 0.1%** | **IT Services 0.1%** | **IT Services 0.1%** |
| Envision Financial Technologies, Inc. (e)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733224 |
| **Machinery 0.0% ‡** | **Machinery 0.0% ‡** | **Machinery 0.0% ‡** |
| Ameriforge Group, Inc. (e)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 |
| **Software 0.0% ‡** | **Software 0.0% ‡** | **Software 0.0% ‡** |
| DSG Topco, Inc. (e)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10470 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Technology Hardware, Storage & Peripherals 0.0% ‡** | **Technology Hardware, Storage & Peripherals 0.0% ‡** | **Technology Hardware, Storage & Peripherals 0.0% ‡** |
| Diebold Nixdorf, Inc. (h) | &nbsp;&nbsp;&nbsp;&nbsp; 11878 | &nbsp;&nbsp;$526552 |
| Total Common Stocks<br> (Cost $5,390,045) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Warrants** |  |
| **Warrants 0.0% ‡** | **Warrants 0.0% ‡** | **Warrants 0.0% ‡** |
| **Capital Markets 0.0% ‡** | **Capital Markets 0.0% ‡** | **Capital Markets 0.0% ‡** |
| THAIHOT Investment Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Expires 10/13/27 (e)(f)(h)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Total Warrants<br> (Cost $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** |  |
| **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** |
| **U.S. Treasury Debt 2.4%** | **U.S. Treasury Debt 2.4%** | **U.S. Treasury Debt 2.4%** |
| U.S. Treasury Bills (j) |  |  |
| &nbsp;&nbsp;&nbsp;4.223%, due 5/20/25 | &nbsp;&nbsp;&nbsp;$6200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6186142 |
| &nbsp;&nbsp;&nbsp;4.229%, due 5/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395602 |
| &nbsp;&nbsp;&nbsp;4.241%, due 5/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;13255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13247261 |
| &nbsp;&nbsp;&nbsp;4.242%, due 5/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11090924 |
| Total Short-Term Investments<br> (Cost $36,919,906) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36919929 |
| Total Investments<br> (Cost $1,568,600,896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1527661464 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620485 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1528281949 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of April 30, 2025. |
| (c) | Delayed delivery security. |
| (d) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (e) | Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $4,297,514, which represented 0.3% of the Fund's net assets. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

(f) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(g) Issue in non-accrual status.

(h) Non-income producing security.

(i) Less than $1.

(j) Interest rate shown represents yield to maturity.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI MacKay High Yield Corporate Bond Fund Class I | &nbsp;&nbsp;$6782 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(118) | &nbsp;&nbsp;$6664 | &nbsp;&nbsp;$207 | &nbsp;&nbsp;$— | &nbsp;&nbsp;1299 |

---

---

| |
|:---|
| Abbreviation(s): |
| CLO—Collateralized Loan Obligation |
| SOFR—Secured Overnight Financing Rate |
| TBD—To Be Determined |
| USD—United States Dollar |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46590284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46590284 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149577844 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149577844 |
| &nbsp;&nbsp;&nbsp;Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1283408756 | &nbsp;&nbsp;&nbsp;&nbsp; 1429594 | &nbsp;&nbsp;&nbsp;&nbsp; 1284838350 |
| Total Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1479576884 | &nbsp;&nbsp;&nbsp;&nbsp;1429594 | &nbsp;&nbsp;&nbsp;&nbsp;1481006478 |
| Affiliated Investment Company |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6664335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6664335 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 526552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2544170 | &nbsp;&nbsp;&nbsp;&nbsp; 3070722 |
| Warrants (b) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Debt | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36919929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36919929 |
| Total Investments in Securities | &nbsp;&nbsp;$7190887 | &nbsp;&nbsp;$1516496813 | &nbsp;&nbsp;$3973764 | &nbsp;&nbsp;$1527661464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) Less than $1.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

26 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $1,561,292,597) | $1520997129 |
| Investment in affiliated investment companies, at value<br> (identified cost $7,308,299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664335 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386699 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20557541 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8342103 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209407 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;1562320889 |
| **Liabilities** | **Liabilities** |
| Unrealized depreciation on unfunded commitments (See Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36871 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26728847 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912548 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752685 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189640 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176146 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67571 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11624 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34038940 |
| Net assets | $1528281949 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $175829 |
| Additional paid-in-capital | &nbsp;&nbsp;1764683331 |
|  | &nbsp;&nbsp;1764859160 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(236577211) |
| Net assets | $1528281949 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $692190748 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;79645838 |
| Net asset value per share outstanding | $8.69 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Maximum offering price per share outstanding | $8.96 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $15792535 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1817130 |
| Net asset value per share outstanding | $8.69 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Maximum offering price per share outstanding | $8.91 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $36240197 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;4168566 |
| Net asset value and offering price per share outstanding | $8.69 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $593067071 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;68230141 |
| Net asset value and offering price per share outstanding | $8.69 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $190609389 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;21923388 |
| Net asset value and offering price per share outstanding | $8.69 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $382009 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43943 |
| Net asset value and offering price per share outstanding | $8.69 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $62355037 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;62561705 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;4610210 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888809 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20197 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191749 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546506 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102596 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76114 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45559 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27837 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17499 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;6569869 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;55991836 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on unaffiliated investments | &nbsp;&nbsp;(14215661) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(21849628) |
| &nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117825) |
| &nbsp;&nbsp;&nbsp;Unfunded commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36654) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(22004107) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(36219768) |
| Net increase (decrease) in net assets resulting from operations | $19772068 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

28 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $55991836 | &nbsp;&nbsp;$134433773 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(14215661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16783888) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(22004107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38853822 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19772068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156503707 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(24916183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55042133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1427334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1170684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3128349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(21650551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55443477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7206404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17573595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20744) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(55511100) | &nbsp;&nbsp;&nbsp;&nbsp;(132670304) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;280198033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441666022 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48632879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114751678 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(313888282) | &nbsp;&nbsp;&nbsp;&nbsp;(670733852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14942630 | &nbsp;&nbsp;&nbsp;&nbsp;(114316152) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(20796402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90482749) |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;1549078351 | &nbsp;&nbsp;&nbsp;&nbsp;1639561100 |
| End of period | $1528281949 | &nbsp;&nbsp;$1549078351 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 20, 2024.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$692191 | &nbsp;&nbsp;&nbsp;&nbsp;$710196 | &nbsp;&nbsp;&nbsp;&nbsp;$617220 | &nbsp;&nbsp;&nbsp;&nbsp;$513558 | &nbsp;&nbsp;&nbsp;&nbsp;$397101 | &nbsp;&nbsp;&nbsp;&nbsp;$279188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$15793 | &nbsp;&nbsp;&nbsp;&nbsp;$16742 | &nbsp;&nbsp;&nbsp;&nbsp;$18016 | &nbsp;&nbsp;&nbsp;&nbsp;$17820 | &nbsp;&nbsp;&nbsp;&nbsp;$19314 | &nbsp;&nbsp;&nbsp;&nbsp;$20569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

30 NYLI Floating Rate Fund

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 | &nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$36240 | &nbsp;&nbsp;&nbsp;&nbsp;$39729 | &nbsp;&nbsp;&nbsp;&nbsp;$46482 | &nbsp;&nbsp;&nbsp;&nbsp;$56706 | &nbsp;&nbsp;&nbsp;&nbsp;$52522 | &nbsp;&nbsp;&nbsp;&nbsp;$55153 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 | &nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.31%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$593067 | &nbsp;&nbsp;&nbsp;&nbsp;$581784 | &nbsp;&nbsp;&nbsp;&nbsp;$743846 | &nbsp;&nbsp;&nbsp;&nbsp;$1287716 | &nbsp;&nbsp;&nbsp;&nbsp;$1186421 | &nbsp;&nbsp;&nbsp;&nbsp;$445468 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$8.76 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 | &nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$8.76 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.39%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$190609 | &nbsp;&nbsp;&nbsp;&nbsp;$200197 | &nbsp;&nbsp;&nbsp;&nbsp;$212357 | &nbsp;&nbsp;&nbsp;&nbsp;$332082 | &nbsp;&nbsp;&nbsp;&nbsp;$366720 | &nbsp;&nbsp;&nbsp;&nbsp;$120432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 | &nbsp;&nbsp;&nbsp;&nbsp;$8.83\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$8.75 | &nbsp;&nbsp;&nbsp;&nbsp;$8.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;$8.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$382 | &nbsp;&nbsp;&nbsp;&nbsp;$429 | &nbsp;&nbsp;&nbsp;&nbsp;$142 | &nbsp;&nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;&nbsp;$25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Floating Rate Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;May 3, 2004 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class C | &nbsp;&nbsp;May 3, 2004 |
| Class I | &nbsp;&nbsp;May 3, 2004 |
| Class R6 | &nbsp;&nbsp;February 28, 2019 |
| SIMPLE Class | &nbsp;&nbsp;August 31, 2020 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions of Class A and Investor Class shares made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For purchases of Class A and Investor Class shares made from August 1, 2017 through April 14, 2019, a CDSC of 1.00% may be imposed on certain redemptions (for investments of $500,000 which paid no initial sales charge) of such shares within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on redemptions of such shares made within one year of the date of purchase of Class C shares. Investments in Class C shares are subject to a purchase maximum of $250,000. Class I, Class R6 and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for

issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek high current income.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring

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Notes to Financial Statements (Unaudited) (continued)

appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or

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otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by

independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust's written liquidity risk management program and related procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with the Fund's procedures described above. The liquidity of the Fund's investments was determined as of April 30, 2025, and can change at any time.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax

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Notes to Financial Statements (Unaudited) (continued)

liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source. Premiums and discount on purchased securities other than bank loans, are accreted and amortized, respectively on the effective interest rate method. Premiums and discounts on purchased bank loan securities are accreted and amortized, respectively, on the straight line method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital. Income from payment-in-kind securities is accreted daily based on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are

incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Loan Assignments, Participations and Commitments. The Fund may invest in loan assignments and participations ("loans"). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Fund records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, the Secured Overnight Financing Rate ("SOFR") or an alternative reference rate.

The loans in which the Fund may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Fund purchases an assignment from a lender, the Fund will generally have direct contractual rights against the borrower in favor of the lender. If the Fund purchases a participation interest either from a lender or a participant, the Fund typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Fund is subject to the credit risk of the lender or participant who sold the participation interest to the Fund, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities.

(H) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential

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for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Fund could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Fund is exposed to risk until the sale or exercise of each right or warrant is completed.

(I) Delayed Delivery Transactions. The Fund may purchase or sell securities on a delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell delayed delivery securities before they are delivered, which may result in a realized gain or loss. When the Fund has sold a security it owns on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security. Delayed delivery transactions as of April 30, 2025, are shown in the Portfolio of Investments.

(J) Loan Risk. The Fund may invest in loans which are usually rated below investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These investments pay investors a higher interest rate than investment grade debt securities because of the increased risk of loss. Although certain loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In a recession or serious credit event, the value of these investments could decline significantly. As a result of these and other events, the Fund's NAVs could go down and you could lose money.

In addition, loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.

In certain circumstances, loans may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

(K) Foreign Securities Risk. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities

markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L) Debt Securities Risk. The Fund's investments may include securities such as variable rate notes, floaters and mortgage-related and asset-backed securities. If expectations about changes in interest rates or assessments of an issuer's credit worthiness or market conditions are incorrect, investments in these types of securities could lose money for the Fund.

(M) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. NYL Investors LLC ("NYL Investors" or "Subadvisor"), a registered investment adviser and a direct, wholly-owned subsidiary of

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Notes to Financial Statements (Unaudited) (continued)

New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.60% up to $1 billion; 0.575% from $1 billion to $3 billion; and 0.565% in excess of $3 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.59% of the Fund's average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class A shares do not exceed 1.05% of the Fund's average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points, to the other share classes of the Fund, except for Class R6 shares. New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Class R6 fees and expenses do not exceed those of Class I. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $4,610,210 and paid the Subadvisor in the amount of $2,305,105.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the SIMPLE Class Plan, SIMPLE Class shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $41,140 and $664, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $115,231 and $6,981, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the

38 NYLI Floating Rate Fund

------

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aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$261721 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18138 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43050 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;219528 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class R6 | &nbsp;&nbsp;$33325 | &nbsp;&nbsp;0.0%‡ |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;31389 | &nbsp;&nbsp;8.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $1568727551 | $6328977 | $(47395064) | $(41066087) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $185,432,413, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected

to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$27631 | &nbsp;&nbsp;$157801 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$132670304 |

---

#### Note 5–Commitments and Contingencies
As of April 30, 2025, the Fund had unfunded commitments pursuant to the following loan agreements:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Unfunded<br> Commitments** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| American Rock Salt Co. LLC,<br> First Lien First Out Delayed Draw Commitment Term Loan<br> TBD, due 6/9/28 | &nbsp;&nbsp;$1068823 | &nbsp;&nbsp;$— |
| Clydesdale Acquisition Holdings, Inc.,<br> First Lien 2025 Incremental Delayed Draw Commitment Term Loan B<br> 7.48%, (3 Month SOFR + 3.25%), due 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561) |
| GrafTech Global Enterprises, Inc.,<br> First Lien Delayed Draw Term Loan<br> TBD, due 12/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;1799368 | &nbsp;&nbsp;&nbsp;&nbsp;(27402) |
| Grant Thornton Advisors LLC,<br> First Lien 2025 Incremental Commitment Delayed Draw Term Loan<br> TBD, due 6/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(951) |
| Kaman Corp.,<br> First Lien Delayed Term Loan<br> TBD, due 2/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500) |
| Raven Acquisition Holdings LLC,<br> First Lien 2024 Delayed Draw Term Loan<br> TBD, due 11/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) |
| SWF Holdings I Corp.,<br> First Lien Delayed Draw Term Loan<br> TBD, due 12/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4286) |
| Total | &nbsp;&nbsp;$4223960 | &nbsp;&nbsp;$(36871) |

---

Commitments are available until maturity date.

------

[**Table of Contents**](#JOB_NYLI__48d2d8b8-6603-4193-802e-5dc2b8552c22_TOC)

Notes to Financial Statements (Unaudited) (continued)

#### Note 6–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 7–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 8–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 9–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $294,828 and $238,194, respectively.

#### Note 10–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;11805783 | &nbsp;&nbsp;$104343201 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22983336 |
| Shares redeemed | &nbsp;&nbsp;(14881216) | &nbsp;&nbsp;&nbsp;&nbsp;(130859364) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3532827) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526089 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141080) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314947) | &nbsp;&nbsp;$(2147818) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;23239787 | &nbsp;&nbsp;$205983843 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50936998 |
| Shares redeemed | &nbsp;&nbsp;(20119838) | &nbsp;&nbsp;&nbsp;&nbsp;(178353333) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78567508 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383587 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297760) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9436220 | &nbsp;&nbsp;$83653335 |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64120 | &nbsp;&nbsp;$566861 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542209 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1106062) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262909 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863738) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67857) | &nbsp;&nbsp;$(597821) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285280 | &nbsp;&nbsp;$2525502 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390847 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2102345) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814004 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552627 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3912819) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173369) | &nbsp;&nbsp;$(1546188) |

---

40 NYLI Floating Rate Fund

------

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class B<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;$16930 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104715) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81984) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338038) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47379) | &nbsp;&nbsp;$(420022) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434485 | &nbsp;&nbsp;$3847470 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109608 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6718748) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1761670) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894638) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302992) | &nbsp;&nbsp;$(2656308) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640232 | &nbsp;&nbsp;$5680170 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996200 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1623663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14399594) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5723224) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1703353) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(837714) | &nbsp;&nbsp;$(7426577) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;18091646 | &nbsp;&nbsp;$160224105 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16779562 |
| Shares redeemed | &nbsp;&nbsp;(17268163) | &nbsp;&nbsp;&nbsp;&nbsp;(151448678) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25554989 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134080 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23622) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737634 | &nbsp;&nbsp;$25665447 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;23042791 | &nbsp;&nbsp;$204362563 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41817555 |
| Shares redeemed | &nbsp;&nbsp;(47281028) | &nbsp;&nbsp;&nbsp;&nbsp;(418980764) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(19522763) | &nbsp;&nbsp;&nbsp;&nbsp;(172800646) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391005 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70164) |
| Net increase (decrease) | &nbsp;&nbsp;(19486646) | &nbsp;&nbsp;$(172479805) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203 | &nbsp;&nbsp;$54800 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1164460) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123718) | &nbsp;&nbsp;$(1098820) |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264265 | &nbsp;&nbsp;$11191879 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205299 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2687340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23678758) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606987) | &nbsp;&nbsp;$(5281580) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569072 | &nbsp;&nbsp;$22778810 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17572693 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(6272564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55628641) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(1723151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15277138) |
| Shares converted from Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5085) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1723723) | &nbsp;&nbsp;$(15282223) |

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Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;$24517 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12865 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76672) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4394) | &nbsp;&nbsp;$(39290) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29738 | &nbsp;&nbsp;$263404 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20744 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32076 | &nbsp;&nbsp;$284148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 20, 2024.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 11–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 12–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

42 NYLI Floating Rate Fund

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI MacKay California Muni Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imge91da25e1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_9c7a8fe8-6298-472c-9c61-0e520b733f7f_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_9c7a8fe8-6298-472c-9c61-0e520b733f7f_18) | &nbsp;&nbsp;20 |
| [Notes to Financial Statements](#xx_a4ecae4f-58c1-4b63-8efb-f5978ec44180_1) | &nbsp;&nbsp;27 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_a101d3e6-2ae7-4fc9-b39e-d1659f1d1f96_1) | &nbsp;&nbsp;36 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_a101d3e6-2ae7-4fc9-b39e-d1659f1d1f96_1) | &nbsp;&nbsp;36 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_a101d3e6-2ae7-4fc9-b39e-d1659f1d1f96_1) | &nbsp;&nbsp;36 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_fe3d4fdc-4f73-4f94-98af-b9b9d4f9771a_1) | &nbsp;&nbsp;37 |

---

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[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 98.1%** | **Municipal Bonds 98.1%** | **Municipal Bonds 98.1%** |
| **Long-Term Municipal Bonds 97.5%** | **Long-Term Municipal Bonds 97.5%** | **Long-Term Municipal Bonds 97.5%** |
| **Certificate of Participation/Lease 1.1%** | **Certificate of Participation/Lease 1.1%** | **Certificate of Participation/Lease 1.1%** |
| California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/52 | &nbsp;&nbsp;&nbsp;$6380000 | &nbsp;&nbsp;$6451927 |
| Hayward Unified School District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6987266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13439193 |
| **Education 7.2%** | **Education 7.2%** | **Education 7.2%** |
| California Educational Facilities Authority, University of Southern California, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891012 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13123861 |
| California Educational Facilities Authority, University of the Pacific, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562136 |
| California Enterprise Development Authority, Campbell Hall Episcopal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680754 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332130 |
| California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352575 |
| California Infrastructure & Economic Development Bank, Harvard-Westlake School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994593 |
| California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278820 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| California Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/36 | &nbsp;&nbsp;&nbsp;$1275000 | &nbsp;&nbsp;$1276276 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1304991 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301618 |
| California Municipal Finance Authority, Claremont Graduate University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230109 |
| California Municipal Finance Authority, University of San Diego, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159158 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535531 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030171 |
| California School Finance Authority, Aspire Public Schools Obligated Group, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475587 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650729 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624631 |
| California School Finance Authority, Classical Academies Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496108 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831058 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| California School Finance Authority, Grimmway Schools Obligated Group, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 7/1/28 | &nbsp;&nbsp;&nbsp;$1080000 | &nbsp;&nbsp;$1073383 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 726727 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501545 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480257 |
| California School Finance Authority, Partnerships to Uplift Communities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535131 |
| California School Finance Authority, Rex & Margaret Fortune School of Education, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226380 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 6/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372219 |
| California School Finance Authority, Teach Public Schools, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722020 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540454 |
| California State University, Systemwide, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393330 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12005197 |
| California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000586 |
| Irvine Unified School District, Community Facilities District No. 9, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567417 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| University of California, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series BS |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/37 | &nbsp;&nbsp;&nbsp;$8150000 | &nbsp;&nbsp;$9003219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90279713 |
| **General 2.9%** | **General 2.9%** | **General 2.9%** |
| California Municipal Finance Authority, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 949328 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664085 |
| California Statewide Communities Development Authority, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/2/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828346 |
| California Statewide Communities Development Authority, Community Facilities District No. 2021-02, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002805 |
| California Statewide Communities Development Authority, Statewide Community Infrastructure Program, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/2/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277805 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/2/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009401 |
| City of Palm Desert, University Park, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202369 |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413833 |
| City of Rialto, EL Rancho Verde Community Facilities District No. 2020-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149279 |
| City of San Mateo, Community Facilities District No. 2008-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208246 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General (continued)** | **General (continued)** | **General (continued)** |
| City of South San Francisco, Community Facilities District No. 2021-01, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/44 | &nbsp;&nbsp;&nbsp;$400000 | &nbsp;&nbsp;$353985 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6349793 | &nbsp;&nbsp;&nbsp;&nbsp; 3897186 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7020142 | &nbsp;&nbsp;&nbsp;&nbsp; 3738225 |
| Mountain View Shoreline Regional Park Community, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1708225 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1 Improvement Area No. 1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068470 |
| Romoland School District, Community Facilities District No. 2017-1 Improvement Area 2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606721 |
| Romoland School District, Community Facilities District No. 2022-2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362720 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379741 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779141 |
| San Francisco City & County Redevelopment Agency, Transbay Infrastructure Project, Tax Allocation, Third Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457167 |
| Tracy Community Facilities District, Community Facilities District No. 2016-01 Improvement Area No. 2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36111062 |
| **General Obligation 28.1%** | **General Obligation 28.1%** | **General Obligation 28.1%** |
| Alameda Unified School District, Election of 2022, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102346 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Alhambra Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 8/1/43 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2010690 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3251316 |
| Alum Rock Union Elementary School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3095000 | &nbsp;&nbsp;&nbsp;&nbsp; 3173381 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734925 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508774 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485354 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355184 |
| Cabrillo Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214097 |
| Carlsbad Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769426 |
| Ceres Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298195 |
| Chabot-Las Positas Community College District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345629 |
| Chaffey Community College District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678609 |
| Chaffey Joint Union High School District, Election of 2012, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182916 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Chaffey Joint Union High School District, Election of 2012, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/47 | &nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;$3573472 |
| City of Berkeley, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105917 |
| &nbsp;&nbsp;&nbsp;2.00%, due 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099137 |
| Clovis Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400466 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171407 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057926 |
| College of the Sequoias Visalia Area Improvement District No. 2, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811090 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705272 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556312 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121321 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8159379 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079965 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909641 |
| Denair Unified School District, Election of 2007, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979666 |
| Desert Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951264 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Elk Grove Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 8/1/40 | &nbsp;&nbsp;&nbsp;$3740000 | &nbsp;&nbsp;$2585769 |
| Etiwanda School District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp;&nbsp; 6030095 |
| Fort Bragg Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046344 |
| Fullerton Joint Union High School District, Election of 2024, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731898 |
| Glendale Community College District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328690 |
| Grossmont Healthcare District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918135 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915411 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935857 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058146 |
| Hayward Unified School District, Election of 2024, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900413 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161299 |
| Healdsburg Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 8/1/37 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483776 |
| Inglewood Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120330 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Inglewood Unified School District, Election of 2020, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/35 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1122307 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2614636 |
| Kern Community College District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3892915 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133532 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788901 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212586 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541504 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412000 |
| Long Beach Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11697957 |
| Los Angeles Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002721 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658202 |
| &nbsp;&nbsp;&nbsp;Series QRR |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852483 |
| &nbsp;&nbsp;&nbsp;Series QRR |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7939475 |
| Los Banos Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681812 |
| Manteca Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113932 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Montebello Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/47 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1586721 |
| Mount San Antonio Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 321913 |
| Needles Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/45 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042782 |
| Oakland Unified School District, Alameda County, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478113 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758651 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238903 |
| Ocean View School District of Orange County, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310871 |
| Ojai Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174987 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884693 |
| Ontario Montclair School District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228909 |
| Oxnard Union High School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067087 |
| Palm Springs Unified School District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779669 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Palm Springs Unified School District, Election of 2016, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1086354 |
| Palomar Community College District, Election of 2006, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/39 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2362469 |
| Peralta Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7855000 | &nbsp;&nbsp;&nbsp;&nbsp; 8059198 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441503 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194905 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075779 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140606 |
| Redondo Beach Unified School District, Election of 2024, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763801 |
| Rio Hondo Community College District, Election of 2004, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;6.85%, due 8/1/42 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481757 |
| Rio Hondo Community College District, Election of 2024, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685684 |
| Sacramento City Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069856 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755931 |
| San Bernardino Community College District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762301 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| San Diego Unified School District, Election of 2012, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series R-2 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/41 (b) | &nbsp;&nbsp;&nbsp;$4360000 | &nbsp;&nbsp;$4320974 |
| &nbsp;&nbsp;&nbsp;Series B-4 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 224832 |
| San Diego Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series F-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3020000 | &nbsp;&nbsp;&nbsp;&nbsp; 3280799 |
| San Diego Unified School District, Election of 2022, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789434 |
| San Francisco Bay Area Rapid Transit District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6187958 |
| San Francisco Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156227 |
| San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291214 |
| San Juan Unified School District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628792 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938035 |
| San Marcos Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6322601 |
| San Mateo Foster City School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237079 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094216 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| San Mateo Foster City School District, Unlimited General Obligation<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/41 | &nbsp;&nbsp;&nbsp;$1150000 | &nbsp;&nbsp;$1250795 |
| San Rafael City Elementary School District, Election of 2022, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1303555 |
| San Rafael City High School District, Election of 2022, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454454 |
| Santa Barbara Unified School District, Election of 2010, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 8/1/36 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276154 |
| Santa Clara Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109288 |
| Santa Clarita Community College District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148744 |
| Savanna School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/1/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455949 |
| South San Francisco Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477630 |
| State of California, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273433 |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392662 |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272741 |
| &nbsp;&nbsp;&nbsp;7.30%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641674 |
| &nbsp;&nbsp;&nbsp;7.60%, due 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999447 |
| State of California, Various Purpose, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000812 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997046 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| State of California, Various Purpose, Unlimited General Obligation<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/37 | &nbsp;&nbsp;&nbsp;$4445000 | &nbsp;&nbsp;$4441717 |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775000 | &nbsp;&nbsp;&nbsp;&nbsp; 4711249 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3448786 |
| Stockton Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 534799 |
| Sunnyvale School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947002 |
| Ukiah Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699936 |
| Washington Township Health Care District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556468 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962050 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536242 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139640 |
| West Contra Costa Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728390 |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351126253 |
| **Hospital 6.7%** | **Hospital 6.7%** | **Hospital 6.7%** |
| California Health Facilities Financing Authority, Adventist Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679957 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881633 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| California Health Facilities Financing Authority, Adventist Health System, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/43 | &nbsp;&nbsp;&nbsp;$1805000 | &nbsp;&nbsp;$1846543 |
| California Health Facilities Financing Authority, Cedars-Sinai Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4902254 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4145000 | &nbsp;&nbsp;&nbsp;&nbsp; 4007209 |
| California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465931 |
| California Health Facilities Financing Authority, Children's Hospital of Orange County Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304556 |
| California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014024 |
| California Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533679 |
| California Health Facilities Financing Authority, Scripps Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145127 |
| California Infrastructure & Economic Development Bank, PIH Health Energy Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.889%, due 12/1/45 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432221 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| California Infrastructure & Economic Development Bank, Roseville Sustainable Energy Partner LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;$1785000 | &nbsp;&nbsp;$1897104 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9040000 | &nbsp;&nbsp;&nbsp;&nbsp; 9540243 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7582522 |
| California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934641 |
| California Public Finance Authority, Hoag Memorial Hospital Presbyterian, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499916 |
| California Public Finance Authority, PIH Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299059 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295485 |
| California Public Finance Authority, PIH Health, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197043 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215363 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188927 |
| California Statewide Communities Development Authority, Adventist Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600898 |
| California Statewide Communities Development Authority, Enloe Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033604 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069489 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| California Statewide Communities Development Authority, John Muir Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/42 | &nbsp;&nbsp;&nbsp;$3650000 | &nbsp;&nbsp;$3909340 |
| Washington Township Health Care District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1267233 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399075 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376350 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294989 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84130670 |
| **Housing 1.3%** | **Housing 1.3%** | **Housing 1.3%** |
| California Community College Financing Authority, Orange Coast College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289203 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261811 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537184 |
| California Municipal Finance Authority, P3 Claremont Holdings LLC, Claremont Colleges Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925583 |
| California Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274516 |
| California School Finance Authority, Sonoma County Junior College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/36 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843753 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Housing (continued)** | **Housing (continued)** | **Housing (continued)** |
| California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/50 | &nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;$3507984 |
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/61 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6245400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15885434 |
| **Other Revenue 23.9%** | **Other Revenue 23.9%** | **Other Revenue 23.9%** |
| Alameda County Transportation Commission, Measure BB, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639160 |
| California Community Choice Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/55 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17813308 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/52 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673934 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/52 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401223 |
| &nbsp;&nbsp;&nbsp;Series E-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.571%, due 2/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255089 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/55 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13203895 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12810869 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716158 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144007 |
| California Community Housing Agency, Fountains at Emerald, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858086 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/57 (a) | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$332361 |
| California County Tobacco Securitization Agency, Tobacco Settlement, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 295499 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 291606 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264518 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263081 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332582 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161571 |
| California Infrastructure & Economic Development Bank, California Academy of Sciences, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990862 |
| California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264957 |
| California Infrastructure & Economic Development Bank, J Paul Getty Trust (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/47 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256693 |
| California Infrastructure & Economic Development Bank, Los Angeles County Museum of Natural History Foundation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640834 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| California Municipal Finance Authority, Orange County Civic Center Infrastructure Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;$2085000 | &nbsp;&nbsp;$2162262 |
| California Municipal Finance Authority, Rancho Colus LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/26 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3360000 | &nbsp;&nbsp;&nbsp;&nbsp; 3371150 |
| California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 9/1/53 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011439 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/29 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230740 |
| California Pollution Control Financing Authority, Republic Services, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 11/1/42 (a)(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502179 |
| California State Public Works Board, State of California Department of General Services, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625528 |
| California State Public Works Board, Various Capital Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862670 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240437 |
| California Statewide Communities Development Authority, California Baptist University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/1/43 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500551 |
| California Statewide Communities Development Authority, Front Porch Communities & Services Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828195 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/43 | &nbsp;&nbsp;&nbsp;$1230000 | &nbsp;&nbsp;$1257694 |
| Children's Trust Fund, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 276423 |
| City of Victorville, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198412 |
| CMFA Special Finance Agency VIII, Elan Huntington Beach, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308598 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043779 |
| County of Riverside, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739002 |
| CSCDA Community Improvement Authority, Acacia on Santa Rosa Creek, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584408 |
| CSCDA Community Improvement Authority, Dublin, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/57 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838205 |
| Del Mar Race Track Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002888 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176957 |
| Imperial Irrigation District, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725534 |
| Indio Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623171 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Los Angeles County Facilities 2, Inc., Vermont Corridor Site 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/57 | &nbsp;&nbsp;&nbsp;$7000000 | &nbsp;&nbsp;$7378459 |
| Los Angeles County Public Works Financing Authority, County of Los Angeles, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23130000 | &nbsp;&nbsp;&nbsp;&nbsp; 25012804 |
| Los Angeles County Public Works Financing Authority, Lease Revenue Funding Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275167 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239551 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229665 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789232 |
| MSR Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310860 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928383 |
| MSR Energy Authority, Santa Clara, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123202 |
| Municipal Improvement Corp. of Los Angeles, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070569 |
| New Hampshire Business Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 4, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.583%, due 7/20/39 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757572 |
| Northern California Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/54 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9436225 |
| Northern California Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;7.311%, due 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236239 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/47 | &nbsp;&nbsp;&nbsp;$4750000 | &nbsp;&nbsp;$4941037 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530000 | &nbsp;&nbsp;&nbsp;&nbsp; 4044767 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1279631 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380784 |
| &nbsp;&nbsp;&nbsp;Series A-2B |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768656 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453733 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.784%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344953 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861675 |
| San Diego Public Facilities Financing Authority, Capital Improvement Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644277 |
| South Bayside Waste Management Authority, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510266 |
| South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222481 |
| Southern California Public Power Authority, National Gas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.52%, due 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393537 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Stockton Public Financing Authority, Water Revenue, Green Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1567318 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012974 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp;&nbsp; 2640779 |
| Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593885 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469211 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298653325 |
| **Transportation 14.0%** | **Transportation 14.0%** | **Transportation 14.0%** |
| Alameda Corridor Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878483 |
| Bay Area Toll Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777948 |
| Bay Area Toll Authority, Sustainable Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154756 |
| Burbank-Glendale-Pasadena Airport Authority, Brick Campaign, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/54 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132306 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/49 (d) | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$4114918 |
| City of Long Beach, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 610778 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 453324 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872916 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808792 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536810 |
| City of Long Beach, Harbor, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672211 |
| City of Los Angeles, Department of Airports, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/29 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9546256 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/30 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135045 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/34 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734754 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9665614 |
| City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248079 |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902384 |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465741 |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242851 |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268154 |
| County of Sacramento, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216915 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| County of Sacramento, Airport System, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5209835 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/15/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2238716 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034850 |
| New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/31/54 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14733135 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/54 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170109 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954925 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016876 |
| Oklahoma Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285643 |
| Ontario International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941860 |
| Port of Oakland, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978291 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021960 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (d) (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/36 | &nbsp;&nbsp;&nbsp;$3370000 | &nbsp;&nbsp;$3660520 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6160988 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1779670 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450220 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6429750 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10912141 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324878 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15169646 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150824 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620148 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175698955 |
| **Utilities 3.5%** | **Utilities 3.5%** | **Utilities 3.5%** |
| City of Riverside, Electric, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597128 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554763 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;$1230000 | &nbsp;&nbsp;$1271274 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022113 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010590 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8167285 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580773 |
| Modesto Irrigation District, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696765 |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series UU, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449983 |
| &nbsp;&nbsp;&nbsp;Series XX |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 (e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557500 |
| Sacramento Municipal Utility District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633270 |
| &nbsp;&nbsp;&nbsp;Series M |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803514 |
| &nbsp;&nbsp;&nbsp;Series M |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135445 |
| &nbsp;&nbsp;&nbsp;Series M |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115115 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035836 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7654257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44285611 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Water & Sewer 8.8%** | **Water & Sewer 8.8%** | **Water & Sewer 8.8%** |
| California Infrastructure & Economic Development Bank, Clean Water and Drinking Water, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;$3524927 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5083390 |
| City of Los Angeles, Wastewater System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5082366 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5101624 |
| City of Oxnard, Wastewater, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945693 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097653 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414009 |
| City of San Francisco, Public Utilities Commission Water, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5678979 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132730 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103144 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821659 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428546 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199463 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635302 |
| East Bay Municipal Utility District, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326722 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984663 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289528 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| East County Advanced Water Purification Joint Powers Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 9/1/26 | &nbsp;&nbsp;&nbsp;$2550000 | &nbsp;&nbsp;$2548376 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2478000 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127182 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579662 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002127 |
| Metropolitan Water District of Southern California, Waterworks, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667993 |
| Oxnard Financing Authority, Wastewater, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001170 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360447 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8138498 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873396 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15424888 |
| San Diego County Water Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163345 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| San Diego Public Facilities Financing Authority, Sewer Utility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/43 | &nbsp;&nbsp;&nbsp;$1525000 | &nbsp;&nbsp;$1645464 |
| San Francisco City & County Public Utilities Commission, Wastewater, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9866221 |
| Santa Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109763820 |
| Total Long-Term Municipal Bonds<br> (Cost $1,224,748,547) |  | &nbsp;&nbsp;&nbsp;&nbsp;1219374036 |
| **Short-Term Municipal Notes 0.6%** | **Short-Term Municipal Notes 0.6%** | **Short-Term Municipal Notes 0.6%** |
| **General 0.4%** | **General 0.4%** | **General 0.4%** |
| Nuveen California AMT-Free Quality Municipal Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.07%, due 10/1/47 (a)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| **Water & Sewer 0.2%** | **Water & Sewer 0.2%** | **Water & Sewer 0.2%** |
| Metropolitan Water District of Southern California, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/47 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 |
| Total Short-Term Municipal Notes<br> (Cost $7,300,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300000 |
| Total Municipal Bonds<br> (Cost $1,232,048,547) |  | &nbsp;&nbsp;&nbsp;&nbsp;1226674036 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investment 2.0%** | **Short-Term Investment 2.0%** | **Short-Term Investment 2.0%** |
| **Unaffiliated Investment Company 2.0%** | **Unaffiliated Investment Company 2.0%** | **Unaffiliated Investment Company 2.0%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (h) | &nbsp;&nbsp;&nbsp;&nbsp;25406829 | &nbsp;&nbsp;$25406829 |
| Total Short-Term Investment<br> (Cost $25,406,829) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25406829 |
| Total Investments<br> (Cost $1,257,455,376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;1252080865 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1795878) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1250284987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |
| (d) | Interest on these securities was subject to alternative minimum tax. |
| (e) | Issue in default. |
| (f) | Issue in non-accrual status. |
| (g) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (h) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;(490) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(56945387) | &nbsp;&nbsp; $(57146250) | &nbsp;&nbsp; $(200863) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $1,813,000 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| HUD—Housing and Urban Development |
| NATL-RE—National Public Finance Guarantee Corp. |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1219374036 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1219374036 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1226674036 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1226674036 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 25406829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 25406829 |
| Total Investments in Securities | &nbsp;&nbsp;$25406829 | &nbsp;&nbsp;$1226674036 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1252080865 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(200863) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(200863) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $1,257,455,376) | $1252080865 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28260553 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16644303 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074250 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214373 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;1301133917 |
| **Liabilities** | **Liabilities** |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47250681 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233661 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449603 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110522 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58338 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36069 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18892 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50848930 |
| Net assets | $1250284987 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $133166 |
| Additional paid-in-capital | &nbsp;&nbsp;1402096790 |
|  | &nbsp;&nbsp;1402229956 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(151944969) |
| Net assets | $1250284987 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $474849853 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;50580473 |
| Net asset value per share outstanding | $9.39 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.68 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $381891 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40673 |
| Net asset value per share outstanding | $9.39 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Maximum offering price per share outstanding | $9.63 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $26781702 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;2852241 |
| Net asset value and offering price per share outstanding | $9.39 |
| **Class C2** |  |
| Net assets applicable to outstanding shares | $3815815 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406290 |
| Net asset value and offering price per share outstanding | $9.39 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $698243689 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;74370423 |
| Net asset value and offering price per share outstanding | $9.39 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $46212037 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;4916190 |
| Net asset value and offering price per share outstanding | $9.40 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $26069103 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;2832942 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599299 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74409 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C2 (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11897 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186976 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69480 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51269 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15349 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14446 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12991 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;3889896 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;3865394 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;22203709 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;(11910513) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;2602216 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(9308297) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(32882663) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2527319) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(35409982) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(44718279) |
| Net increase (decrease) in net assets resulting from operations | $(22514570) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $22203709 | &nbsp;&nbsp;$39881985 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9308297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2415040) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(35409982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84662202 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(22514570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122129147 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8293542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15752897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1074795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(13291188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25053175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(761456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(975806) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(22881349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42963390) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;220251891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537382240 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18763479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35121681 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(228808194) | &nbsp;&nbsp;&nbsp;&nbsp;(368122123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10207176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204381798 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(35188743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283547555 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;1285473730 | &nbsp;&nbsp;&nbsp;&nbsp;1001926175 |
| End of period | $1250284987 | &nbsp;&nbsp;$1285473730 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.75 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.39 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$474850 | &nbsp;&nbsp;&nbsp;&nbsp;$485253 | &nbsp;&nbsp;&nbsp;&nbsp;$389291 | &nbsp;&nbsp;&nbsp;&nbsp;$395405 | &nbsp;&nbsp;&nbsp;&nbsp;$444628 | &nbsp;&nbsp;&nbsp;&nbsp;$373966 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.39 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.24)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$382 | &nbsp;&nbsp;&nbsp;&nbsp;$372 | &nbsp;&nbsp;&nbsp;&nbsp;$433 | &nbsp;&nbsp;&nbsp;&nbsp;$493 | &nbsp;&nbsp;&nbsp;&nbsp;$554 | &nbsp;&nbsp;&nbsp;&nbsp;$672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 | &nbsp;&nbsp;&nbsp;&nbsp;$10.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.39 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$26782 | &nbsp;&nbsp;&nbsp;&nbsp;$31891 | &nbsp;&nbsp;&nbsp;&nbsp;$30932 | &nbsp;&nbsp;&nbsp;&nbsp;$34742 | &nbsp;&nbsp;&nbsp;&nbsp;$58263 | &nbsp;&nbsp;&nbsp;&nbsp;$61662 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C2** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.75 | &nbsp;&nbsp;&nbsp;&nbsp;$10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.39 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$3816 | &nbsp;&nbsp;&nbsp;&nbsp;$3558 | &nbsp;&nbsp;&nbsp;&nbsp;$2168 | &nbsp;&nbsp;&nbsp;&nbsp;$361 | &nbsp;&nbsp;&nbsp;&nbsp;$275 | &nbsp;&nbsp;&nbsp;&nbsp;$25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

24 NYLI MacKay California Muni Fund

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.39 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.01)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$698244 | &nbsp;&nbsp;&nbsp;&nbsp;$725496 | &nbsp;&nbsp;&nbsp;&nbsp;$572918 | &nbsp;&nbsp;&nbsp;&nbsp;$555049 | &nbsp;&nbsp;&nbsp;&nbsp;$776207 | &nbsp;&nbsp;&nbsp;&nbsp;$655579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**November 1, 2019^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.03 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 | &nbsp;&nbsp;&nbsp;&nbsp;$10.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.40 | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.03 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$46212 | &nbsp;&nbsp;&nbsp;&nbsp;$38904 | &nbsp;&nbsp;&nbsp;&nbsp;$6185 | &nbsp;&nbsp;&nbsp;&nbsp;$5542 | &nbsp;&nbsp;&nbsp;&nbsp;$1759 | &nbsp;&nbsp;&nbsp;&nbsp;$3211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

26 NYLI MacKay California Muni Fund

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[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay California Muni Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;February 28, 2013 |
| Investor Class | &nbsp;&nbsp;February 28, 2013 |
| Class C | &nbsp;&nbsp;February 28, 2013 |
| Class C2 | &nbsp;&nbsp;August 31, 2020 |
| Class I | &nbsp;&nbsp;February 28, 2013 |
| Class R6 | &nbsp;&nbsp;November 1, 2019 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C and Class C2 shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C and Class C2 shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C and Class C2 shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C and Class C2 shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from federal and California income taxes.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment

Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The

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[**Table of Contents**](#JOB_NYLI__6356225b-bb57-4625-a152-438a6b4243bb_TOC)

Notes to Financial Statements (Unaudited) (continued)

Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

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Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies

and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further

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Notes to Financial Statements (Unaudited) (continued)

discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have

minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 7.4% of the Fund's net assets, of which 4.3% are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt. As of April 30, 2025, the Puerto Rico Electric Power Authority ("PREPA") remains in bankruptcy. The continued delay in resolving the PREPA bankruptcy could delay needed investment into public power generation and distribution assets, which are essential components to a productive economy. Failure to provide reliable electricity could result in the Commonwealth's inability to service debt on other municipal territorial investments the Fund may hold.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve

30 NYLI MacKay California Muni Fund

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future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage the duration and yield curve positioning of the portfolio. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(200863) | $(200863) |
| Total Fair Value | $(200863) | $(200863) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $2602216 | $2602216 |
| Total Net Realized Gain (Loss) | $2602216 | $2602216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $(2527319) | $(2527319) |
| Total Net Change in Unrealized Appreciation (Depreciation) | $(2527319) | $(2527319) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short | $(51228698) |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement

("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.45% up to $1 billion; 0.43% from $1 billion up to $3 billion and 0.42% in excess of $3 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.45% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) of Class A shares do not exceed 0.75% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points to Investor Class, Class C, Class C2 and Class I shares. New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. These agreements will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $2,832,942 and waived fees and/or reimbursed expenses in the amount of $24,502 and paid the Subadvisor fees in the amount of $1,404,220.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York

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Notes to Financial Statements (Unaudited) (continued)

Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class C2 Plan, Class C2 shares pay the Distributor a monthly distribution fee at an annual rate of 0.40% of the average daily net assets of the Class C2 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C2 shares, for a total 12b-1 fee of 0.65%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $3,527 and $15, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $23,654 and $2,052, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency

expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$70523 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8884 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;105542 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class C2 | &nbsp;&nbsp;$24420 | &nbsp;&nbsp;0.6% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;25974 | &nbsp;&nbsp;0.1 |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $1258824839 | $11970104 | $(18714078) | $(6743974) |

---

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As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $128,121,020, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$55955 | &nbsp;&nbsp;$72166 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$1346659 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;41616731 |
| Total | &nbsp;&nbsp;$42963390 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there

were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $482,020 and $490,973, respectively.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6589063 | &nbsp;&nbsp;$63285600 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7450555 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(6683974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64392642) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343513 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241580 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702009 | &nbsp;&nbsp;$6585093 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;16440196 | &nbsp;&nbsp;$160083443 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14079850 |
| Shares redeemed | &nbsp;&nbsp;(11305719) | &nbsp;&nbsp;&nbsp;&nbsp;(109697766) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6579205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64465527 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831309 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585095) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603649 | &nbsp;&nbsp;$64711741 |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;$5997 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20043) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7675) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32340 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1242) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;$23423 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;$25647 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14091 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72172) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32434) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55856 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118826) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9820) | &nbsp;&nbsp;$(95404) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254841 | &nbsp;&nbsp;$2470343 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411225 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6693083) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3811515) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272504) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425123) | &nbsp;&nbsp;$(4084019) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656095 | &nbsp;&nbsp;$6397740 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920150 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8687932) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1370042) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179003) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160503) | &nbsp;&nbsp;$(1549045) |
| &nbsp;&nbsp;**Class C2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55301 | &nbsp;&nbsp;$528056 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55396 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196817) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 | &nbsp;&nbsp;$386635 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134593 | &nbsp;&nbsp;$1299510 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92391 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187245) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124732 | &nbsp;&nbsp;$1204656 |

---

34 NYLI MacKay California Muni Fund

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;14012157 | &nbsp;&nbsp;$134540802 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10656116 |
| Shares redeemed | &nbsp;&nbsp;(15313790) | &nbsp;&nbsp;&nbsp;&nbsp;(146808918) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1612000) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196911) | &nbsp;&nbsp;$(1606669) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;34698498 | &nbsp;&nbsp;$336957547 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19848073 |
| Shares redeemed | &nbsp;&nbsp;(24166352) | &nbsp;&nbsp;&nbsp;&nbsp;(232626376) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;12568606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124179244 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585095 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(1745040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16966355) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;10884022 | &nbsp;&nbsp;$107797984 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020723 | &nbsp;&nbsp;$19421093 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183816 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1116722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10696691) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8908218 |
| Shares converted from Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5505) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922505 | &nbsp;&nbsp;$8902713 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340150 | &nbsp;&nbsp;$32618353 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167126 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1733550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16850632) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15934847 |
| Shares converted into Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16377019 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306861 | &nbsp;&nbsp;$32311866 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative

threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI MacKay High Yield Muni Bond Fund

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### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

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**Table of Contents**

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_60986481-ad9e-41d8-8664-b81d530fc96a_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_60986481-ad9e-41d8-8664-b81d530fc96a_59) | &nbsp;&nbsp;61 |
| [Notes to Financial Statements](#xx_757dbce9-dcbc-4fac-bf30-88b5225e242d_1) | &nbsp;&nbsp;69 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_bf68b968-9d34-4b06-8161-6ce7341380d6_1) | &nbsp;&nbsp;78 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_bf68b968-9d34-4b06-8161-6ce7341380d6_1) | &nbsp;&nbsp;78 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_bf68b968-9d34-4b06-8161-6ce7341380d6_1) | &nbsp;&nbsp;78 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_67025ef1-bbbb-4752-9973-21609f46f3c7_1) | &nbsp;&nbsp;79 |

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

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|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 96.7%** | **Municipal Bonds 96.7%** | **Municipal Bonds 96.7%** |
| **Long-Term Municipal Bonds 94.5%** | **Long-Term Municipal Bonds 94.5%** | **Long-Term Municipal Bonds 94.5%** |
| **Alabama 2.9%** | **Alabama 2.9%** | **Alabama 2.9%** |
| Alabama Special Care Facilities Financing Authority, Methodist Home for the Aging, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 6/1/45 | &nbsp;&nbsp;&nbsp;$1250000 | &nbsp;&nbsp;$1113519 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1785897 |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.97%, due 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27060150 |
| Cooper Green Mercy Health Services Authority, County of Jefferson Indigent Care Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176197 |
| County of Jefferson, Sewer, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538004 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897734 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276565 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17616507 |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25548692 |
| Homewood Educational Building Authority, CHF - Horizons II LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954707 |
| Hoover Industrial Development Board, United States Steel Corp., Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/1/50 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453192 |
| Lower Alabama Gas District (The), Gas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18180074 |
| Mobile County Industrial Development Authority, AM/NS Calvert LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 12/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57957047 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Alabama (continued)** | **Alabama (continued)** | **Alabama (continued)** |
| Montgomery Educational Building Authority, Faulkner University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;$4780000 | &nbsp;&nbsp;$4329413 |
| Prichard Water Works & Sewer Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/49 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 |
| Southeast Energy Authority A Cooperative District, Project No. 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/51 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp;&nbsp; 8263096 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/56 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9231092 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/44 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69733116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268015002 |
| **Alaska 0.2%** | **Alaska 0.2%** | **Alaska 0.2%** |
| Alaska Industrial Development & Export Authority, Dena' Nena' Henash, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12929729 |
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814121 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18092437 |
| **Arizona 1.3%** | **Arizona 1.3%** | **Arizona 1.3%** |
| Arizona Industrial Development Authority, GreatHearts Arizona Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065587 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350513 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/44 | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2294917 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp;&nbsp; 4757151 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 863462 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129088 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843890 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734854 |
| Arizona Industrial Development Authority, University of Indianapolis, Health Pavilion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763553 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737834 |
| Arizona Industrial Development Authority, Macombs Facility Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542226 |
| Arizona Industrial Development Authority, Jerome Facility Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189116 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800130 |
| Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 7/15/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953741 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Arizona Industrial Development Authority, Odyssey Preparatory Academy, Inc. (The), Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/29 | &nbsp;&nbsp;&nbsp;$2290000 | &nbsp;&nbsp;$2292722 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7165000 | &nbsp;&nbsp;&nbsp;&nbsp; 6282134 |
| Arizona Industrial Development Authority, Idaho State Tax Commission, Linder Village Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3372246 |
| Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc., Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950606 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975891 |
| Arizona Industrial Development Authority, Provident Group-NCCU Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671389 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869015 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas Lone Mountain Campus, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/49 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750612 |
| Arizona Industrial Development Authority, Mater Academy of Nevada, Bonanza Campus Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393093 |
| Arizona Industrial Development Authority, Provident Group, Eastern Michigan University Parking Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/51 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 |
| Arizona Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/1/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676335 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Arizona Industrial Development Authority, American Charter Schools Foundation, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;$2785000 | &nbsp;&nbsp;$2856063 |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7010000 | &nbsp;&nbsp;&nbsp;&nbsp; 7113996 |
| City of Phoenix, Downtown Phoenix Student Housing LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994256 |
| City of Phoenix, Basis Schools Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962482 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663753 |
| City of Phoenix, Downtown Phoenix Student Housing II LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396303 |
| City of Phoenix, Espiritu Community Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772376 |
| Glendale Industrial Development Authority, Midwestern University Foundation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 7/1/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595210 |
| Glendale Industrial Development Authority, People of Faith, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082905 |
| Industrial Development Authority of the County of Pima (The), American Leadership Academy Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530525 |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753443 |
| &nbsp;&nbsp;&nbsp;5.625%, due 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685163 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Industrial Development Authority of the County of Pima (The), Charter Schools Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series Q |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 7/1/31 | &nbsp;&nbsp;&nbsp;$925000 | &nbsp;&nbsp;$924071 |
| Maricopa County Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 421225 |
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944461 |
| Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005582 |
| Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7594280 |
| Pinal County Industrial Development Authority, WOF SW GGP 1 LLC, Revenue Bonds (a)(f) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/33 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397878 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126387365 |
| **Arkansas 1.0%** | **Arkansas 1.0%** | **Arkansas 1.0%** |
| Arkansas Development Finance Authority, Baptist Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584742 |
| Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds (a)(e) |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66595280 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15759656 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Arkansas (continued)** | **Arkansas (continued)** | **Arkansas (continued)** |
| Arkansas Development Finance Authority, United States Steel Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, due 5/1/53 (a) | &nbsp;&nbsp;&nbsp;$7900000 | &nbsp;&nbsp;$8008989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90948667 |
| **California 6.6%** | **California 6.6%** | **California 6.6%** |
| Alameda Corridor Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2266825 |
| Bassett Unified School District, Capital Appreciation, Election 2004, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970152 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894027 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/54 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560904 |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/57 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326524 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28236791 |
| California Community Housing Agency, Essential Housing, Serenity at Larkspur Apartments, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725213 |
| California Enterprise Development Authority, Provident Group-Pomona Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675768 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Enterprise Development Authority, Provident Group-Pomona Properties LLC, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/45 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1009364 |
| California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 261662 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7005000 | &nbsp;&nbsp;&nbsp;&nbsp; 6318757 |
| California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096555 |
| California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678675 |
| California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893384 |
| California Municipal Finance Authority, Ochard Park Student Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295712 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085552 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 12/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393171 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 12/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870739 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/31/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217374 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745945 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 7/1/41 | &nbsp;&nbsp;&nbsp;$9300000 | &nbsp;&nbsp;$9283684 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14914080 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7998504 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758579 |
| California Municipal Finance Authority, Waste Management, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 10/1/45 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996836 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16049944 |
| California Municipal Finance Authority, HumanGood California Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515394 |
| California Municipal Finance Authority, William Jessup University, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918016 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047140 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510832 |
| California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19564624 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19513580 |
| California Municipal Finance Authority, Baptist University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/1/40 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002109 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Pollution Control Financing Authority, Republic Services, Inc., Revenue Bonds (a)(b)(e) |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/43 | &nbsp;&nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$39863700 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25007265 |
| California Public Finance Authority, Enso Village Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57960 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691728 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/54 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423851 |
| California Public Finance Authority, California University of Science & Medicine, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 7/1/36 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8436667 |
| California School Finance Authority, Granada Hills Charter High School Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/48 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570265 |
| California School Finance Authority, Vista Charter Public Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/51 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293022 |
| California School Finance Authority, Hawking STEAM Charter Schools, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343376 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/49 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881543 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California School Finance Authority, Teach Public Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/58 (e) | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1801513 |
| California School Finance Authority, Aspire Public Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/59 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1686103 |
| California School Finance Authority, New Designs Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/64 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092967 |
| California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385671 |
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/2/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906860 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/2/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828950 |
| California Statewide Communities Development Authority, Methodist Hospital of Southern California, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077553 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7230596 |
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253084 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890066 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;$18170000 | &nbsp;&nbsp;$17705515 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3965440 |
| California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004562 |
| California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580493 |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435255 |
| California Statewide Communities Development Authority, California Baptist University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/1/43 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188512 |
| Cathedral City Public Financing Authority, Capital Appreciation, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035266 |
| City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022349 |
| City of South San Francisco, Community Facilities District No. 2021-01, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502869 |
| CMFA Special Finance Agency VIII, Elan Huntington Beach, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981449 |
| CMFA Special Finance Agency XII, Allure Apartments, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 2/1/57 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843207 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of Placer, Community Facilities District No. 2017-1, Area No. 1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/1/41 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$774679 |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2745005 |
| CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1817291 |
| CSCDA Community Improvement Authority, Theo Pasadena, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 5/1/57 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693613 |
| CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313006 |
| CSCDA Community Improvement Authority, Altana Glendale, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842204 |
| CSCDA Community Improvement Authority, Escondido Portfolio, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/58 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659403 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10589514 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16438558 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27284683 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26924669 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/66 | &nbsp;&nbsp;&nbsp;$144295000 | &nbsp;&nbsp;$15529042 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 999561 |
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11209590 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52282920 |
| Inland Empire Tobacco Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16386189 |
| Northern California Gas Authority No. 1, Gas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.775%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17208465 |
| Riverside County Transportation Commission, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419826 |
| Rohnerville School District, Election 2010, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461612 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357451 |
| San Diego County Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395167 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136719 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Santa Ana Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/47 | &nbsp;&nbsp;&nbsp;$24400000 | &nbsp;&nbsp;$8086594 |
| Sierra Kings Health Care District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2466077 |
| Stockton Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8780000 | &nbsp;&nbsp;&nbsp;&nbsp; 4177527 |
| Sutter Union High School District, Election 2008, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611508 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712758 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251507 |
| West Contra Costa Healthcare District, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618949547 |
| **Colorado 2.2%** | **Colorado 2.2%** | **Colorado 2.2%** |
| 3rd and Havana Metropolitan District, Tax Supported, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815495 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Allison Valley Metropolitan District No. 2, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, due 12/1/47 | &nbsp;&nbsp;&nbsp;$2480000 | &nbsp;&nbsp;$2174098 |
| Arkansas River Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6975603 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7025000 | &nbsp;&nbsp;&nbsp;&nbsp; 7029025 |
| Broadway Park North Metropolitan District No. 2, Limited General Obligation (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913742 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875677 |
| Broadway Station Metropolitan District No. 2, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312868 |
| Citadel on Colfax Business Improvement District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486255 |
| City & County of Denver, United Airlines, Inc., Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6799691 |
| City of Fruita Healthcare, Canyons Hospital & Medical Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/48 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9072941 |
| Colorado Educational & Cultural Facilities Authority, Denver School of Science & Technology, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM Moral Obligation State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272892 |
| Colorado Educational & Cultural Facilities Authority, New Summit Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493353 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Colorado Educational & Cultural Facilities Authority, New Vision Chater School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/42 | &nbsp;&nbsp;&nbsp;$2635000 | &nbsp;&nbsp;$2358677 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3928680 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6255000 | &nbsp;&nbsp;&nbsp;&nbsp; 5156308 |
| Colorado Educational & Cultural Facilities Authority, Liberty Common School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 1/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18810030 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8993656 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297393 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18249654 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11339018 |
| Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503993 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655318 |
| Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5331507 |
| Copper Ridge Metropolitan District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347448 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Denver Health & Hospital Authority, 550 Acoma, Inc., Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/48 | &nbsp;&nbsp;&nbsp;$1755000 | &nbsp;&nbsp;$1722816 |
| Denver Health & Hospital Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4250115 |
| E-470 Public Highway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 242032 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864137 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411964 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352321 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635260 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950152 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251908 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717689 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837696 |
| Evan's Place Metropolitan District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285991 |
| Granary Metropolitan District No. 9, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 12/1/44 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794128 |
| Green Gables Metropolitan District No. 2, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678127 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579431 |
| Johnstown Plaza Metropolitan District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850396 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Jones District Community Authority Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/50 (f) | &nbsp;&nbsp;&nbsp;$4550000 | &nbsp;&nbsp;$4141181 |
| Karl's Farm Metropolitan District No. 2, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539943 |
| Lafferty Canyon Metropolitan District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411565 |
| North Range Metropolitan District No. 3, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943436 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682612 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971399 |
| Prairie Center Metropolitan District No. 3, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183455 |
| Southglenn Metropolitan District, Special Revenue, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850343 |
| Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060874 |
| Village Metropolitan District (The), Special Revenue and Limited Property Tax, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732461 |
| Villages at Castle Rock Metropolitan District No. 6, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/1/51 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17949000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208065791 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Connecticut 0.4%** | **Connecticut 0.4%** | **Connecticut 0.4%** |
| City of New Haven, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/40 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1857766 |
| City of West Haven, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053512 |
| Connecticut State Health & Educational Facilities Authority, University of Hartford (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series N |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567488 |
| &nbsp;&nbsp;&nbsp;Series N |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977304 |
| &nbsp;&nbsp;&nbsp;Series N |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572165 |
| &nbsp;&nbsp;&nbsp;Series N |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465968 |
| &nbsp;&nbsp;&nbsp;Series N |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680870 |
| Connecticut State Health & Educational Facilities Authority, Jerome Home, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970095 |
| Connecticut State Health & Educational Facilities Authority, Mary Wade Home Obligated Group, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103543 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873345 |
| Connecticut State Health & Educational Facilities Authority, McLean Issue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491220 |
| Connecticut State Health & Educational Facilities Authority, University of New Haven, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series K-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347179 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |
| Connecticut State Health & Educational Facilities Authority, Griffin Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/50 (e) | &nbsp;&nbsp;&nbsp;$1750000 | &nbsp;&nbsp;$1598081 |
| Connecticut State Health & Educational Facilities Authority, Church Home of Hartford Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/53 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1953813 |
| Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 11/15/35 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528146 |
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476587 |
| Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation (e) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690301 |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034562 |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586857 |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34832670 |
| **Delaware 0.4%** | **Delaware 0.4%** | **Delaware 0.4%** |
| County of Kent, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047641 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605584 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752588 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7441975 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** |
| Delaware State Economic Development Authority, Newark Charter School, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/51 | &nbsp;&nbsp;&nbsp;$1600000 | &nbsp;&nbsp;$1297425 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038213 |
| Delaware State Economic Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4790000 | &nbsp;&nbsp;&nbsp;&nbsp; 4858161 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp;&nbsp; 2083525 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000446 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292872 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39128202 |
| **District of Columbia 1.5%** | **District of Columbia 1.5%** | **District of Columbia 1.5%** |
| District of Columbia, KIPP DC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050378 |
| District of Columbia, Provident Group-Howard Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219829 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689862 |
| District of Columbia, Friendship Public Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349044 |
| District of Columbia, International School Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441640 |
| District of Columbia, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699653 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| District of Columbia, Methodist Home of the District of Columbia, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/39 | &nbsp;&nbsp;&nbsp;$605000 | &nbsp;&nbsp;$512341 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5005000 | &nbsp;&nbsp;&nbsp;&nbsp; 2531097 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87177528 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507423 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11217040 |
| Metropolitan Washington Airports Authority, Airport System, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15933790 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7833704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144163329 |
| **Florida 3.2%** | **Florida 3.2%** | **Florida 3.2%** |
| Capital Projects Finance Authority, Provident Group - Continuum Properties LLC, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885623 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Capital Trust Agency, Inc., Wonderful Foundations Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/60 | &nbsp;&nbsp;&nbsp;$16000000 | &nbsp;&nbsp;$1159075 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547403 |
| Capital Trust Agency, Inc., Odyssey Charter School, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/47 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001608 |
| Capital Trust Authority Educational Facilities, St. Johns Classical Academy, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/59 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931567 |
| Celebration Community Development District, Assessment Area 1 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475880 |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678104 |
| CFM Community Development District, Capital Improvement, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158636 |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232722 |
| Charlotte County Industrial Development Authority, MSKP Town & Country Utility LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609024 |
| City of Atlantic Beach, Fleet Landing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759912 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500315 |
| City of Fort Myers, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9094463 |
| City of Pompano Beach, John Knox Village Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515163 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| City of Pompano Beach, John Knox Village Project, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/56 | &nbsp;&nbsp;&nbsp;$4915000 | &nbsp;&nbsp;$3790683 |
| City of Tallahassee, Tallahassee Memorial HealthCare, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6835000 | &nbsp;&nbsp;&nbsp;&nbsp; 6834986 |
| Collier County Health Facilities Authority, Moorings, Inc. Obligated Group (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6407554 |
| Cordova Palms Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562103 |
| County of Osceola, Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845741 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160791 |
| Cypress Ridge Community Development District, Assessment Area One Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254791 |
| &nbsp;&nbsp;&nbsp;5.875%, due 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004948 |
| Elevation Pointe Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960159 |
| Epperson North Community Development District, Assessment Area 3, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389900 |
| Epperson North Community Development District, Assessment Area 2, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131267 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/50 | &nbsp;&nbsp;&nbsp;$4865000 | &nbsp;&nbsp;$4084687 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14005000 | &nbsp;&nbsp;&nbsp;&nbsp; 12664374 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2620490 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542120 |
| Florida Development Finance Corp., River City Education Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078425 |
| Florida Development Finance Corp., Florida Charter Foundation, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/15/36 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552432 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655023 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875648 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211881 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24190039 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453372 |
| Florida Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417539 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619120 |
| Florida Higher Educational Facilities Financial Authority, Saint Leo University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047979 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188523 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/50 | &nbsp;&nbsp;&nbsp;$40340000 | &nbsp;&nbsp;$35376034 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52185000 | &nbsp;&nbsp;&nbsp;&nbsp; 45054849 |
| Lakewood Ranch Stewardship District, Star Farms at Lakewood Ranch Project Phase 1 and 2, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 435510 |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 537712 |
| Lee County Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396169 |
| Madeira Community Development District, Assessment Area No. 2, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870777 |
| &nbsp;&nbsp;&nbsp;5.80%, due 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665869 |
| Miami Beach Health Facilities Authority, Mt Sinai Medical Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895892 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230417 |
| Miami-Dade County Industrial Development Authority, Waste Management, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 11/1/33 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800399 |
| Mid-Bay Bridge Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501532 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999955 |
| Middleton Community Development District A, 2024 Assessment Area, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566470 |
| &nbsp;&nbsp;&nbsp;4.75%, due 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073931 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Mirada II Community Development District, Capital Improvement, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 5/1/31 | &nbsp;&nbsp;&nbsp;$495000 | &nbsp;&nbsp;$450486 |
| &nbsp;&nbsp;&nbsp;3.50%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 807358 |
| Mirada II Community Development District 2021, Capital Improvement, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1519889 |
| New Port Tampa Bay Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 291807 |
| &nbsp;&nbsp;&nbsp;4.125%, due 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 296267 |
| North Powerline Road Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428020 |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863953 |
| Osceola County Expressway Authority, Poinciana Parkway Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/1/36 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253611 |
| Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai residencies of Boca Raton, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758610 |
| Pinellas County Educational Facilities Authority, Pinellas Academy Math & Science Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/48 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871177 |
| Polk County Industrial Development Authority, Carpenter's Home Estates, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726248 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712533 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Preston Cove Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;$1825000 | &nbsp;&nbsp;$1569764 |
| Saltleaf Community Development District, Series 2024 Assessments, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466744 |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490142 |
| Sawyers Landing Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497252 |
| &nbsp;&nbsp;&nbsp;4.25%, due 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2486947 |
| Shingle Creek at Bronson Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866022 |
| South Broward Hospital District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12768345 |
| Southern Groves Community Development District No. 5, Series 2024 Assessment Area, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, due 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947219 |
| Stillwater Community Development District, 2021 Project, Special Assessment (e) |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375329 |
| &nbsp;&nbsp;&nbsp;3.50%, due 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806778 |
| Tradition Community Development District No. 9, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365117 |
| Tradition Community Development District No. 9, Community Infrastructure, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, due 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688406 |
| &nbsp;&nbsp;&nbsp;5.65%, due 5/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852849 |
| Two Lakes Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477718 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Two Rivers North Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/52 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1466662 |
| V-Dana Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 876558 |
| Veranda Community Development District II, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 5/1/41 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 193583 |
| Viera Stewardship District, Village 2 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, due 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354829 |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941661 |
| Village Community Development District No. 15, Special Assessment (e) |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955926 |
| &nbsp;&nbsp;&nbsp;4.80%, due 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078507 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920370 |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802115 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493394 |
| &nbsp;&nbsp;&nbsp;4.25%, due 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304018174 |
| **Georgia 1.6%** | **Georgia 1.6%** | **Georgia 1.6%** |
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 7/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633665 |
| Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431936 |
| Columbia County Hospital Authority, WellStar Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11309448 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| DeKalb County Development Authority, GLOBE Academy, Inc. (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/50 | &nbsp;&nbsp;&nbsp;$300000 | &nbsp;&nbsp;$283998 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 371436 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189872 |
| Development Authority of Burke County (The), Oglethorpe Power Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16161788 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234914 |
| Development Authority of Cobb County (The), Kennesaw State University, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85258 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210386 |
| Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504356 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062161 |
| Gainesville & Hall County Development Authority, Riverside Military Academy, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 |
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964698 |
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/54 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662409 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| Main Street Natural Gas, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/39 | &nbsp;&nbsp;&nbsp;$6550000 | &nbsp;&nbsp;$6044416 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3605960 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14150000 | &nbsp;&nbsp;&nbsp;&nbsp; 12824567 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947772 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51221229 |
| Municipal Electric Authority of Georgia, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241590 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153433608 |
| **Guam 0.4%** | **Guam 0.4%** | **Guam 0.4%** |
| Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164100 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686382 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230636 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305143 |
| Port Authority of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798182 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Guam (continued)** | **Guam (continued)** | **Guam (continued)** |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;$5820000 | &nbsp;&nbsp;$5565340 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008976 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4580000 | &nbsp;&nbsp;&nbsp;&nbsp; 4589742 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35966159 |
| **Hawaii 0.6%** | **Hawaii 0.6%** | **Hawaii 0.6%** |
| Kauai County Community Facilities District No. 2008-1, Kukui'ula Development Project, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005226 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926869 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123703 |
| State of Hawaii, Department of Budget & Finance, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270092 |
| State of Hawaii, Airports System, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15359565 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242956 |
| State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20051819 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599217 |
| State of Hawaii Department of Budget & Finance, Chaminade University of Honolulu, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/45 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59849158 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Idaho 0.1%** | **Idaho 0.1%** | **Idaho 0.1%** |
| Idaho Health Facilities Authority, St Luke's Health System Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/51 | &nbsp;&nbsp;&nbsp;$8750000 | &nbsp;&nbsp;$6115942 |
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2031489 |
| Idaho Housing & Finance Association, Gem Prep: Meridian Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4315000 | &nbsp;&nbsp;&nbsp;&nbsp; 3473551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11620982 |
| **Illinois 8.9%** | **Illinois 8.9%** | **Illinois 8.9%** |
| Bridgeview Finance Corp., Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651222 |
| Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606438 |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155360 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127605 |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821928 |
| Chicago Board of Education, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440800 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572460 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415848 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36946873 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550130 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760953 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Chicago Board of Education, Unlimited General Obligation<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;$13405000 | &nbsp;&nbsp;$13476131 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5156765 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12905000 | &nbsp;&nbsp;&nbsp;&nbsp; 12004758 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10326241 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860584 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31882054 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11062724 |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245157 |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855201 |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633062 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934862 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/46 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770368 |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645911 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293124 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508732 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653063 |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043059 |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42195766 |
| Chicago Board of Education, Project, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354602 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Chicago O'Hare International Airport, TrIPs Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 (a) | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1514937 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4690000 | &nbsp;&nbsp;&nbsp;&nbsp; 4816348 |
| City of Chicago, City Colleges Capital Improvement Project, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 206211 |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644774 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846923 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10544712 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15128710 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37615394 |
| City of Galesburg, Knox College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533882 |
| City of Marion, STAR Bond District Project Area No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208258 |
| Illinois Finance Authority, Midwestern University Foundation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 7/1/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403682 |
| Illinois Finance Authority, University of Illinois Health Services, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11675461 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7338878 |
| Illinois Finance Authority, Bradley University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581189 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Illinois Finance Authority, Learn Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/51 | &nbsp;&nbsp;&nbsp;$1600000 | &nbsp;&nbsp;$1324249 |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 608580 |
| Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575200 |
| Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6576870 | &nbsp;&nbsp;&nbsp;&nbsp; 52615 |
| &nbsp;&nbsp;&nbsp;5.125%, due 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40772 |
| Illinois Finance Authority, Columbia College Chicago, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9340101 |
| Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/40 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143027 |
| Illinois Finance Authority, Navy Pier, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/44 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712660 |
| Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089718 |
| Illinois Finance Authority, Chicago International School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951111 |
| Illinois Finance Authority, Rosalind Franklin University of Medicine and Science, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247523 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Illinois Finance Authority, Student Housing & Academic Facility, CHF-Chicago LLC, University of Illinois at Chicago Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/50 | &nbsp;&nbsp;&nbsp;$7985000 | &nbsp;&nbsp;$7431941 |
| Illinois Finance Authority, Roosevelt University, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2840000 | &nbsp;&nbsp;&nbsp;&nbsp; 2781185 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 2274634 |
| Macon County School District No. 61, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433327 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606660 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570816 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27225311 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821089 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547344 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30392512 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19734171 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392683 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696342 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16421075 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637121 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701223 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/40 | &nbsp;&nbsp;&nbsp;$27700000 | &nbsp;&nbsp;$13323467 |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13660000 | &nbsp;&nbsp;&nbsp;&nbsp; 5234834 |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008677 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9547796 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13516592 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434689 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11702577 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446450 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967640 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242769 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19554504 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22158219 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450627 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992874 |
| Metropolitan Pier & Exposition Authority, Mccormick Place Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936971 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13101210 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Metropolitan Pier & Exposition Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/45 | &nbsp;&nbsp;&nbsp;$3150000 | &nbsp;&nbsp;$1137674 |
| Metropolitan Pier & Exposition Authority, State of Illinois McCormick Place Expansion Project Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 2965374 |
| Northern Illinois University, Auxiliary Facilities System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156236 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527396 |
| Northern Illinois University, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961628 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080341 |
| Sangamon County Water Reclamation District, Alternative Revenue Source, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11971970 |
| State of Illinois, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25234370 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6766578 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865151 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20549270 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238153 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397337 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9232076 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762817 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14570909 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| State of Illinois, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;$1485000 | &nbsp;&nbsp;$1528473 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2430539 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027862 |
| &nbsp;&nbsp;&nbsp;5.75%, due 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16820000 | &nbsp;&nbsp;&nbsp;&nbsp; 17559463 |
| State of Illinois, Rebuild Illinois Program, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254924 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582384 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12815592 |
| Village of Bellwood, Bellwood Workforce Housing Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660136 |
| Village of Bridgeview, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89925 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465472 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195142 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850120 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711419 |
| Village of Oak Lawn, Corporate Purpose, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393282 |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, due 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413181 |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474555 |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480144 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Village of Oak Lawn, Corporate Purpose, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/1/34 | &nbsp;&nbsp;&nbsp;$575000 | &nbsp;&nbsp;$574972 |
| Village of Riverdale, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558191 |
| Village of Romeoville, Lewis University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2931282 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962573 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835980873 |
| **Indiana 0.6%** | **Indiana 0.6%** | **Indiana 0.6%** |
| City of Mount Vernon, Southern Indiana Gas & Electric Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/55 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748869 |
| County of Warrick, Southern Indiana Gas & Electric Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/55 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348928 |
| Indiana Finance Authority, Republic Services, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 5/1/28 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983904 |
| Indiana Finance Authority, Republic Services, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 5/1/28 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496624 |
| Indiana Finance Authority, Marian University, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886544 |
| Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875787 |
| Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13648682 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| Indiana Finance Authority, Unidy Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/55 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$923698 |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3701049 |
| Indiana Finance Authority, Margaret Mary Community Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7520187 |
| Indiana Finance Authority, United States Steel Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 5/1/39 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56518924 |
| **Iowa 1.2%** | **Iowa 1.2%** | **Iowa 1.2%** |
| City of Coralville, Annual Appropriation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771645 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577667 |
| City of Coralville, Annual Appropriation, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544482 |
| Iowa Finance Authority, Lifespace Communities, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697314 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 5/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347355 |
| Iowa Finance Authority, Iowa Fertilizer Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17010059 |
| Iowa Higher Education Loan Authority, Des Moines University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12161638 |
| Iowa Higher Education Loan Authority, University of Dubuque Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398898 |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8194211 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |
| Iowa Student Loan Liquidity Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/54 (a) | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2239293 |
| Iowa Tobacco Settlement Authority, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230200000 | &nbsp;&nbsp;&nbsp;&nbsp; 33957354 |
| Iowa Tobacco Settlement Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9569378 |
| &nbsp;&nbsp;&nbsp;Series B-1, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448291 |
| State of Iowa Board of Regents, University of Iowa Hospitals & Clinics, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110974455 |
| **Kansas 0.3%** | **Kansas 0.3%** | **Kansas 0.3%** |
| City of Manhattan, Meadowlark Hills Retirement Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809704 |
| Wyandotte County-Kansas City Unified Government, Vacation Village Project Area 4 - Major Multi-Sport Athletic Complex Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/34 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23226117 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27010483 |
| **Kentucky 0.9%** | **Kentucky 0.9%** | **Kentucky 0.9%** |
| City of Campbellsville, Campbellsville University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138690 |
| City of Columbia, Lindsey Wilson College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332513 |
| City of Henderson, Pratt Paper LLC Project, Revenue Bonds (a)(e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365786 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

24 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| City of Henderson, Pratt Paper LLC Project, Revenue Bonds (a)(e)<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, due 1/1/42 | &nbsp;&nbsp;&nbsp;$8950000 | &nbsp;&nbsp;$8292299 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, due 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14155000 | &nbsp;&nbsp;&nbsp;&nbsp; 13093637 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, due 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023831 |
| Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13238317 |
| Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26967117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80452190 |
| **Louisiana 1.0%** | **Louisiana 1.0%** | **Louisiana 1.0%** |
| Calcasieu Parish Memorial Hospital Service District, Lake Charles Memorial Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398609 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Peoples of Bastrop LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 6/15/51 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127484 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673047 |
| Louisiana Public Facilities Authority, Calcasieu Bridge Partners LLC, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48244680 |
| &nbsp;&nbsp;&nbsp;5.75%, due 9/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076291 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/1/54 | &nbsp;&nbsp;&nbsp;$3900000 | &nbsp;&nbsp;$3997842 |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28850000 | &nbsp;&nbsp;&nbsp;&nbsp; 29508799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92026752 |
| **Maine 0.0% ‡** | **Maine 0.0% ‡** | **Maine 0.0% ‡** |
| City of Portland, General Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116319 |
| **Maryland 1.1%** | **Maryland 1.1%** | **Maryland 1.1%** |
| County of Baltimore, Oak Crest Village, Inc. Facility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504614 |
| County of Frederick, Oakdale Lake Linganore Project, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227942 |
| County of Frederick, Technology Park Project TIF Development District, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 7/1/43 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9514291 |
| County of Frederick, Mount St Mary's University, Inc., Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998741 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815149 |
| Maryland Economic Development Corp., Port Convington Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349305 |
| Maryland Economic Development Corp., Core Natural Resources, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 (b)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713753 |
| Maryland Economic Development Corp., Purple Line Light Project, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/30/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34786407 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/46 | &nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;$638269 |
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20110000 | &nbsp;&nbsp;&nbsp;&nbsp; 17759487 |
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725296 |
| Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018157 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967948 |
| Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3941618 |
| Maryland Health & Higher Educational Facilities Authority, Green Street Academy Inc., Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222221 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427811 |
| Maryland Health & Higher Educational Facilities Authority, Edenwald Issue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101611407 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Massachusetts 0.9%** | **Massachusetts 0.9%** | **Massachusetts 0.9%** |
| Massachusetts Development Finance Agency, Wellforce Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;$2150000 | &nbsp;&nbsp;$1977815 |
| Massachusetts Development Finance Agency, Equitable School Revolving Fund LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313076 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16960 |
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series N-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940673 |
| &nbsp;&nbsp;&nbsp;Series I |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944362 |
| Massachusetts Development Finance Agency, Linden Ponds, Inc., Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094657 |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660631 |
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292041 |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254184 |
| Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098001 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738496 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511626 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12661112 |
| Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699955 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

26 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| Massachusetts Development Finance Agency, Ascentria Care Alliance Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 (e) | &nbsp;&nbsp;&nbsp;$3875000 | &nbsp;&nbsp;$3466855 |
| Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10040000 | &nbsp;&nbsp;&nbsp;&nbsp; 9377946 |
| Massachusetts Educational Financing Authority, Educational Loan, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2251819 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721021 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/35 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482424 |
| Massachusetts Educational Financing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9267510 |
| Town of Stoneham, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 1/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80756891 |
| **Michigan 2.5%** | **Michigan 2.5%** | **Michigan 2.5%** |
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246301 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738801 |
| Chandler Park Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813221 |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582031 |
| City of Detroit, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872401 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030938 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230097 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021340 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| City of Detroit, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/37 | &nbsp;&nbsp;&nbsp;$1100000 | &nbsp;&nbsp;$1117586 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 862273 |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130799 |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6240000 | &nbsp;&nbsp;&nbsp;&nbsp; 6372016 |
| City of Detroit, Water Supply System, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10016 |
| Detroit Service Learning Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501849 |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037355 |
| Great Lakes Water Authority, Water Supply System, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952115 |
| Kentwood Economic Development Corp., Holland Home Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999596 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12793617 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2, Class 2 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/65 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29950150 |
| Michigan Finance Authority, Calvin University Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906334 |
| Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840502 |
| Michigan Finance Authority, Henry Ford Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246128 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1997002 |
| Michigan Finance Authority, College for Creative Studies, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 988790 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1596426 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3972260 |
| Michigan Finance Authority, Lawrence Technological University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550030 |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384014 |
| Michigan Finance Authority, Local Government Loan Program, Public Lightning Local Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001088 |
| Michigan Finance Authority, Landmark Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700167 |
| Michigan Finance Authority, Lawrence Technological University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058624 |
| Michigan Finance Authority, Presbyterian Villages of Michigan Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856416 |
| Michigan Finance Authority, Universal Learning Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641496 |
| Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, due 7/15/46 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383794 |
| Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297309 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Michigan Strategic Fund, Holland Home Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/42 | &nbsp;&nbsp;&nbsp;$1765000 | &nbsp;&nbsp;$1670938 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2220000 | &nbsp;&nbsp;&nbsp;&nbsp; 2082469 |
| Michigan Strategic Fund, I-75 Improvement Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/48 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26480000 | &nbsp;&nbsp;&nbsp;&nbsp; 25998231 |
| Michigan Tobacco Settlement Finance Authority, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272855000 | &nbsp;&nbsp;&nbsp;&nbsp; 36092113 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849252 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11680743 |
| Richfield Public School Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721525 |
| State of Michigan, Trunk Line, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33348104 |
| Summit Academy North, Michigan Public School Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231509372 |
| **Minnesota 0.8%** | **Minnesota 0.8%** | **Minnesota 0.8%** |
| City of Crookston, Riverview Healthcare Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408838 |
| City of Forest Lake, Lakes International Language Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298616 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227167 |
| City of Ham Lake, Parnassus Preparatory School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092599 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

28 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| City of Independence, Global Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;$1400000 | &nbsp;&nbsp;$1092889 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 821735 |
| City of Minneapolis, Twin Cities International School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/47 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3785000 | &nbsp;&nbsp;&nbsp;&nbsp; 3408302 |
| City of Rochester, Samaritan Bethany, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731747 |
| Duluth Economic Development Authority, Essentia Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14796476 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22551227 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16243843 |
| Duluth Economic Development Authority, St. Luke's Hospital of Duluth, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209771 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092294 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79859400 |
| **Mississippi 0.0% ‡** | **Mississippi 0.0% ‡** | **Mississippi 0.0% ‡** |
| Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087188 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Missouri 0.6%** | **Missouri 0.6%** | **Missouri 0.6%** |
| Branson Industrial Development Authority, Tax Increment, Branson Landing-Retail Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/29 | &nbsp;&nbsp;&nbsp;$2290000 | &nbsp;&nbsp;$2188228 |
| Cape Girardeau County Industrial Development Authority, Southeast Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1536378 |
| City of Lees Summit, Department of Airports, Summit Fair Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/1/37 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2731775 |
| Health & Educational Facilities Authority of the State of Missouri, Maryville University of St. Louis, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806527 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081498 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297246 |
| Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742450 |
| Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5689859 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458824 |
| Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012951 |
| Kansas City Industrial Development Authority, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/57 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027191 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Kansas City Industrial Development Authority, Historic Northeast Redevelopment Area, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/46 | &nbsp;&nbsp;&nbsp;$1875000 | &nbsp;&nbsp;$1760754 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139918 |
| Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/40 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5881794 |
| Lees Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610706 |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480009 |
| Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743468 |
| Springfield School District No. R-12, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403888 |
| St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657694 |
| St. Louis Land Clearance for Redevelopment Authority, Scottrade Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54223458 |
| **Montana 0.3%** | **Montana 0.3%** | **Montana 0.3%** |
| City of Forsyth, NorthWestern Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9814641 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Montana (continued)** | **Montana (continued)** | **Montana (continued)** |
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/15/55 (f) | &nbsp;&nbsp;&nbsp;$7490000 | &nbsp;&nbsp;$5729470 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 712355 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1621637 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985529 |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26277591 |
| **Nebraska 0.0% ‡** | **Nebraska 0.0% ‡** | **Nebraska 0.0% ‡** |
| County of Douglas, Creighton University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710385 |
| **Nevada 0.3%** | **Nevada 0.3%** | **Nevada 0.3%** |
| Carson City, Carson Tahoe Regional Healthcare Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247105 |
| City of Las Vegas, Special Improvement District No. 818, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050242 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164987 |
| City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/58 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777871 |
| City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346668 |
| City of Reno, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/58 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985017 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

30 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Nevada (continued)** | **Nevada (continued)** | **Nevada (continued)** |
| City of Reno, 2024 Special Assessment District No. 1, Special Assessment (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;$825000 | &nbsp;&nbsp;$805431 |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021546 |
| Las Vegas Redevelopment Agency, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2727196 |
| State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/48 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3907132 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899988 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081938 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27986231 |
| **New Hampshire 1.7%** | **New Hampshire 1.7%** | **New Hampshire 1.7%** |
| Manchester Housing and Redevelopment Authority, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940051 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224144 |
| New Hampshire Business Finance Authority, Springpoint Senior Living Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903144 |
| New Hampshire Business Finance Authority, Waste Management, Inc. Project, Revenue Bonds (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35002030 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36205745 |
| New Hampshire Business Finance Authority, Ascentria Care Alliance Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633845 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727792 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New Hampshire (continued)** | **New Hampshire (continued)** | **New Hampshire (continued)** |
| New Hampshire Business Finance Authority, The Vista Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/54 (e) | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1400045 |
| New Hampshire Business Finance Authority, Wheeling Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.89%, due 4/1/34 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67700000 | &nbsp;&nbsp;&nbsp;&nbsp; 70290601 |
| New Hampshire Health and Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157129453 |
| **New Jersey 3.0%** | **New Jersey 3.0%** | **New Jersey 3.0%** |
| Camden County Improvement Authority (The), Camden School Prep Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/52 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909083 |
| Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036485 |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931100 |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/60 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485313 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/60 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985841 |
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series LLL |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424277 |
| &nbsp;&nbsp;&nbsp;Series LLL |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015307 |
| &nbsp;&nbsp;&nbsp;Series LLL |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6841266 |
| New Jersey Economic Development Authority, Provident Group-Kean Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573465 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876936 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| New Jersey Economic Development Authority, State Government Buildings Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/42 | &nbsp;&nbsp;&nbsp;$8860000 | &nbsp;&nbsp;$8876231 |
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15905000 | &nbsp;&nbsp;&nbsp;&nbsp; 15441719 |
| New Jersey Economic Development Authority, Provident Group-Rowan Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11985000 | &nbsp;&nbsp;&nbsp;&nbsp; 11013491 |
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000598 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707683 |
| &nbsp;&nbsp;&nbsp;5.375%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15108785 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336405 |
| New Jersey Economic Development Authority, NYNJ Link Borrower LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 1/1/52 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700795 |
| New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056594 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711298 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039669 |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10681783 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/41 | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2812855 |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3516069 |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14890000 | &nbsp;&nbsp;&nbsp;&nbsp; 13589059 |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36244290 |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507484 |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303836 |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18446035 |
| &nbsp;&nbsp;&nbsp;Series CC |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619134 |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939810 |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639763 |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491282 |
| South Jersey Port Corp., Marine Terminal, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/48 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23477902 |
| South Jersey Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8744959 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10340875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282427477 |
| **New York 10.5%** | **New York 10.5%** | **New York 10.5%** |
| Brooklyn Arena Local Development Corp., Barclays Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580382 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/35 (a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500287 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

32 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/47 (e) | &nbsp;&nbsp;&nbsp;$1225000 | &nbsp;&nbsp;$1126027 |
| Build NYC Resource Corp., Hellenic Classical Charter Schools, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 856964 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 910031 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621673 |
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690309 |
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788491 |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963007 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907514 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127172 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27662240 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20635289 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;$21195000 | &nbsp;&nbsp;$18555106 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11050000 | &nbsp;&nbsp;&nbsp;&nbsp; 9673693 |
| &nbsp;&nbsp;&nbsp;Series A-3, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2545000 | &nbsp;&nbsp;&nbsp;&nbsp; 2224524 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592893 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30798621 |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407849 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690812 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722745 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826402 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853264 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227218 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254591 |
| Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736615 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105375 |
| Monroe County Industrial Development Corp., Rochester Regional Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664562 |
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841276 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;$2075000 | &nbsp;&nbsp;$1869475 |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12605000 | &nbsp;&nbsp;&nbsp;&nbsp; 10699129 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12615000 | &nbsp;&nbsp;&nbsp;&nbsp; 8986546 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256859 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12678720 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44011407 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219458 |
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series S-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089520 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387456 |
| New York Liberty Development Corp., Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612094 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 9/15/50 | &nbsp;&nbsp;&nbsp;$21530000 | &nbsp;&nbsp;$15454225 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72180000 | &nbsp;&nbsp;&nbsp;&nbsp; 71868976 |
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629772 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875208 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533604 |
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699949 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692783 |
| New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398820 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297578 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191349 |
| New York State Thruway Authority, State Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303865 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23716506 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13239875 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

34 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/50 | &nbsp;&nbsp;&nbsp;$10135000 | &nbsp;&nbsp;$8917489 |
| New York State Urban Development Corp., Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 6940420 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683706 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001364 |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68393039 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196519 |
| New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/30/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910861 |
| New York Transportation Development Corp., Terminal 4 JFK International Airport Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10164565 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5152758 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9936875 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13994645 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838871 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17954473 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369403 |
| &nbsp;&nbsp;&nbsp;5.375%, due 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15043906 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 (a) | &nbsp;&nbsp;&nbsp;$12125000 | &nbsp;&nbsp;$11878986 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8315000 | &nbsp;&nbsp;&nbsp;&nbsp; 8280390 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24011077 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12060715 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12871449 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61680141 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16217076 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480011 |
| &nbsp;&nbsp;&nbsp;5.375%, due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537110 |
| New York Transportation Development Corp., JFK International Airport New Terminal One Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/30/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35504180 |
| New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/31/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13209018 |
| New York Transportation Development Corp., JFK Millennium Partners LLC, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/31/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77292068 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/31/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25274754 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;$3755000 | &nbsp;&nbsp;$2941578 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4668825 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167194 |
| Port Authority of New York & New Jersey, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series 223 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522750 |
| &nbsp;&nbsp;&nbsp;Series 236 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280013 |
| Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 218 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171139 |
| Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502755 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/15/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467609 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700757 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676283 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;$915000 | &nbsp;&nbsp;$915032 |
| TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19500000 | &nbsp;&nbsp;&nbsp;&nbsp; 17619779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984687689 |
| **North Carolina 0.6%** | **North Carolina 0.6%** | **North Carolina 0.6%** |
| North Carolina Medical Care Commission, The Forest at Duke Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013537 |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931649 |
| North Carolina Medical Care Commission, Plantation Village, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264277 |
| North Carolina Medical Care Commission, United Methodist Retirement Homes, Inc. Obligated Group (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273946 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512551 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010574 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507364 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237637 |
| North Carolina Medical Care Commission, Pines at Davidson Project (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308740 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787149 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4779719 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

36 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;$23700000 | &nbsp;&nbsp;$23848282 |
| North Carolina Turnpike Authority, Monroe Expressway Toll, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp;&nbsp; 2734388 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5395000 | &nbsp;&nbsp;&nbsp;&nbsp; 5331838 |
| North Carolina Turnpike Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8948292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60489943 |
| **North Dakota 0.5%** | **North Dakota 0.5%** | **North Dakota 0.5%** |
| City of Grand Forks, Altru Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399685 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990018 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817849 |
| County of Cass, Essentia Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134929 |
| County of Ward, Trinity Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7112960 |
| County of Ward, Trinity Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25193975 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51319188 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ohio 4.5%** | **Ohio 4.5%** | **Ohio 4.5%** |
| Akron Bath Copley Joint Township Hospital District, Summa Health System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/46 | &nbsp;&nbsp;&nbsp;$29875000 | &nbsp;&nbsp;$29988845 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5185000 | &nbsp;&nbsp;&nbsp;&nbsp; 3597677 |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/55 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261875000 | &nbsp;&nbsp;&nbsp;&nbsp; 228861728 |
| Cleveland-Cuyahoga County Port Authority, Euclid Avenue Development Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11088981 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028943 |
| Cleveland-Cuyahoga County Port Authority, Centers for Dialysis Care Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658508 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322170 |
| County of Cuyahoga, MetroHealth System (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327376 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975311 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9789634 |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694527 |
| &nbsp;&nbsp;&nbsp;5.50%, due 2/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000735 |
| County of Cuyahoga, MetroHealth System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916710 |
| County of Hamilton, Life Enriching Communities Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070322 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031931 |
| County of Montgomery, Kettering Health Network Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800410 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Dayton-Montgomery County Port Authority, Dayton Regional STEM Schools, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/60 | &nbsp;&nbsp;&nbsp;$1450000 | &nbsp;&nbsp;$1381244 |
| Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3848885 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 1/15/48 (a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2223388 |
| Ohio Higher Educational Facility Commission, Tiffin University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3440343 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674072 |
| Ohio Higher Educational Facility Commission, University of Findlay (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603239 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419161 |
| Ohio Higher Educational Facility Commission, Cleveland Institute of Art (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878790 |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079092 |
| Port of Greater Cincinnati Development Authority, RBM Phase 3 Garage Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953539 |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454073 |
| State of Ohio, University Hospitals Health System, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7327154 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29771611 |
| Toledo-Lucas County Port Authority, University of Toledo Parking Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4767799 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;$1400000 | &nbsp;&nbsp;$1363714 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1892557 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9440000 | &nbsp;&nbsp;&nbsp;&nbsp; 8580899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422813368 |
| **Oklahoma 0.1%** | **Oklahoma 0.1%** | **Oklahoma 0.1%** |
| Norman Regional Hospital Authority, Norman Regional Hospital Authority Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851330 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164523 |
| Tulsa Authority for Economic Opportunity, Sante FE Square Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/1/41 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313274 |
| Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561450 |
| **Oregon 0.0% ‡** | **Oregon 0.0% ‡** | **Oregon 0.0% ‡** |
| Astoria Hospital Facilities Authority, Columbia Memorial Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678902 |
| Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/48 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064724 |
| **Pennsylvania 4.6%** | **Pennsylvania 4.6%** | **Pennsylvania 4.6%** |
| Adams County General Authority, Brethren Home Community Project (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289379 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

38 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Allegheny County Airport Authority, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;$7970000 | &nbsp;&nbsp;$7026853 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6322043 |
| Allegheny County Hospital Development Authority, Allegheny Health Network, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15900000 | &nbsp;&nbsp;&nbsp;&nbsp; 14789277 |
| Allegheny County Industrial Development Authority, Urban Academy of Greater Pittsburgh Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/41 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571530 |
| Allegheny County Industrial Development Authority, Propel Charter School - Sunrise, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742546 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13920195 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988776 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862532 |
| &nbsp;&nbsp;&nbsp;5.125%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275295 |
| &nbsp;&nbsp;&nbsp;5.375%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092771 |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527925 |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347748 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429306 |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781913 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661518 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511622 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Cambria County General Financing Authority, St. Francis University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series TT-5 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/46 | &nbsp;&nbsp;&nbsp;$2035000 | &nbsp;&nbsp;$1561995 |
| Chambersburg Area Municipal Authority, Wilson College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1205710 |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073245 |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2137158 |
| Chester County Industrial Development Authority, Renaissance Academy Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/1/64 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955723 |
| Chester County Industrial Development Authority, Avon Grove Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404890 |
| Chester County Industrial Development Authority, Woodlands at Greystone Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 3/1/48 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614221 |
| Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929917 |
| City of Erie Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697617 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727876 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146568 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654264 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510523 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138189 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| County of Lehigh, Lehigh Valley Health Network, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;$1660000 | &nbsp;&nbsp;$1411459 |
| Cumberland County Municipal Authority, Diakon Lutheran Social Ministries, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 206531 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 290185 |
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189721 |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269528 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859602 |
| &nbsp;&nbsp;&nbsp;6.25%, due 10/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620232 |
| Delaware County Authority, Cabrini University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255671 |
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353366 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882598 |
| General Authority of Southcentral Pennsylvania, York Academy Regional Charter School Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656923 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221371 |
| Huntingdon County General Authority, AICUP Financing Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series OO-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711408 |
| Jefferson County Hospital Authority (The), Punxsutawney Area Hospital, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 1/15/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280738 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Lancaster Higher Education Authority, Elizabethtown College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/51 | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2682545 |
| Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2793981 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1724556 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2178549 |
| Lehigh County General Purpose Authority, Lehigh Valley Academy Regional Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796231 |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494966 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782545 |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038964 |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13756921 |
| Montgomery County Higher Education and Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236610 |
| Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565187 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8786908 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 6/1/41 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84998411 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

40 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Pennsylvania Economic Development Financing Authority, Rapid Bridge Replacement Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/31/38 | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$3723066 |
| Pennsylvania Economic Development Financing Authority, Republic Services, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, due 4/1/49 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4999572 |
| Pennsylvania Economic Development Financing Authority, PA Bridges Finco LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996681 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7704288 |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/30/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324226 |
| &nbsp;&nbsp;&nbsp;5.75%, due 6/30/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749843 |
| Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 1/1/51 (a)(b)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773286 |
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7364888 |
| &nbsp;&nbsp;&nbsp;Series 1-C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598563 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049809 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666628 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40935073 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Philadelphia Authority for Industrial Development, Mariana Bracetti Academy Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/15/35 (e) | &nbsp;&nbsp;&nbsp;$5825000 | &nbsp;&nbsp;$5527303 |
| Philadelphia Authority for Industrial Development, Frankford Valley Foundation for Literacy, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1709311 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1449506 |
| Philadelphia Authority for Industrial Development, Russell Byers Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064315 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843802 |
| Philadelphia Authority for Industrial Development, MaST Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913929 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016283 |
| Philadelphia Authority for Industrial Development, University of the Arts (The), Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315976 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/45 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769696 |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570847 |
| Philadelphia Authority for Industrial Development, International Education & Community Initiatives Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522807 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849607 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 6/1/45 | &nbsp;&nbsp;&nbsp;$2200000 | &nbsp;&nbsp;$2165885 |
| Scranton Redevelopment Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5065000 | &nbsp;&nbsp;&nbsp;&nbsp; 5066230 |
| Scranton-Lackawanna Health and Welfare Authority, Marywood University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 908168 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880604 |
| Wilkes-Barre Finance Authority, Wilkes University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433436085 |
| **Puerto Rico 11.5%** | **Puerto Rico 11.5%** | **Puerto Rico 11.5%** |
| Children's Trust Fund, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8089984 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 5/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5604658 |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080631 |
| &nbsp;&nbsp;&nbsp;5.625%, due 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37013812 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26422270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17737909 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53687833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50022973 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33727084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30954171 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19323126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16470318 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10233870 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175075699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104826575 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84890174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52101344 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493750 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Commonwealth of Puerto Rico<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;$33404850 | &nbsp;&nbsp;$15115695 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20182907 | &nbsp;&nbsp;&nbsp;&nbsp; 10747398 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138154981 | &nbsp;&nbsp;&nbsp;&nbsp; 133544349 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14625000 | &nbsp;&nbsp;&nbsp;&nbsp; 14016350 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349966 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230000 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16236303 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837923 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120838542 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421331 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20973248 |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series DDD |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, due 7/1/19 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563325 |
| &nbsp;&nbsp;&nbsp;Series UU, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.583%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488737 |
| &nbsp;&nbsp;&nbsp;Series ZZ |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 7/1/20 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752025 |
| &nbsp;&nbsp;&nbsp;Series CCC |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 7/1/23 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638250 |
| &nbsp;&nbsp;&nbsp;Series CCC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 7/1/22 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63825 |
| &nbsp;&nbsp;&nbsp;Series CCC |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 7/1/24 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111000 |
| &nbsp;&nbsp;&nbsp;Series CCC |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 7/1/25 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604888 |
| &nbsp;&nbsp;&nbsp;Series XX |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/26 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178400 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

42 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Puerto Rico Electric Power Authority, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series ZZ |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/27 (c)(d) | &nbsp;&nbsp;&nbsp;$405000 | &nbsp;&nbsp;$225788 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, due 7/1/29 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 384675 |
| &nbsp;&nbsp;&nbsp;Series DDD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/20 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803750 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/20 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218225 |
| &nbsp;&nbsp;&nbsp;Series CCC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/21 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260850 |
| &nbsp;&nbsp;&nbsp;Series DDD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/21 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152625 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/21 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674325 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/23 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202575 |
| &nbsp;&nbsp;&nbsp;Series CCC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/24 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023975 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/24 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249750 |
| &nbsp;&nbsp;&nbsp;Series CCC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320563 |
| &nbsp;&nbsp;&nbsp;Series SS, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770225 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574225 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585375 |
| &nbsp;&nbsp;&nbsp;Series TT, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148976 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696875 |
| &nbsp;&nbsp;&nbsp;Series WW |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211850 |
| &nbsp;&nbsp;&nbsp;Series TT |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195900 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880912 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 7/1/42 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459938 |
| &nbsp;&nbsp;&nbsp;Series ZZ |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/20 (c)(d)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124875 |
| &nbsp;&nbsp;&nbsp;Series ZZ |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/23 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344100 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Puerto Rico Electric Power Authority, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series AAA |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/24 (c)(d) | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$1665000 |
| &nbsp;&nbsp;&nbsp;Series WW |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/25 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 894788 |
| &nbsp;&nbsp;&nbsp;Series AAA |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/26 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 61325 |
| &nbsp;&nbsp;&nbsp;Series ZZ |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/26 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962400 |
| &nbsp;&nbsp;&nbsp;Series VV, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613911 |
| &nbsp;&nbsp;&nbsp;Series AAA |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/30 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549138 |
| &nbsp;&nbsp;&nbsp;Series VV, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763777 |
| &nbsp;&nbsp;&nbsp;Series VV, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335674 |
| &nbsp;&nbsp;&nbsp;Series WW |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/33 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632825 |
| &nbsp;&nbsp;&nbsp;Series XX |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/35 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262738 |
| &nbsp;&nbsp;&nbsp;Series XX |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10065662 |
| &nbsp;&nbsp;&nbsp;Series BBB |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, due 7/1/28 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5360362 |
| &nbsp;&nbsp;&nbsp;Series WW |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/38 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6464212 |
| &nbsp;&nbsp;&nbsp;Series XX |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/36 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260662 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 7/1/36 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6439125 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 7/1/33 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836250 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 7/1/43 (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648125 |
| Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;Series EEE |  |  |
| &nbsp;&nbsp;&nbsp;5.95%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14263637 |
| &nbsp;&nbsp;&nbsp;Series EEE |  |  |
| &nbsp;&nbsp;&nbsp;6.05%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837737 |
| &nbsp;&nbsp;&nbsp;Series YY |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25059625 |
| &nbsp;&nbsp;&nbsp;Series EEE |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666987 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Puerto Rico Municipal Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;$1180000 | &nbsp;&nbsp;$1187865 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1842000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420976 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231114000 | &nbsp;&nbsp;&nbsp;&nbsp; 74605125 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23644690 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99207 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19275824 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8337722 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.784%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40087000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37003636 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98991000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94708342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1078779249 |
| **Rhode Island 0.2%** | **Rhode Island 0.2%** | **Rhode Island 0.2%** |
| Providence Redevelopment Agency, Port Providence Lease, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653243 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556907 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493815 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117518 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675079 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230481 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284892 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| Tobacco Settlement Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/52 | &nbsp;&nbsp;&nbsp;$78620000 | &nbsp;&nbsp;$14199032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20210967 |
| **South Carolina 0.7%** | **South Carolina 0.7%** | **South Carolina 0.7%** |
| County of Berkeley, Nexton Improvement District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255175 |
| South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924191 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869114 |
| South Carolina Jobs-Economic Development Authority, Green Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379851 |
| South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842048 |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396781 |
| South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310342 |
| South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282397 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20839000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19037066 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333755 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4363803 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

44 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/55 | &nbsp;&nbsp;&nbsp;$14546000 | &nbsp;&nbsp;$12822599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62817122 |
| **Tennessee 0.4%** | **Tennessee 0.4%** | **Tennessee 0.4%** |
| Chattanooga Health Educational & Housing Facility Board, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2620132 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11889832 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarene University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280430 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810943 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8639857 |
| Tennessee Energy Acquisition Corp., Commodity Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6831208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34072402 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas 4.6%** | **Texas 4.6%** | **Texas 4.6%** |
| Arlington Higher Education Finance Corp., Great Hearts America, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/54 | &nbsp;&nbsp;&nbsp;$1325000 | &nbsp;&nbsp;$1213412 |
| Bastrop Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4877429 |
| Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 161456 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046893 |
| Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Revenue Bonds, Senior Lien (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 7/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14099065 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13479785 |
| Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233390 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309187 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510564 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271171 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839657 |
| Central Texas Regional Mobility Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543671 |
| City of Arlington, Tax Increment Reinvestment Zone No. 5, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843133 |
| City of Houston, Airport System, United Airlines Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/41 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686824 |
| City of Houston, Airport System, Revenue Bonds, Sub. Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953766 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Houston, Airport System, Revenue Bonds, Sub. Lien (a)<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/53 | &nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;$3567822 |
| City of Houston, United Airlines, Inc., Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4045000 | &nbsp;&nbsp;&nbsp;&nbsp; 4099600 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13285000 | &nbsp;&nbsp;&nbsp;&nbsp; 13376334 |
| City of Lago Vista, Tessera on Lake Travis Public Improvement District Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 9/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092572 |
| City of Princeton, Eastridge Public Improvement District Improvement Area No. 4, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 9/1/55 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667481 |
| Clifton Higher Education Finance Corp., IDEA Public Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500533 |
| County of Denton, Green Meadows Public Improvement District Area No. 1, Special Assessment (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/31/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641167 |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/31/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366613 |
| Danbury Higher Education Authority, Inc., Golden Rule School, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282449 |
| Grand Parkway Transportation Corp., Grand Parkway System, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65335915 |
| Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865693 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/38 | &nbsp;&nbsp;&nbsp;$1960000 | &nbsp;&nbsp;$1755928 |
| Harris County-Houston Sports Authority, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 61664 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 507538 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8514 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617274 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178592 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123449 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112867 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557064 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219284 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473080 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495652 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314129 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244407 |
| &nbsp;&nbsp;&nbsp;Series H, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48115 |
| Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283084 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17161594 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552071 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

46 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Hemphill County Hospital District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/1/39 | &nbsp;&nbsp;&nbsp;$2765000 | &nbsp;&nbsp;$2484559 |
| Houston Higher Education Finance Corp., Houston Christian University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450462 |
| Lake Houston Redevelopment Authority, City of Houston Reinvestment Zone No. 10, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571783 |
| Mission Economic Development Corp., Waste Management, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 11/1/48 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 29997360 |
| Montgomery County Toll Road Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501137 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911603 |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413448 |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718601 |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247532 |
| New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Denton LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878904 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295256 |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017359 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132510 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332623 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/54 | &nbsp;&nbsp;&nbsp;$555000 | &nbsp;&nbsp;$404401 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3770000 | &nbsp;&nbsp;&nbsp;&nbsp; 3291563 |
| New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Inc., Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3596452 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645087 |
| New Hope Cultural Education Facilities Finance Corp., Southwest Preparatory School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465544 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801158 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970079 |
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175720 |
| New Hope Cultural Education Facilities Finance Corp., Legacy at Midtown Park Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774588 |
| North Texas Tollway Authority, Revenue Bonds, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13354196 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762507 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Port Freeport, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/51 (a) | &nbsp;&nbsp;&nbsp;$4035000 | &nbsp;&nbsp;$3296452 |
| Port of Port Arthur Navigation District, Port Improvement, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145857 |
| Reagan Hospital District of Reagan County, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1333396 |
| Red River Education Finance Corp., Houston Baptist University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977164 |
| San Antonio Education Facilities Corp., University of the Incarnate Word, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068694 |
| Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306657 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235305 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861630 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28456066 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/31/37 | &nbsp;&nbsp;&nbsp;$2120000 | &nbsp;&nbsp;$2037898 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/31/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp;&nbsp; 2613432 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/31/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4385000 | &nbsp;&nbsp;&nbsp;&nbsp; 4097863 |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/31/58 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26000000 | &nbsp;&nbsp;&nbsp;&nbsp; 26669438 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/58 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51860430 |
| Texas Transportation Commission, State Highway 249, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503302 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590275 |
| Texas Water Development Board, State Water Implementation Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11330611 |
| Tomball Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436552846 |
| **U.S. Virgin Islands 2.2%** | **U.S. Virgin Islands 2.2%** | **U.S. Virgin Islands 2.2%** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24518448 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39079970 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103768002 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

48 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **U.S. Virgin Islands (continued)** | **U.S. Virgin Islands (continued)** | **U.S. Virgin Islands (continued)** |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 (e) | &nbsp;&nbsp;&nbsp;$16670000 | &nbsp;&nbsp;$16506481 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13200000 | &nbsp;&nbsp;&nbsp;&nbsp; 12758974 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2473837 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8784918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207890630 |
| **Utah 1.8%** | **Utah 1.8%** | **Utah 1.8%** |
| Black Desert Public Infrastructure District, Limited General Obligation (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342809 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7676796 |
| Black Desert Public Infrastructure District, Assessment Area No. 1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/1/53 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14121385 |
| City of Salt Lake City, Airport, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429540 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27422994 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768684 |
| Mida Golf and Equestrian Center Public Infrastructure District, Limited General Obligation (e) |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517480 |
| &nbsp;&nbsp;&nbsp;4.625%, due 6/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478615 |
| Mida Mountain Village Public Infrastructure District, Assessment Area No. 2, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588598 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| Mida Mountain Village Public Infrastructure District, Special Assessment (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 8/1/40 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1404258 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4630461 |
| Military Installation Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3626215 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107691 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10950237 |
| Moonlight Village Public Infrastructure District No. 1, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 3/1/56 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575988 |
| SkyRidge Pegasus Infrastructure Financing District, SkyRidge Pegasus Assessment Area, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/44 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229102 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 6/1/52 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6246427 |
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631016 |
| &nbsp;&nbsp;&nbsp;Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918263 |
| Utah Charter School Finance Authority, North Star Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777057 |
| Utah Charter School Finance Authority, Vista at Entrada School of Performing Arts & Technology, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613650 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| Utah Charter School Finance Authority, Vista at Entrada School of Performing Arts & Technology, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/54 | &nbsp;&nbsp;&nbsp;$4700000 | &nbsp;&nbsp;$3856275 |
| Utah Charter School Finance Authority, Providence Hall Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2532755 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425000 | &nbsp;&nbsp;&nbsp;&nbsp; 3110941 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485978 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646761 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137276 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112733 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799351 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846613 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 10/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6001967 |
| &nbsp;&nbsp;&nbsp;5.625%, due 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740956 |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6804783 |
| Utah Infrastructure Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351451 |
| Wolf Creek Infrastructure Financing District No. 1, Assessment Area No. 1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11674565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170159671 |
| **Vermont 0.1%** | **Vermont 0.1%** | **Vermont 0.1%** |
| Vermont Economic Development Authority, Wake Robin Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959256 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Vermont (continued)** | **Vermont (continued)** | **Vermont (continued)** |
| Vermont Student Assistance Corp., Education Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 6/15/45 (a) | &nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;$3042862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002118 |
| **Virginia 1.9%** | **Virginia 1.9%** | **Virginia 1.9%** |
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4840000 | &nbsp;&nbsp;&nbsp;&nbsp; 4839771 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5995000 | &nbsp;&nbsp;&nbsp;&nbsp; 5937364 |
| Farmville Industrial Development Authority, Longwood University Student Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167014 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14395321 |
| Farmville Industrial Development Authority, Longwood University Student Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412161 |
| Henrico County Economic Development Authority, LifeSpire of Virginia, Residential Care Facility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148858 |
| James City County Economic Development Authority, Williamsburg Landing, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480750 |
| Lynchburg Economic Development Authority, Randolph College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297015 |
| Newport News Economic Development Authority, LifeSpire of Virginia Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7722660 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

50 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/48 | &nbsp;&nbsp;&nbsp;$4590000 | &nbsp;&nbsp;$3513938 |
| Salem Economic Development Authority, Educational Facilities, Roanoke College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 706098 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 956031 |
| Tobacco Settlement Financing Corp., Tobacco Settlement Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;6.706%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24339077 |
| Virginia College Building Authority, Regent University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7249062 |
| Virginia College Building Authority, Regent University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135859 |
| Virginia College Building Authority, Marymount University Project, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491526 |
| Virginia Small Business Financing Authority, Elizabeth River Crossings OpCo LLC, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/41 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086285 |
| Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265803 |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16862564 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375947 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045383 |
| Virginia Small Business Financing Authority, National Senior Campuses, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176400 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Virginia Small Business Financing Authority, National Senior Campuses Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/51 | &nbsp;&nbsp;&nbsp;$11840000 | &nbsp;&nbsp;$9727795 |
| Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3014541 |
| Virginia Small Business Financing Authority, Transform 66 P3 Project, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4798989 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23125000 | &nbsp;&nbsp;&nbsp;&nbsp; 21971759 |
| Virginia Small Business Financing Authority, I-495 Hot Lanes Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/52 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15435887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175553858 |
| **Washington 1.2%** | **Washington 1.2%** | **Washington 1.2%** |
| Grant County Public Hospital District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912992 |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486498 |
| Pend Oreille County Public Utility District No. 1, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679408 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160508 |
| Port of Seattle, Intermediate Lien, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838844 |
| Port of Seattle Industrial Development Corp., Delta Air Lines, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825154 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| Washington Economic Development Finance Authority, North Pacific Paper Co. Recycling Project, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/1/40 (a)(e) | &nbsp;&nbsp;&nbsp;$5750000 | &nbsp;&nbsp;$5780909 |
| Washington Health Care Facilities Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8685000 | &nbsp;&nbsp;&nbsp;&nbsp; 8619638 |
| Washington Higher Education Facilities Authority, Whitworth University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1477523 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872243 |
| Washington Higher Education Facilities Authority, Seattle Pacific University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270631 |
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183865 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706288 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407205 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276876 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654595 |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494326 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501378 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9387228 |
| Washington State Convention Center Public Facilities District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306946 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| Washington State Convention Center Public Facilities District, Lodging, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;$1010000 | &nbsp;&nbsp;$825623 |
| Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3820000 | &nbsp;&nbsp;&nbsp;&nbsp; 3070563 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196491 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256596 |
| Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573399 |
| Washington State Housing Finance Commission, Provident Group-SH I Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126308 |
| Whidbey Island Public Hospital District, Whidbey General Hospital, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78914 |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208829 |
| Whidbey Island Public Hospital District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8755517 |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115959559 |
| **West Virginia 0.4%** | **West Virginia 0.4%** | **West Virginia 0.4%** |
| County of Monongalia, Development District No. 4 University Town Center, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/53 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307571 |
| County of Ohio, Special District Excise Tax, The Highlands Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781911 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

52 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **West Virginia (continued)** | **West Virginia (continued)** | **West Virginia (continued)** |
| County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/44 | &nbsp;&nbsp;&nbsp;$1250000 | &nbsp;&nbsp;$1251798 |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957498 |
| Glenville State College, Board of Governors, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3241925 |
| Monongalia County Commission Excise Tax District, University Town Centre, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/1/43 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 781901 |
| Monongalia County Commission Excise Tax District, University Town Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/37 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029029 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567046 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340703 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11598439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37857821 |
| **Wisconsin 2.1%** | **Wisconsin 2.1%** | **Wisconsin 2.1%** |
| Public Finance Authority, Wonderful Foundations Charter School, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136152 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16592585 |
| Public Finance Authority, Methodist University, Inc. (The), Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744616 |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881680 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Finance Authority, North Carolina Leadership Charter Academy, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/29 (e) | &nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;$193960 |
| Public Finance Authority, National Gypsum Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/35 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3762586 |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 768023 |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103641 |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/52 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362259 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104633 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608541 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/40 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292564 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107548 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289909 |
| &nbsp;&nbsp;&nbsp;5.875%, due 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252192 |
| Public Finance Authority, Fellowship Senior Living Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9248639 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417714 |
| Public Finance Authority, Appalachian State University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877163 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068883 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656765 |
| Public Finance Authority, UNC Health Southeastern, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866967 |
| Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/30/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11260553 |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/31/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7046212 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Finance Authority, College Achieve Paterson Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/52 (e) | &nbsp;&nbsp;&nbsp;$1565000 | &nbsp;&nbsp;$1212557 |
| Public Finance Authority, Appalachian Regional Healthcare System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1616899 |
| Public Finance Authority, Givens Estates, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3506441 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010239 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023685 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088210 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15708999 |
| Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/36 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750245 |
| Public Finance Authority, Carmelite System, Inc. Obligated Group (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526137 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537585 |
| Public Finance Authority, TrIPs Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993470 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361577 |
| Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317631 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;$2720000 | &nbsp;&nbsp;$2610676 |
| Public Finance Authority, Guilford College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1706735 |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5860000 | &nbsp;&nbsp;&nbsp;&nbsp; 5451639 |
| Public Finance Authority, Coral Academy of Science Las Vegas, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913999 |
| Public Finance Authority, Wilson Preparatory Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/49 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990367 |
| Public Finance Authority, The Franklin School Of Innovation, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/57 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867339 |
| Public Finance Authority, Nevada State College, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085577 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, due 5/1/71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449623 |
| Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799162 |
| Public Finance Authority, CHF-Cullowhee, LLC - Western Carolina University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915925 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

54 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/50 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1013266 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511957 |
| Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990427 |
| Public Finance Authority, North East Carolina Preparatory School, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975621 |
| Public Finance Authority, AIDS Healthcare Foundation Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698224 |
| Public Finance Authority, CHF - Manoa LLC, Revenue Bonds, Senior Lien (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040652 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20493092 |
| Public Finance Authority, Lake Erie College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/1/54 (c)(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236312 |
| Public Finance Authority, Lindenwood Education System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017666 |
| Public Finance Authority, Irving Convention Center Hotel Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 1/1/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12891336 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Wisconsin Health & Educational Facilities Authority, HOPE Christian Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;$445000 | &nbsp;&nbsp;$377361 |
| Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443952 |
| Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3124523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201902891 |
| **Wyoming 0.1%** | **Wyoming 0.1%** | **Wyoming 0.1%** |
| Sublette County Hospital District, Hospital Construction Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11933000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11928446 |
| Total Long-Term Municipal Bonds<br> (Cost $9,238,959,492) |  | &nbsp;&nbsp;&nbsp;&nbsp;8886189967 |
| **Short-Term Municipal Notes 2.2%** | **Short-Term Municipal Notes 2.2%** | **Short-Term Municipal Notes 2.2%** |
| **California 1.3%** | **California 1.3%** | **California 1.3%** |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds (h) |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000000 |
| &nbsp;&nbsp;&nbsp;Series B-6 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300000 |
| &nbsp;&nbsp;&nbsp;Series C-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000000 |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
| &nbsp;&nbsp;&nbsp;Series B-5 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/51 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200000 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Short-Term Municipal Notes (continued)** | **Short-Term Municipal Notes (continued)** | **Short-Term Municipal Notes (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Tender Option Bond Trust Receipts, Revenue Bonds (e)(h) |  |  |
| &nbsp;&nbsp;&nbsp;Series XF3028 |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, due 4/1/43 | &nbsp;&nbsp;&nbsp;$4777000 | &nbsp;&nbsp;$4777000 |
| &nbsp;&nbsp;&nbsp;Series XF3030 |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, due 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5540000 | &nbsp;&nbsp;&nbsp;&nbsp; 5540000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120817000 |
| **District of Columbia 0.1%** | **District of Columbia 0.1%** | **District of Columbia 0.1%** |
| Tender Option Bond Trust Receipts, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series XG0601 |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, due 1/1/65 (e)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9360000 |
| **Georgia 0.5%** | **Georgia 0.5%** | **Georgia 0.5%** |
| Bartow County Development Authority, Georgia Power Company Plant Bowen Project, Revenue Bonds, First Series |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, due 11/1/62 (a)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23640000 |
| Bartow County Development Authority, Georgia Power Company Plant Bowen Project, Revenue Bonds, Second Series |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 11/1/62 (a)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 |
| Development Authority of Appling County, Georgia Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 9/1/29 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400000 |
| Development Authority of Burke County (The), Georgia Power Co. Vogtle Project, Revenue Bonds, First Series |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 7/1/49 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45040000 |
| **Kentucky 0.1%** | **Kentucky 0.1%** | **Kentucky 0.1%** |
| County of Meade, Nucor Steel Brandenburg Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/61 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400000 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kentucky Economic Development Finance Authority, Republic Services, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 4/1/31 (a)(h) | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400000 |
| **Texas 0.2%** | **Texas 0.2%** | **Texas 0.2%** |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, due 5/15/34 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 |
| Mission Economic Development Corp., Republic Services, Inc., Revenue Bonds (a)(h) |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800000 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 |
| State of Texas, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 6/1/46 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250000 |
| Total Short-Term Municipal Notes<br> (Cost $207,867,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207867000 |
| Total Municipal Bonds<br> (Cost $9,446,826,492) |  | &nbsp;&nbsp;&nbsp;&nbsp;9094056967 |
| **Long-Term Bonds 0.3%** | **Long-Term Bonds 0.3%** | **Long-Term Bonds 0.3%** |
| **Corporate Bonds 0.3%** | **Corporate Bonds 0.3%** | **Corporate Bonds 0.3%** |
| **Commercial Services 0.1%** | **Commercial Services 0.1%** | **Commercial Services 0.1%** |
| Howard University |  |  |
| &nbsp;&nbsp;&nbsp;Series 21A |  |  |
| &nbsp;&nbsp;&nbsp;4.756%, due 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381757 |
| Toll Road Investors Partnership II LP (e) |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887323 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792358 |
| Wildflower Improvement Association |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 3/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13780635 |
| **Diversified Financial Services 0.1%** | **Diversified Financial Services 0.1%** | **Diversified Financial Services 0.1%** |
| Churchill LBC LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025 |  |  |
| &nbsp;&nbsp;&nbsp;9.25%, due 1/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384875 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

56 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Healthcare-Services 0.1%** | **Healthcare-Services 0.1%** | **Healthcare-Services 0.1%** |
| Toledo Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.015%, due 11/15/48 | &nbsp;&nbsp;&nbsp;$9350000 | &nbsp;&nbsp;$8162737 |
| Total Corporate Bonds<br> (Cost $29,032,715) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29328247 |
| Total Long-Term Bonds<br> (Cost $29,032,715) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29328247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Closed-End Funds 1.0%** | **Closed-End Funds 1.0%** | **Closed-End Funds 1.0%** |
| **California 0.0% ‡** | **California 0.0% ‡** | **California 0.0% ‡** |
| BlackRock MuniHoldings California Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73110 | &nbsp;&nbsp;&nbsp;&nbsp; 771311 |
| **Delaware 0.0% ‡** | **Delaware 0.0% ‡** | **Delaware 0.0% ‡** |
| BlackRock Municipal Income Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57359 | &nbsp;&nbsp;&nbsp;&nbsp; 735342 |
| BlackRock MuniYield Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200504 | &nbsp;&nbsp;&nbsp;&nbsp; 2045141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780483 |
| **Georgia 0.1%** | **Georgia 0.1%** | **Georgia 0.1%** |
| Invesco Advantage Municipal Income Trust II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203416 | &nbsp;&nbsp;&nbsp;&nbsp; 1727002 |
| Invesco Municipal Opportunity Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127228 | &nbsp;&nbsp;&nbsp;&nbsp; 1189582 |
| Invesco Municipal Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626442 |
| Invesco Trust for Investment Grade Municipals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710618 |
| **Illinois 0.3%** | **Illinois 0.3%** | **Illinois 0.3%** |
| BlackRock Municipal Income Trust II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752149 |
| Nuveen AMT-Free Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6966051 |
| Nuveen California Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233813 |
| Nuveen Municipal Credit Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8590778 |
| Nuveen Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25501686 |
| **Massachusetts 0.0% ‡** | **Massachusetts 0.0% ‡** | **Massachusetts 0.0% ‡** |
| DWS Municipal Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185111 |
| Eaton Vance Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675403 |
| Pioneer Municipal High Income Advantage Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635256 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Massachusetts (continued) ‡** | **Massachusetts (continued) ‡** | **Massachusetts (continued) ‡** |
| Pioneer Municipal High Income Fund Trust | &nbsp;&nbsp;&nbsp;&nbsp; 200954 | &nbsp;&nbsp;$1832700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328470 |
| **Michigan 0.0% ‡** | **Michigan 0.0% ‡** | **Michigan 0.0% ‡** |
| BlackRock MuniYield Michigan Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 245271 | &nbsp;&nbsp;&nbsp;&nbsp; 2796089 |
| **Multi-State 0.2%** | **Multi-State 0.2%** | **Multi-State 0.2%** |
| BlackRock Municipal 2030 Target Term Trust | &nbsp;&nbsp;&nbsp;&nbsp; 427334 | &nbsp;&nbsp;&nbsp;&nbsp; 9076574 |
| BlackRock Municipal Income Quality Trust | &nbsp;&nbsp;&nbsp;&nbsp; 18136 | &nbsp;&nbsp;&nbsp;&nbsp; 192242 |
| BlackRock MuniYield Quality Fund II, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 588091 | &nbsp;&nbsp;&nbsp;&nbsp; 5722125 |
| BlackRock MuniYield Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 287227 | &nbsp;&nbsp;&nbsp;&nbsp; 3199709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18190650 |
| **New Jersey 0.1%** | **New Jersey 0.1%** | **New Jersey 0.1%** |
| BlackRock MuniHoldings Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 472626 | &nbsp;&nbsp;&nbsp;&nbsp; 5345400 |
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 384935 | &nbsp;&nbsp;&nbsp;&nbsp; 4280477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9625877 |
| **New York 0.3%** | **New York 0.3%** | **New York 0.3%** |
| BlackRock Municipal Income Trust | &nbsp;&nbsp;&nbsp;&nbsp; 188254 | &nbsp;&nbsp;&nbsp;&nbsp; 1827946 |
| BlackRock MuniHoldings New York Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219574 |
| BlackRock MuniVest Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927994 |
| BlackRock MuniYield New York Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272872 |
| BlackRock New York Municipal Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265806 |
| Nuveen AMT-Free Municipal Credit Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9865862 |
| Nuveen New York AMT-Free Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24411594 |
| **Pennsylvania 0.0% ‡** | **Pennsylvania 0.0% ‡** | **Pennsylvania 0.0% ‡** |
| Invesco Pennsylvania Value Municipal Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48677 |
| Total Closed-End Funds<br> (Cost $109,622,154) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96165455 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investment 0.7%** | **Short-Term Investment 0.7%** | **Short-Term Investment 0.7%** |
| **Unaffiliated Investment Company 0.7%** | **Unaffiliated Investment Company 0.7%** | **Unaffiliated Investment Company 0.7%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (i) | &nbsp;&nbsp;&nbsp;&nbsp; 65197950 | &nbsp;&nbsp;$65197950 |
| Total Short-Term Investment<br> (Cost $65,197,950) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65197950 |
| Total Investments<br> (Cost $9,650,679,311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.7% | &nbsp;&nbsp;&nbsp;&nbsp;9284748619 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122844711 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$9407593330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Interest on these securities was subject to alternative minimum tax. |
| (b) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |
| (c) | Issue in default. |
| (d) | Issue in non-accrual status. |
| (e) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (f) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (g) | Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $264,425,703, which represented 2.8% of the Fund's net assets. |
| (h) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (i) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

58 NYLI MacKay High Yield Muni Bond Fund

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[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;(1375) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(154877679) | &nbsp;&nbsp; $(157759765) | &nbsp;&nbsp; $(2882086) |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(750) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (88428531) | &nbsp;&nbsp;&nbsp;&nbsp; (87468750) | &nbsp;&nbsp;&nbsp;&nbsp; 959781 |
| Net Unrealized Depreciation |  |  |  |  | &nbsp;&nbsp;$(1922305) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $6,281,250 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| SD CRED PROG—School District Credit Enhancement Program |
| UT CSCE—Utah Charter School Credit Enhancement Program |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8886189967 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $8886189967 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207867000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 207867000 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9094056967 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9094056967 |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29328247 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 29328247 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29328247 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29328247 |
| Closed-End Funds | &nbsp;&nbsp;&nbsp;&nbsp; 95430113 | &nbsp;&nbsp;&nbsp;&nbsp; 735342 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 96165455 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 65197950 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 65197950 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;160628063 | &nbsp;&nbsp;&nbsp;&nbsp;9124120556 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9284748619 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 959781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 959781 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$161587844 | &nbsp;&nbsp;$9124120556 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9285708400 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(2882086) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(2882086) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

60 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $9,650,679,311) | $9284748619 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281250 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121144862 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34041396 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381774 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371113 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;9454610626 |
| **Liabilities** | **Liabilities** |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24243511 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6573160 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101998 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713363 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402623 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87978 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40685 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10853814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47017296 |
| Net assets | $9407593330 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $820384 |
| Additional paid-in-capital | &nbsp;&nbsp;10610809616 |
|  | &nbsp;&nbsp;10611630000 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(1204036670) |
| Net assets | $9407593330 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $1482085877 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;129258932 |
| Net asset value per share outstanding | $11.47 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Maximum offering price per share outstanding | $11.82 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $3296650 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287871 |
| Net asset value per share outstanding | $11.45 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $11.74 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $115606705 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10107498 |
| Net asset value and offering price per share outstanding | $11.44 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $6307396273 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;549965960 |
| Net asset value and offering price per share outstanding | $11.47 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $1499207825 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;130764084 |
| Net asset value and offering price per share outstanding | $11.46 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $233587438 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;236777443 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;25269047 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945845 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634391 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326482 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407280 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215532 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143859 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137088 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108367 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;31335550 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;205441893 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(56771197) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560181 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(56211016) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(350343670) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1922305) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(352265975) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(408476991) |
| Net increase (decrease) in net assets resulting from operations | $(203035098) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

62 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $205441893 | &nbsp;&nbsp;$356874482 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56211016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83403670) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(352265975) | &nbsp;&nbsp;&nbsp;&nbsp;1005087181 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(203035098) | &nbsp;&nbsp;&nbsp;&nbsp;1278557993 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30907689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64425635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2034694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4876133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(134876011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241420615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32586209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53275520) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(200472491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364144276) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;1751571137 | &nbsp;&nbsp;&nbsp;&nbsp;3761907272 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;137024577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254311417 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;(1665921567) | &nbsp;&nbsp;&nbsp;&nbsp;(2536173970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;222674147 | &nbsp;&nbsp;&nbsp;&nbsp;1480044719 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(180833442) | &nbsp;&nbsp;&nbsp;&nbsp;2394458436 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;&nbsp;9588426772 | &nbsp;&nbsp;&nbsp;&nbsp;7193968336 |
| End of period | $9407593330 | &nbsp;&nbsp;$9588426772 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.95 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$12.75 | &nbsp;&nbsp;&nbsp;&nbsp;$12.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.47 | &nbsp;&nbsp;&nbsp;&nbsp;$11.95 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$12.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.48)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1482086 | &nbsp;&nbsp;&nbsp;&nbsp;$1603539 | &nbsp;&nbsp;&nbsp;&nbsp;$1454442 | &nbsp;&nbsp;&nbsp;&nbsp;$1751791 | &nbsp;&nbsp;&nbsp;&nbsp;$2696103 | &nbsp;&nbsp;&nbsp;&nbsp;$2073226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |
| (e) | The portfolio turnover rate excludes in-kind transactions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

64 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.93 | &nbsp;&nbsp;&nbsp;&nbsp;$10.59 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$13.47 | &nbsp;&nbsp;&nbsp;&nbsp;$12.73 | &nbsp;&nbsp;&nbsp;&nbsp;$12.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.45 | &nbsp;&nbsp;&nbsp;&nbsp;$11.93 | &nbsp;&nbsp;&nbsp;&nbsp;$10.59 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$13.47 | &nbsp;&nbsp;&nbsp;&nbsp;$12.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$3297 | &nbsp;&nbsp;&nbsp;&nbsp;$3550 | &nbsp;&nbsp;&nbsp;&nbsp;$3560 | &nbsp;&nbsp;&nbsp;&nbsp;$3749 | &nbsp;&nbsp;&nbsp;&nbsp;$5107 | &nbsp;&nbsp;&nbsp;&nbsp;$5211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |
| (e) | The portfolio turnover rate excludes in-kind transactions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.92 | &nbsp;&nbsp;&nbsp;&nbsp;$10.58 | &nbsp;&nbsp;&nbsp;&nbsp;$10.61 | &nbsp;&nbsp;&nbsp;&nbsp;$13.46 | &nbsp;&nbsp;&nbsp;&nbsp;$12.71 | &nbsp;&nbsp;&nbsp;&nbsp;$12.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.44 | &nbsp;&nbsp;&nbsp;&nbsp;$11.92 | &nbsp;&nbsp;&nbsp;&nbsp;$10.58 | &nbsp;&nbsp;&nbsp;&nbsp;$10.61 | &nbsp;&nbsp;&nbsp;&nbsp;$13.46 | &nbsp;&nbsp;&nbsp;&nbsp;$12.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.15)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$115607 | &nbsp;&nbsp;&nbsp;&nbsp;$137764 | &nbsp;&nbsp;&nbsp;&nbsp;$151803 | &nbsp;&nbsp;&nbsp;&nbsp;$202196 | &nbsp;&nbsp;&nbsp;&nbsp;$340700 | &nbsp;&nbsp;&nbsp;&nbsp;$355498 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |
| (e) | The portfolio turnover rate excludes in-kind transactions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

66 NYLI MacKay High Yield Muni Bond Fund

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.95 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$12.75 | &nbsp;&nbsp;&nbsp;&nbsp;$12.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.47 | &nbsp;&nbsp;&nbsp;&nbsp;$11.95 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$12.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$6307396 | &nbsp;&nbsp;&nbsp;&nbsp;$6381355 | &nbsp;&nbsp;&nbsp;&nbsp;$4660777 | &nbsp;&nbsp;&nbsp;&nbsp;$4904132 | &nbsp;&nbsp;&nbsp;&nbsp;$7894324 | &nbsp;&nbsp;&nbsp;&nbsp;$6063243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |
| (e) | The portfolio turnover rate excludes in-kind transactions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**November 1, 2019^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$12.74 | &nbsp;&nbsp;&nbsp;&nbsp;$12.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;&nbsp;$11.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$12.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1499208 | &nbsp;&nbsp;&nbsp;&nbsp;$1462218 | &nbsp;&nbsp;&nbsp;&nbsp;$923386 | &nbsp;&nbsp;&nbsp;&nbsp;$925330 | &nbsp;&nbsp;&nbsp;&nbsp;$1240412 | &nbsp;&nbsp;&nbsp;&nbsp;$6535 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |
| (e) | The portfolio turnover rate excludes in-kind transactions. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

68 NYLI MacKay High Yield Muni Bond Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay High Yield Muni Bond Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;March 31, 2010 |
| Investor Class | &nbsp;&nbsp;March 31, 2010 |
| Class C | &nbsp;&nbsp;March 31, 2010 |
| Class I | &nbsp;&nbsp;March 31, 2010 |
| Class R6 | &nbsp;&nbsp;November 1, 2019 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek a high level of current income exempt from federal income taxes. The Fund's secondary investment objective is total return.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment

Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The

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Notes to Financial Statements (Unaudited) (continued)

Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

70 NYLI MacKay High Yield Muni Bond Fund

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Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

In calculating NAV, each closed-end fund is valued at market value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Price information on closed-end funds is taken from the exchange where the security is primarily traded. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity. These closed-end funds are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The

Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust's written liquidity risk management program and related procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with the Fund's procedures described above. The liquidity of the Fund's investments was determined as of April 30, 2025, and can change at any time.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

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Notes to Financial Statements (Unaudited) (continued)

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment

based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse

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economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 11.5% of the Fund's net assets, of which 8.4% are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt. As of April 30, 2025, the Puerto Rico Electric Power Authority ("PREPA") remains in bankruptcy. The continued delay in resolving the PREPA bankruptcy could delay needed investment into public power generation and distribution assets, which are essential components to a productive economy. Failure to provide reliable electricity could result in the Commonwealth's inability to service debt on other municipal territorial investments the Fund may hold.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage the duration and yield curve positioning of the portfolio. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $959781 | $959781 |
| Total Fair Value | $959781 | $959781 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(2882086) | $(2882086) |
| Total Fair Value | $(2882086) | $(2882086) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $560181 | $560181 |
| Total Net Realized Gain (Loss) | $560181 | $560181 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $(1922305) | $(1922305) |
| Total Net Change in Unrealized Appreciation (Depreciation) | $(1922305) | $(1922305) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short (a) | $(379551953) |

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&nbsp;&nbsp;&nbsp;&nbsp;

(a) Positions were open for five months during the reporting period.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund.

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Notes to Financial Statements (Unaudited) (continued)

Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.55% up to $1 billion; 0.54% from $1 billion to $3 billion; 0.53% from $3 billion to $5 billion; 0.52% from $5 billion to $7 billion; 0.51% from $7 billion to $9 billion; 0.50% from $9 billion to $11 billion; 0.49% from $11 billion to $13 billion and 0.48% in excess of $13 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.53% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) of Class A shares do not exceed 0.875% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points to Investor Class, Class C and Class I shares. New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. These agreements will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $25,269,047 and paid the Subadvisor fees in the amount of $12,634,524.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's

administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $16,441 and $113, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class and Class C shares during the six-month period ended April 30, 2025, of $43,092, $337 and $6,875, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms

74 NYLI MacKay High Yield Muni Bond Fund

------

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unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$438969 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51185 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;1804404 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30537 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class R6 | &nbsp;&nbsp;$27206 | &nbsp;&nbsp;0.0%‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $9680073071 | $99567426 | $(494891878) | $(395324452) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $778,541,645, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected

to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$280887 | &nbsp;&nbsp;$497655 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$36516191 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;327628085 |
| Total | &nbsp;&nbsp;$364144276 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

------

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Notes to Financial Statements (Unaudited) (continued)

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $1,482,494 and $1,475,336, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13653753 | &nbsp;&nbsp;$161733331 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26318458 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(20825036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245504565) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4946764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57452776) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422273 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1802596) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4979144) | &nbsp;&nbsp;$(57833099) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32618205 | &nbsp;&nbsp;$384827170 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54805314 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(40291163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476911986) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3053615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37279502) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768661 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3406548) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2940283) | &nbsp;&nbsp;$(35917389) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7808 | &nbsp;&nbsp;$91238 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66651 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230226) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72337) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81466 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121963) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9695) | &nbsp;&nbsp;$(112834) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34950 | &nbsp;&nbsp;$415883 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143334 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(681662) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122445) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262284 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596345) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38619) | &nbsp;&nbsp;$(456506) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551274 | &nbsp;&nbsp;$6520904 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833969 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2082611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24549854) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1376014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16194981) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926244) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1453677) | &nbsp;&nbsp;$(17121225) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934095 | &nbsp;&nbsp;$22803615 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343273 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4842824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57011737) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2541515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29864849) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2960466) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2791676) | &nbsp;&nbsp;$(32825315) |

---

76 NYLI MacKay High Yield Muni Bond Fund

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;107189461 | &nbsp;&nbsp;$1262017815 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105422428 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(97338462) | &nbsp;&nbsp;&nbsp;&nbsp;(1137988983) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18761825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229451260 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085802 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3303573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39339806) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15884659 | &nbsp;&nbsp;$195197256 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;225327685 | &nbsp;&nbsp;$2652717645 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16001313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190014681 |
| Shares redeemed | &nbsp;&nbsp;(145490552) | &nbsp;&nbsp;&nbsp;&nbsp;(1698335099) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95838446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144397227 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8102448 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1930919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22328726) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94592161 | &nbsp;&nbsp;$1130170949 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27114313 | &nbsp;&nbsp;$321207849 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383071 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(22046685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257647939) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66942981 |
| Shares converted into Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38955113 |
| Shares converted from Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3354045) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344160 | &nbsp;&nbsp;$102544049 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59461343 | &nbsp;&nbsp;$701142959 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004815 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(25971171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303233486) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33911368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402914288 |
| Shares converted into Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20619691 |
| Shares converted from Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4460999) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35321418 | &nbsp;&nbsp;$419072980 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

[**Table of Contents**](#JOB_NYLI__b6495646-1547-4f8a-bcbd-5468f369424e_TOC)

#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI MacKay Total Return Bond Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img78a2a2311.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_7593571e-ebd5-4f0b-b7c2-8014d02fc346_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_7593571e-ebd5-4f0b-b7c2-8014d02fc346_17) | &nbsp;&nbsp;19 |
| [Notes to Financial Statements](#xx_8261eb14-0166-49ba-aed6-4298f037ea90_1) | &nbsp;&nbsp;28 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_da857786-8995-4a36-a919-763cc96500c3_1) | &nbsp;&nbsp;40 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_da857786-8995-4a36-a919-763cc96500c3_1) | &nbsp;&nbsp;40 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_da857786-8995-4a36-a919-763cc96500c3_1) | &nbsp;&nbsp;40 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_d12ddcdc-a640-43a0-bb50-c169ad5eed6b_1) | &nbsp;&nbsp;41 |

---

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[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Bonds 97.8%** | **Long-Term Bonds 97.8%** | **Long-Term Bonds 97.8%** |
| **Asset-Backed Securities 10.6%** | **Asset-Backed Securities 10.6%** | **Asset-Backed Securities 10.6%** |
| **Automobile Asset-Backed Securities 4.0%** | **Automobile Asset-Backed Securities 4.0%** | **Automobile Asset-Backed Securities 4.0%** |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;7.84%, due 8/15/29 | &nbsp;&nbsp;&nbsp;$1070000 | &nbsp;&nbsp;$1130772 |
| Exeter Automobile Receivables Trust (a) | Exeter Automobile Receivables Trust (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016815 |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;3.04%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036643 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;6.34%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479866 |
| Flagship Credit Auto Trust (a) | Flagship Credit Auto Trust (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class E |  |  |
| &nbsp;&nbsp;&nbsp;3.32%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027508 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class E |  |  |
| &nbsp;&nbsp;&nbsp;3.52%, due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944738 |
| &nbsp;&nbsp;&nbsp;Series 2021-4, Class E |  |  |
| &nbsp;&nbsp;&nbsp;4.03%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454059 |
| &nbsp;&nbsp;&nbsp;Series 2022-2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, due 4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332798 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;6.30%, due 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663782 |
| Ford Credit Auto Owner Trust (a) | Ford Credit Auto Owner Trust (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220976 |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;6.26%, due 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775180 |
| GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class E |  |  |
| &nbsp;&nbsp;&nbsp;8.35%, due 10/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691078 |
| Huntington Bank Auto Credit-Linked Notes | Huntington Bank Auto Credit-Linked Notes |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class E |  |  |
| &nbsp;&nbsp;&nbsp;11.85% (SOFR 30A + 7.50%), due 10/20/32 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687048 |
| OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;4.68%, due 4/14/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607258 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;5.43%, due 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14680720 |
| **Other Asset-Backed Securities 6.6%** | **Other Asset-Backed Securities 6.6%** | **Other Asset-Backed Securities 6.6%** |
| AGL CLO 32 Ltd. | AGL CLO 32 Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2024-32A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.649% (3 Month SOFR + 1.38%), due 7/21/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599989 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| AGL CLO 35 Ltd. | AGL CLO 35 Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2024-35A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;5.819% (3 Month SOFR + 1.55%), due 1/21/38 (a)(b) | &nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;$248867 |
| AIMCO CLO | AIMCO CLO |  |
| &nbsp;&nbsp;&nbsp;Series 2018-AA, Class B1R |  |  |
| &nbsp;&nbsp;&nbsp;5.93% (3 Month SOFR + 1.65%), due 10/17/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 696284 |
| American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;3.15%, due 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889287 |
| &nbsp;&nbsp;&nbsp;Series 2016-2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194934 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class B |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637539 |
| Apidos CLO | Apidos CLO |  |
| &nbsp;&nbsp;&nbsp;Series 2018-18A, Class BR2 |  |  |
| &nbsp;&nbsp;&nbsp;5.972% (3 Month SOFR + 1.70%), due 1/22/38 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854098 |
| Apidos CLO LI Ltd. | Apidos CLO LI Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2024-51A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;5.847% (3 Month SOFR + 1.55%), due 1/20/38 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385710 |
| ARES Direct Lending CLO 3 LLC | ARES Direct Lending CLO 3 LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;6.019% (3 Month SOFR + 1.75%), due 1/20/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396284 |
| Avant Loans Funding Trust | Avant Loans Funding Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2022-REV1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;11.02%, due 9/15/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695959 |
| Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2021-6A, Class DR |  |  |
| &nbsp;&nbsp;&nbsp;7.219% (3 Month SOFR + 2.95%), due 10/21/34 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350049 |
| British Airways Pass-Through Trust | British Airways Pass-Through Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 3/15/35 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410204 |
| CF Hippolyta Issuer LLC | CF Hippolyta Issuer LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;1.69%, due 7/15/60 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851045 |
| CVS Pass-Through Trust | CVS Pass-Through Trust |  |
| &nbsp;&nbsp;&nbsp;5.789%, due 1/10/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228 |
| Fortress Credit Opportunities XXI CLO LLC | Fortress Credit Opportunities XXI CLO LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2023-21A, Class A1TR |  |  |
| &nbsp;&nbsp;&nbsp;5.839% (3 Month SOFR + 1.57%), due 1/21/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697081 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| Golub Capital Partners CLO 76 B Ltd. | Golub Capital Partners CLO 76 B Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2024-76A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.652% (3 Month SOFR + 1.37%), due 10/25/37 (a)(b) | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$498692 |
| Golub Capital Partners CLO 78M | Golub Capital Partners CLO 78M |  |
| &nbsp;&nbsp;&nbsp;Series 2025-78A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.691% (3 Month SOFR + 1.38%), due 4/21/39 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 918020 |
| Great Lakes CLO Ltd. | Great Lakes CLO Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class ARR |  |  |
| &nbsp;&nbsp;&nbsp;5.792% (3 Month SOFR + 1.48%), due 4/15/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788789 |
| HPEFS Equipment Trust | HPEFS Equipment Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;5.82%, due 11/20/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508816 |
| Ivy Hill Middle Market Credit Fund VII Ltd. | Ivy Hill Middle Market Credit Fund VII Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 7A, Class AR3 |  |  |
| &nbsp;&nbsp;&nbsp;5.856% (3 Month SOFR + 1.60%), due 10/15/36 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348013 |
| JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521273 |
| New Economy Assets Phase 1 Sponsor LLC (a) | New Economy Assets Phase 1 Sponsor LLC (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;1.91%, due 10/20/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554092 |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;2.41%, due 10/20/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140282 |
| OCP CLO Ltd. | OCP CLO Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2017-14A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;5.639% (3 Month SOFR + 1.37%), due 7/20/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498474 |
| Owl Rock CLO XX LLC | Owl Rock CLO XX LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2024-20A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;6.375% (3 Month SOFR + 2.10%), due 10/24/34 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463376 |
| Regatta 30 Funding Ltd. | Regatta 30 Funding Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;5.963% (3 Month SOFR + 1.65%), due 1/25/38 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695999 |
| Regatta XI Funding Ltd. | Regatta XI Funding Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class AR |  |  |
| &nbsp;&nbsp;&nbsp;5.68% (3 Month SOFR + 1.40%), due 7/17/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499987 |
| Signal Peak CLO 12 Ltd. | Signal Peak CLO 12 Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2022-12A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;5.669% (3 Month SOFR + 1.40%), due 7/18/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449990 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| Silver Point SCF CLO IV Ltd. | Silver Point SCF CLO IV Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2R |  |  |
| &nbsp;&nbsp;&nbsp;6.206% (3 Month SOFR + 1.95%), due 10/15/36 (a)(b) | &nbsp;&nbsp;&nbsp;$350000 | &nbsp;&nbsp;$351897 |
| Stifel SBA IO Trust | Stifel SBA IO Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;1.268%, due 6/25/50 (a)(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8111950 | &nbsp;&nbsp;&nbsp;&nbsp; 294058 |
| Subway Funding LLC (a) | Subway Funding LLC (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2II |  |  |
| &nbsp;&nbsp;&nbsp;5.566%, due 7/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813711 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A23 |  |  |
| &nbsp;&nbsp;&nbsp;5.914%, due 7/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690985 |
| Texas Debt Capital CLO Ltd. | Texas Debt Capital CLO Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;5.975% (3 Month SOFR + 1.70%), due 1/24/37 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473735 |
| Tricon American Homes | Tricon American Homes |  |
| &nbsp;&nbsp;&nbsp;Series 2020-SFR1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;2.548%, due 7/17/38 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717993 |
| United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806441 |
| Zayo Issuer LLC | Zayo Issuer LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 3/20/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24249069 |
| Total Asset-Backed Securities<br> (Cost $39,296,539) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38929789 |
| **Corporate Bonds 30.4%** | **Corporate Bonds 30.4%** | **Corporate Bonds 30.4%** |
| **Agriculture 0.4%** | **Agriculture 0.4%** | **Agriculture 0.4%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 2/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568520 |
| **Airlines 1.1%** | **Airlines 1.1%** | **Airlines 1.1%** |
| American Airlines, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478456 |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834117 |
| Delta Air Lines, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184044 |
| &nbsp;&nbsp;&nbsp;4.75%, due 10/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843778 |
| Mileage Plus Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 6/20/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152934 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 4 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Auto Manufacturers 1.7%** | **Auto Manufacturers 1.7%** | **Auto Manufacturers 1.7%** |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 8/17/27 | &nbsp;&nbsp;&nbsp;$610000 | &nbsp;&nbsp;$584985 |
| &nbsp;&nbsp;&nbsp;6.054%, due 11/5/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 276294 |
| &nbsp;&nbsp;&nbsp;6.80%, due 5/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 710537 |
| &nbsp;&nbsp;&nbsp;6.95%, due 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 676526 |
| &nbsp;&nbsp;&nbsp;7.20%, due 6/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 370638 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, due 6/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142566 |
| &nbsp;&nbsp;&nbsp;4.30%, due 4/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908075 |
| &nbsp;&nbsp;&nbsp;5.625%, due 4/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129001 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.85%, due 9/16/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256919 |
| **Banks 9.4%** | **Banks 9.4%** | **Banks 9.4%** |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.204% (1 Year Treasury Constant Maturity Rate + 1.47%), due 9/30/35 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800320 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand |  |  |
| &nbsp;&nbsp;&nbsp;5.621%, due 12/10/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840375 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;5.294%, due 8/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608251 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.496%, due 2/13/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683417 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577458 |
| &nbsp;&nbsp;&nbsp;5.335%, due 9/10/35 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582252 |
| &nbsp;&nbsp;&nbsp;5.367%, due 2/25/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790416 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (a)(b)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628524 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;6.714%, due 10/19/29 (a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433078 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.411% (5 Year Treasury Constant Maturity Rate + 1.73%), due 9/19/39 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649052 |
| Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.982%, due 1/30/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779457 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;5.929% (1 Year Treasury Constant Maturity Rate + 1.32%), due 3/14/46 (a)(b) | &nbsp;&nbsp;&nbsp;$460000 | &nbsp;&nbsp;$444866 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(b)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 633051 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;3.035%, due 5/28/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 786386 |
| &nbsp;&nbsp;&nbsp;5.586% (SOFR + 1.219%), due 11/16/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1317742 |
| First Horizon Bank |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613396 |
| First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112786 |
| &nbsp;&nbsp;&nbsp;5.514%, due 3/7/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573242 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;1.992%, due 1/27/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630722 |
| &nbsp;&nbsp;&nbsp;6.75%, due 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435157 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, due 2/2/35 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896621 |
| &nbsp;&nbsp;&nbsp;6.141% (5 Year Treasury Constant Maturity Rate + 1.70%), due 11/18/39 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568585 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 11/21/25 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440026 |
| KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;4.932% (1 Year Treasury Constant Maturity Rate + 1.07%), due 10/16/30 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715878 |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, due 8/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666846 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;6.401%, due 3/6/35 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445199 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;4.582%, due 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635505 |
| &nbsp;&nbsp;&nbsp;4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510451 |
| M&T Bank Corp. (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.385%, due 1/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321209 |
| &nbsp;&nbsp;&nbsp;6.082%, due 3/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483851 |
| Morgan Stanley (e) |  |  |
| &nbsp;&nbsp;&nbsp;2.484%, due 9/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622587 |
| &nbsp;&nbsp;&nbsp;2.511%, due 10/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440328 |
| Santander Holdings USA, Inc. (e) |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, due 5/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561992 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Santander Holdings USA, Inc. (e)<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.499%, due 3/9/29 | &nbsp;&nbsp;&nbsp;$630000 | &nbsp;&nbsp;$653192 |
| Societe Generale SA (a)(b)(f) |  |  |
| &nbsp;&nbsp;&nbsp;4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 380387 |
| &nbsp;&nbsp;&nbsp;5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008403 |
| Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.146% (5 Year Treasury Constant Maturity Rate + 1.50%), due 9/10/34 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 688622 |
| UBS Group AG (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.091%, due 5/14/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958017 |
| &nbsp;&nbsp;&nbsp;4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301636 |
| &nbsp;&nbsp;&nbsp;4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340854 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, due 3/2/33 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628513 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34597840 |
| **Biotechnology 0.1%** | **Biotechnology 0.1%** | **Biotechnology 0.1%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 3/2/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427946 |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 1/10/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020765 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.95%, due 11/15/33 (g)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781513 |
| Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460302 |
| **Commercial Services 0.4%** | **Commercial Services 0.4%** | **Commercial Services 0.4%** |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626531 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Belron UK Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/15/29 (a) | &nbsp;&nbsp;&nbsp;$900000 | &nbsp;&nbsp;$898854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525385 |
| **Computers 0.2%** | **Computers 0.2%** | **Computers 0.2%** |
| Dell International LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 821394 |
| **Cosmetics & Personal Care 0.3%** | **Cosmetics & Personal Care 0.3%** | **Cosmetics & Personal Care 0.3%** |
| Coty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 1/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947520 |
| **Diversified Financial Services 3.2%** | **Diversified Financial Services 3.2%** | **Diversified Financial Services 3.2%** |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513912 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.992%, due 6/13/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280466 |
| &nbsp;&nbsp;&nbsp;8.00%, due 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190456 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, due 1/30/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299823 |
| Avolon Holdings Funding Ltd. (a) |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 2/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350429 |
| &nbsp;&nbsp;&nbsp;3.25%, due 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684526 |
| Cantor Fitzgerald LP |  |  |
| &nbsp;&nbsp;&nbsp;7.20%, due 12/12/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669239 |
| Capital One Financial Corp. (e) |  |  |
| &nbsp;&nbsp;&nbsp;6.051%, due 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337322 |
| &nbsp;&nbsp;&nbsp;6.312%, due 6/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943013 |
| Citadel Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, due 2/10/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456829 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20%, due 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369857 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654104 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 3/6/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11552754 |
| **Electric 3.5%** | **Electric 3.5%** | **Electric 3.5%** |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.20%, due 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268912 |
| &nbsp;&nbsp;&nbsp;3.35%, due 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882771 |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 3/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490302 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.85%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628722 |
| Duquesne Light Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.616%, due 8/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957231 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 6 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;7.875% (5 Year Treasury Constant Maturity Rate + 3.658%), due 6/15/54 (b) | &nbsp;&nbsp;&nbsp;$545000 | &nbsp;&nbsp;$510286 |
| Evergy Metro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 569768 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;5.95%, due 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 554117 |
| Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;Series R |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351969 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429331 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;7.375% (5 Year Treasury Constant Maturity Rate + 3.319%), due 9/15/55 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583667 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698864 |
| Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668785 |
| Vistra Operations Co. LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847438 |
| &nbsp;&nbsp;&nbsp;6.875%, due 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471280 |
| XPLR Infrastructure Operating Partners LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520936 |
| &nbsp;&nbsp;&nbsp;7.25%, due 1/15/29 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732366 |
| &nbsp;&nbsp;&nbsp;8.375%, due 1/15/31 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12688654 |
| **Entertainment 0.1%** | **Entertainment 0.1%** | **Entertainment 0.1%** |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.279%, due 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252603 |
| **Food 1.1%** | **Food 1.1%** | **Food 1.1%** |
| JBS USA Holding LUX SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877814 |
| MARB BondCo plc |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, due 1/29/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072497 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 4/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612693 |
| Smithfield Foods, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952324 |
| &nbsp;&nbsp;&nbsp;5.20%, due 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095193 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Gas 1.1%** | **Gas 1.1%** | **Gas 1.1%** |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.757%, due 3/16/32 (a) | &nbsp;&nbsp;&nbsp;$505000 | &nbsp;&nbsp;$460102 |
| Brooklyn Union Gas Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.388%, due 9/15/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 762534 |
| National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, due 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1611602 |
| Piedmont Natural Gas Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 541636 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, due 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972716 |
| **Insurance 0.3%** | **Insurance 0.3%** | **Insurance 0.3%** |
| Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.266%, due 8/15/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158271 |
| **Internet 0.2%** | **Internet 0.2%** | **Internet 0.2%** |
| Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854396 |
| **Lodging 0.2%** | **Lodging 0.2%** | **Lodging 0.2%** |
| Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667340 |
| **Media 0.5%** | **Media 0.5%** | **Media 0.5%** |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 11/1/28 (a)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903997 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 6/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769985 |
| **Mining 0.2%** | **Mining 0.2%** | **Mining 0.2%** |
| Vedanta Resources Finance II plc (a) |  |  |
| &nbsp;&nbsp;&nbsp;9.475%, due 7/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464116 |
| &nbsp;&nbsp;&nbsp;9.85%, due 4/24/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795235 |
| **Miscellaneous—Manufacturing 0.2%** | **Miscellaneous—Manufacturing 0.2%** | **Miscellaneous—Manufacturing 0.2%** |
| Textron Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865982 |
| **Oil & Gas 0.6%** | **Oil & Gas 0.6%** | **Oil & Gas 0.6%** |
| Gazprom PJSC Via Gaz Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, due 2/6/28 (a)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190183 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 2/1/29 (a) | &nbsp;&nbsp;&nbsp;$1115000 | &nbsp;&nbsp;$1043976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234159 |
| **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;3.15%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597192 |
| **Pipelines 2.3%** | **Pipelines 2.3%** | **Pipelines 2.3%** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.742%, due 12/31/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896313 |
| Columbia Pipelines Operating Co. LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.962%, due 2/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443268 |
| &nbsp;&nbsp;&nbsp;6.544%, due 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315734 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, due 4/15/32 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033828 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, due 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814653 |
| Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.363%, due 6/30/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873752 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, due 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666856 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 1/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484013 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/50 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991174 |
| Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245367 |
| **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** |
| GLP Capital LP |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135871 |
| Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403455 |
| Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829814 |
| Trust Fibra Uno |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, due 1/23/37 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694387 |
| Uniti Group LP |  |  |
| &nbsp;&nbsp;&nbsp;10.50%, due 2/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927820 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail 0.8%** | **Retail 0.8%** | **Retail 0.8%** |
| Arcos Dorados BV |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 1/29/32 (a) | &nbsp;&nbsp;&nbsp;$970000 | &nbsp;&nbsp;$986995 |
| AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp;&nbsp; 481516 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/1/30 (a)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083750 |
| Sally Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 3/1/32 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 322322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874583 |
| Total Corporate Bonds<br> (Cost $119,373,949) |  | &nbsp;&nbsp;&nbsp;&nbsp;111311010 |
| **Foreign Government Bonds 1.1%** | **Foreign Government Bonds 1.1%** | **Foreign Government Bonds 1.1%** |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Empresa Nacional del Petroleo |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, due 9/16/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461642 |
| **Colombia 0.3%** | **Colombia 0.3%** | **Colombia 0.3%** |
| Colombia Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 4/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144123 |
| **Mexico 0.7%** | **Mexico 0.7%** | **Mexico 0.7%** |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027403 |
| &nbsp;&nbsp;&nbsp;6.75%, due 9/21/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507615 |
| Total Foreign Government Bonds<br> (Cost $4,824,009) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113380 |
| **Loan Assignments 0.5%** | **Loan Assignments 0.5%** | **Loan Assignments 0.5%** |
| **Diversified/Conglomerate Service 0.2%** | **Diversified/Conglomerate Service 0.2%** | **Diversified/Conglomerate Service 0.2%** |
| TruGreen LP | TruGreen LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.422% (1 Month SOFR + 4.00%), due 11/2/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551145 |
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| Virgin Media Bristol LLC | Virgin Media Bristol LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Advance Term Loan Q | &nbsp;&nbsp;&nbsp;First Lien Facility Advance Term Loan Q |  |
| &nbsp;&nbsp;&nbsp;7.686% (1 Month SOFR + 3.25%), due 1/31/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201700 |
| Total Loan Assignments<br> (Cost $1,791,488) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752845 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 8 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mortgage-Backed Securities 30.7%** | **Mortgage-Backed Securities 30.7%** | **Mortgage-Backed Securities 30.7%** |
| **Agency (Collateralized Mortgage Obligations) 13.7%** | **Agency (Collateralized Mortgage Obligations) 13.7%** | **Agency (Collateralized Mortgage Obligations) 13.7%** |
| FHLMC | FHLMC |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5326, Class QO |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/25/50 | &nbsp;&nbsp;&nbsp;$1275477 | &nbsp;&nbsp;$837366 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5021, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085551 | &nbsp;&nbsp;&nbsp;&nbsp; 68371 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5200, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291110 | &nbsp;&nbsp;&nbsp;&nbsp; 7863 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5351, Class DO |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566081 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5357, Class OE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426607 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5363 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491311 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5315, Class OQ |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470130 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5328, Class JY |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, due 9/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546643 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5471, Class SK |  |  |
| &nbsp;&nbsp;&nbsp;0.996% (SOFR 30A + 5.35%), due 8/25/54 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122990 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5092, Class XA |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, due 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473482 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 4988, Class LP |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, due 6/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796024 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 4993, Class KS |  |  |
| &nbsp;&nbsp;&nbsp;1.582% (SOFR 30A + 5.936%), due 7/25/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392645 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 4994, Class TS |  |  |
| &nbsp;&nbsp;&nbsp;1.632% (SOFR 30A + 5.986%), due 7/25/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168631 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 4358, Class Z |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584884 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5070, Class PI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/25/50 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232353 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5011, Class MI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/25/50 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188176 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5094, Class IP |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/25/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169727 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5160 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/25/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117362 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 4710, Class WZ |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360908 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 4725, Class WZ |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196923 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** |
| FHLMC (continued) | FHLMC (continued) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 5304, Class UB |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/25/52 | &nbsp;&nbsp;&nbsp;$498356 | &nbsp;&nbsp;$466180 |
| FHLMC, Strips | FHLMC, Strips |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 272 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808119 | &nbsp;&nbsp;&nbsp;&nbsp; 623524 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 402 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767846 | &nbsp;&nbsp;&nbsp;&nbsp; 638647 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 311, Class S1 |  |  |
| &nbsp;&nbsp;&nbsp;1.491% (SOFR 30A + 5.836%), due 8/15/43 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253106 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 397, Class C61 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/25/53 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287146 |
| FNMA | FNMA |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-70, Class AO |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463771 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-45 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535742 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-24, Class OQ |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683172 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-10, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;1.396% (SOFR 30A + 5.75%), due 2/25/52 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239947 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-40, Class SI |  |  |
| &nbsp;&nbsp;&nbsp;1.482% (SOFR 30A + 5.836%), due 9/25/47 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154938 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2016-57, Class SN |  |  |
| &nbsp;&nbsp;&nbsp;1.582% (SOFR 30A + 5.936%), due 6/25/46 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144366 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-70, Class SD |  |  |
| &nbsp;&nbsp;&nbsp;1.782% (SOFR 30A + 6.136%), due 10/25/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184709 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-12, Class JI |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 3/25/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150634 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-34, Class MI |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 3/25/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710431 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-54, Class HI |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 6/25/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49507 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-53, Class GI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/25/48 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203497 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-85, Class BI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/25/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462556 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-12, Class GC |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241433 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-8, Class ID |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 3/25/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337473 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** |
| FNMA, Strips (c) | FNMA, Strips (c) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 426, Class C32 |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, due 2/25/52 | &nbsp;&nbsp;&nbsp;$3239082 | &nbsp;&nbsp;$310642 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 429, Class C5 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3364599 | &nbsp;&nbsp;&nbsp;&nbsp; 602728 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 440, Class C46 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3113254 | &nbsp;&nbsp;&nbsp;&nbsp; 690504 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 438, Class C34 |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 8/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432859 |
| GNMA | GNMA |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-1, Class YS |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-129, Class SB |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (1 Month SOFR + 3.086%), due 9/20/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39095 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-16, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (1 Month SOFR + 2.636%), due 1/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28619 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-101, Class KO |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206806 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-29, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 2.70%), due 2/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35541 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-97, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38780 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-158, Class SB |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103494 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-205, Class DS |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98011 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-226, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-34, Class HS |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 4.10%), due 2/20/52 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232678 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-78, Class S |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.70%), due 4/20/52 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37763 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-87, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.30%), due 5/20/52 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48610 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** |
| GNMA (continued) | GNMA (continued) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-101, Class SB |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.30%), due 6/20/52 (b)(c) | &nbsp;&nbsp;&nbsp;$1780088 | &nbsp;&nbsp;$24331 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-107, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon) (SOFR 30A + 3.47%), due 6/20/52 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8991443 | &nbsp;&nbsp;&nbsp;&nbsp; 165760 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-66, Class OQ |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154415 | &nbsp;&nbsp;&nbsp;&nbsp; 896812 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-53 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 4/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314374 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2024-51, Class SX |  |  |
| &nbsp;&nbsp;&nbsp;0.85% (SOFR 30A + 5.20%), due 3/20/54 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437177 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-80, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;0.90% (SOFR 30A + 5.25%), due 6/20/53 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162110 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-166, Class CA |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, due 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880951 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-96, Class GP |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, due 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677760 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-146, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 10/20/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222790 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-167, Class SN |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 11/20/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118014 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-179, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 11/20/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328942 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-189, Class SU |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 12/20/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79754 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-46, Class QS |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 3/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134904 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-46, Class TS |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 3/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164191 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-57, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 3/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441485 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-57, Class SD |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 3/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770774 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-96, Class NS |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 6/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430776 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 10 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** |
| GNMA (continued) | GNMA (continued) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-96, Class SN |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 6/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;$2032918 | &nbsp;&nbsp;$265803 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-97, Class SM |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 6/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2169531 | &nbsp;&nbsp;&nbsp;&nbsp; 341733 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-122, Class HS |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 7/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898152 | &nbsp;&nbsp;&nbsp;&nbsp; 259213 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-137, Class S |  |  |
| &nbsp;&nbsp;&nbsp;1.867% (1 Month SOFR + 6.186%), due 7/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284198 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-96, Class JS |  |  |
| &nbsp;&nbsp;&nbsp;1.917% (1 Month SOFR + 6.236%), due 6/20/51 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239071 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-166, Class IC |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 11/20/50 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142694 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-10, Class IC |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 11/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202367 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2025-2, Class WZ |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 8/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927296 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-86, Class SE |  |  |
| &nbsp;&nbsp;&nbsp;2.30% (SOFR 30A + 6.65%), due 9/20/50 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219506 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-1, Class PI |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 12/20/50 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106482 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-140, Class GF |  |  |
| &nbsp;&nbsp;&nbsp;2.50% (1 Month SOFR + 0.764%), due 8/20/51 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671390 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-188 |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 10/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433213 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-1, Class CF |  |  |
| &nbsp;&nbsp;&nbsp;2.50% (SOFR 30A + 0.80%), due 1/20/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980272 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-60, Class ES |  |  |
| &nbsp;&nbsp;&nbsp;2.50% (SOFR 30A + 11.20%), due 4/20/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843636 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-1, Class IT |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278901 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-44, Class IQ |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385312 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-67, Class PI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186673 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-74, Class HI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45675 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** |
| GNMA (continued) | GNMA (continued) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-98, Class IN |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/20/51 (c) | &nbsp;&nbsp;&nbsp;$1024924 | &nbsp;&nbsp;$181674 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2024-48, Class JI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978856 | &nbsp;&nbsp;&nbsp;&nbsp; 341397 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-139, Class IA |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6818342 | &nbsp;&nbsp;&nbsp;&nbsp; 1253188 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-207 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253682 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2019-92, Class GF |  |  |
| &nbsp;&nbsp;&nbsp;3.50% (1 Month SOFR + 0.804%), due 7/20/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327217 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2019-97, Class FG |  |  |
| &nbsp;&nbsp;&nbsp;3.50% (1 Month SOFR + 0.804%), due 8/20/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949058 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2019-128, Class KF |  |  |
| &nbsp;&nbsp;&nbsp;3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347492 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2019-128, Class YF |  |  |
| &nbsp;&nbsp;&nbsp;3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357558 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-5, Class FA |  |  |
| &nbsp;&nbsp;&nbsp;3.50% (1 Month SOFR + 0.814%), due 1/20/50 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909534 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-96, Class FG |  |  |
| &nbsp;&nbsp;&nbsp;3.50% (SOFR 30A + 0.30%), due 6/20/51 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371734 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-146, Class IN |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/20/51 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306819 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2025-2, Class Z |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 1/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271655 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-66, Class MP |  |  |
| &nbsp;&nbsp;&nbsp;3.60% (SOFR 30A + 12.30%), due 5/20/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023539 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2016-93, Class AI |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 7/20/44 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353488 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-69, Class FA |  |  |
| &nbsp;&nbsp;&nbsp;4.50% (SOFR 30A + 0.75%), due 4/20/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314592 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-81, Class LA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311917 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-38, Class WT |  |  |
| &nbsp;&nbsp;&nbsp;6.524%, due 12/20/51 (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517205 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-59, Class YC |  |  |
| &nbsp;&nbsp;&nbsp;7.027%, due 9/20/51 (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359335 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-55, Class CG |  |  |
| &nbsp;&nbsp;&nbsp;7.635%, due 7/20/51 (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799495 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** | **Agency (Collateralized Mortgage Obligations) (continued)** |
| GNMA (continued) | GNMA (continued) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-55, Class LB |  |  |
| &nbsp;&nbsp;&nbsp;7.764%, due 11/20/51 (j) | &nbsp;&nbsp;&nbsp;$663927 | &nbsp;&nbsp;$757863 |
| Multifamily Connecticut Avenue Securities Trust (a)(b) | Multifamily Connecticut Avenue Securities Trust (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2019-01, Class B10 |  |  |
| &nbsp;&nbsp;&nbsp;9.968% (SOFR 30A + 5.614%), due 10/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 788073 |
| &nbsp;&nbsp;&nbsp;Series 2023-01, Class M10 |  |  |
| &nbsp;&nbsp;&nbsp;10.854% (SOFR 30A + 6.50%), due 11/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1582714 |
| &nbsp;&nbsp;&nbsp;Series 2020-01, Class CE |  |  |
| &nbsp;&nbsp;&nbsp;11.968% (SOFR 30A + 7.614%), due 3/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50130085 |
| **Commercial Mortgage Loans (Collateralized Mortgage Obligations) 8.5%** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) 8.5%** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) 8.5%** |
| BANK | BANK |  |
| &nbsp;&nbsp;&nbsp;Series 2018-BN12, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/61 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877044 |
| &nbsp;&nbsp;&nbsp;Series 2019-BN20, Class C |  |  |
| &nbsp;&nbsp;&nbsp;3.769%, due 9/15/62 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221678 |
| &nbsp;&nbsp;&nbsp;Series 2019-BN19, Class C |  |  |
| &nbsp;&nbsp;&nbsp;4.161%, due 8/15/61 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434473 |
| BBCMS Mortgage Trust (a) | BBCMS Mortgage Trust (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C16, Class D |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 6/15/55 (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469126 |
| &nbsp;&nbsp;&nbsp;Series 2018-C2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507728 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2018-B6, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.241%, due 10/10/51 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483168 |
| &nbsp;&nbsp;&nbsp;Series 2019-B11, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;3.542%, due 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592817 |
| &nbsp;&nbsp;&nbsp;Series 2019-B9, Class C |  |  |
| &nbsp;&nbsp;&nbsp;4.971%, due 3/15/52 (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964445 |
| BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-BRBK, Class D |  |  |
| &nbsp;&nbsp;&nbsp;10.291% (1 Month SOFR + 5.971%), due 10/15/41 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960375 |
| BX Trust | BX Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2023-LIFE, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.045%, due 2/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405140 |
| CAMB Commercial Mortgage Trust | CAMB Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2021-CX2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;2.864%, due 11/10/46 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777499 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** |
| CD Mortgage Trust | CD Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2017-CD4, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, due 5/10/50 (a) | &nbsp;&nbsp;&nbsp;$1150000 | &nbsp;&nbsp;$955192 |
| CFCRE Commercial Mortgage Trust (a)(d) | CFCRE Commercial Mortgage Trust (a)(d) |  |
| &nbsp;&nbsp;&nbsp;Series 2016-C3, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.052%, due 1/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 677530 |
| &nbsp;&nbsp;&nbsp;Series 2016-C4, Class D |  |  |
| &nbsp;&nbsp;&nbsp;5.004%, due 5/10/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 848371 |
| Commercial Mortgage Trust (a) | Commercial Mortgage Trust (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2014-CR20, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.222%, due 11/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945140 |
| &nbsp;&nbsp;&nbsp;Series 2016-DC2, Class D |  |  |
| &nbsp;&nbsp;&nbsp;4.061%, due 2/10/49 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119206 |
| CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2016-C6, Class D |  |  |
| &nbsp;&nbsp;&nbsp;5.081%, due 1/15/49 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630492 |
| DBJPM Mortgage Trust | DBJPM Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2016-C1, Class C |  |  |
| &nbsp;&nbsp;&nbsp;3.468%, due 5/10/49 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633453 |
| DBUBS Mortgage Trust | DBUBS Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2011-LC3A, Class PM2 |  |  |
| &nbsp;&nbsp;&nbsp;5.268%, due 5/10/44 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879875 |
| FHLMC (a)(b) | FHLMC (a)(b) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2025-MN10, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;7.204% (SOFR 30A + 2.85%), due 2/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077584 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2024-MN8, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;8.604% (SOFR 30A + 4.25%), due 5/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684465 |
| GNMA (c) | GNMA (c) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-194, Class CI |  |  |
| &nbsp;&nbsp;&nbsp;0.815%, due 10/16/65 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225258 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-177 |  |  |
| &nbsp;&nbsp;&nbsp;0.82%, due 6/16/62 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253790 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-159, Class CI |  |  |
| &nbsp;&nbsp;&nbsp;0.953%, due 7/16/65 (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338697 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-168, Class IA |  |  |
| &nbsp;&nbsp;&nbsp;0.979%, due 12/16/62 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179806 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-47 |  |  |
| &nbsp;&nbsp;&nbsp;0.992%, due 3/16/61 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387098 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2022-185, Class DI |  |  |
| &nbsp;&nbsp;&nbsp;1.022%, due 10/16/65 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145908 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-172 |  |  |
| &nbsp;&nbsp;&nbsp;1.381%, due 2/16/66 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296408 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 12 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2014-GC22, Class B |  |  |
| &nbsp;&nbsp;&nbsp;4.391%, due 6/10/47 (j) | &nbsp;&nbsp;&nbsp;$1040000 | &nbsp;&nbsp;$896633 |
| JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2019-COR5, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/13/52 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 182693 |
| JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C7, Class C |  |  |
| &nbsp;&nbsp;&nbsp;4.315%, due 10/15/50 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583328 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2015-C22, Class D |  |  |
| &nbsp;&nbsp;&nbsp;4.245%, due 4/15/48 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886623 |
| ROCK Trust | ROCK Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CNTR, Class E |  |  |
| &nbsp;&nbsp;&nbsp;8.819%, due 11/13/41 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928773 |
| SKY Trust | SKY Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2025-LINE, Class B |  |  |
| &nbsp;&nbsp;&nbsp;8.009% (1 Month SOFR + 3.687%), due 4/15/42 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792769 |
| TEXAS Commercial Mortgage Trust | TEXAS Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2025-TWR, Class D |  |  |
| &nbsp;&nbsp;&nbsp;7.412% (1 Month SOFR + 3.091%), due 4/15/42 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838993 |
| UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C10, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/51 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463410 |
| &nbsp;&nbsp;&nbsp;Series 2018-C9, Class C |  |  |
| &nbsp;&nbsp;&nbsp;5.11%, due 3/15/51 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574370 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C40, Class D |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, due 10/15/50 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062180 |
| &nbsp;&nbsp;&nbsp;Series 2018-C43, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/15/51 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205682 |
| &nbsp;&nbsp;&nbsp;Series 2016-NXS6, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.059%, due 11/15/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396959 |
| &nbsp;&nbsp;&nbsp;Series 2017-RC1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 1/15/60 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984644 |
| &nbsp;&nbsp;&nbsp;Series 2019-C51, Class C |  |  |
| &nbsp;&nbsp;&nbsp;4.289%, due 6/15/52 (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674289 |
| &nbsp;&nbsp;&nbsp;Series 2022-ONL, Class E |  |  |
| &nbsp;&nbsp;&nbsp;5.092%, due 12/15/39 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693402 |
| &nbsp;&nbsp;&nbsp;Series 2016-NXS5, Class D |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, due 1/15/59 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31280208 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Whole Loan (Collateralized Mortgage Obligations) 8.5%** | **Whole Loan (Collateralized Mortgage Obligations) 8.5%** | **Whole Loan (Collateralized Mortgage Obligations) 8.5%** |
| CIM Trust (a) | CIM Trust (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2021-J2, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;0.21%, due 4/25/51 (c)(j) | &nbsp;&nbsp;&nbsp;$28925554 | &nbsp;&nbsp;$375109 |
| &nbsp;&nbsp;&nbsp;Series 2025-NR1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/25/64 (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724013 | &nbsp;&nbsp;&nbsp;&nbsp; 701947 |
| Connecticut Avenue Securities Trust (a)(b) | Connecticut Avenue Securities Trust (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;6.053% (SOFR 30A + 1.70%), due 1/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254529 |
| &nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;6.303% (SOFR 30A + 1.95%), due 2/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540312 |
| &nbsp;&nbsp;&nbsp;Series 2024-R05, Class 2B1 |  |  |
| &nbsp;&nbsp;&nbsp;6.354% (SOFR 30A + 2.00%), due 7/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109539 |
| &nbsp;&nbsp;&nbsp;Series 2023-R07, Class 2M2 |  |  |
| &nbsp;&nbsp;&nbsp;7.603% (SOFR 30A + 3.25%), due 9/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621000 |
| &nbsp;&nbsp;&nbsp;Series 2023-R03, Class 2M2 |  |  |
| &nbsp;&nbsp;&nbsp;8.254% (SOFR 30A + 3.90%), due 4/25/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890951 |
| &nbsp;&nbsp;&nbsp;Series 2021-R03, Class 1B2 |  |  |
| &nbsp;&nbsp;&nbsp;9.854% (SOFR 30A + 5.50%), due 12/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770144 |
| &nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B2 |  |  |
| &nbsp;&nbsp;&nbsp;10.354% (SOFR 30A + 6.00%), due 12/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121365 |
| &nbsp;&nbsp;&nbsp;Series 2020-SBT1, Class 1B1 |  |  |
| &nbsp;&nbsp;&nbsp;11.218% (SOFR 30A + 6.864%), due 2/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852193 |
| &nbsp;&nbsp;&nbsp;Series 2022-R02, Class 2B2 |  |  |
| &nbsp;&nbsp;&nbsp;12.004% (SOFR 30A + 7.65%), due 1/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084781 |
| &nbsp;&nbsp;&nbsp;Series 2019-HRP1, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;13.718% (SOFR 30A + 9.364%), due 11/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640474 |
| &nbsp;&nbsp;&nbsp;Series 2022-R03, Class 1B2 |  |  |
| &nbsp;&nbsp;&nbsp;14.204% (SOFR 30A + 9.85%), due 3/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685725 |
| FHLMC STACR REMIC Trust (a)(b) | FHLMC STACR REMIC Trust (a)(b) |  |
| &nbsp;&nbsp;&nbsp;Series 2025-HQA1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;6.004% (SOFR 30A + 1.65%), due 2/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472942 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;6.354% (SOFR 30A + 2.00%), due 3/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505630 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| **Whole Loan (Collateralized Mortgage Obligations) (continued)** | **Whole Loan (Collateralized Mortgage Obligations) (continued)** | **Whole Loan (Collateralized Mortgage Obligations) (continued)** |
| FHLMC STACR REMIC Trust (a)(b) (continued) | FHLMC STACR REMIC Trust (a)(b) (continued) |  |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B |  |  |
| &nbsp;&nbsp;&nbsp;7.904% (SOFR 30A + 3.55%), due 8/25/42 | &nbsp;&nbsp;&nbsp;$455000 | &nbsp;&nbsp;$474602 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA1, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;9.104% (SOFR 30A + 4.75%), due 1/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 613180 |
| &nbsp;&nbsp;&nbsp;Series 2020-HQA1, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;9.568% (SOFR 30A + 5.214%), due 1/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592000 | &nbsp;&nbsp;&nbsp;&nbsp; 1708311 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M2 |  |  |
| &nbsp;&nbsp;&nbsp;10.354% (SOFR 30A + 6.00%), due 7/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263048 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;10.604% (SOFR 30A + 6.25%), due 9/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310766 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA4, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;11.354% (SOFR 30A + 7.00%), due 12/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903449 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA1, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;11.454% (SOFR 30A + 7.10%), due 1/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806243 |
| FHLMC STACR Securitized Participation Interests Trust | FHLMC STACR Securitized Participation Interests Trust |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2018-SPI3, Class B |  |  |
| &nbsp;&nbsp;&nbsp;4.154%, due 8/25/48 (a)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716568 |
| FHLMC STACR Trust (a)(b) | FHLMC STACR Trust (a)(b) |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2019-FTR2, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;11.868% (SOFR 30A + 7.514%), due 11/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677975 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2019-FTR1, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;12.818% (SOFR 30A + 8.464%), due 1/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003366 |
| GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2021-PJ1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 6/25/51 (a)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682913 |
| J.P. Morgan Mortgage Trust | J.P. Morgan Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2021-4, Class B1 |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, due 8/25/51 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005009 |
| Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2018-3, Class B4 |  |  |
| &nbsp;&nbsp;&nbsp;3.692%, due 8/25/58 (a)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342596 |
| New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2020-RPL1, Class B3 |  |  |
| &nbsp;&nbsp;&nbsp;3.848%, due 11/25/59 (a)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896255 |
| RCKT Mortgage Trust | RCKT Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 11/25/51 (a)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947294 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Whole Loan (Collateralized Mortgage Obligations) (continued)** | **Whole Loan (Collateralized Mortgage Obligations) (continued)** | **Whole Loan (Collateralized Mortgage Obligations) (continued)** |
| Sequoia Mortgage Trust | Sequoia Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2021-4, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;0.164%, due 6/25/51 (a)(c)(d) | &nbsp;&nbsp;&nbsp;$23813522 | &nbsp;&nbsp;$235832 |
| STACR Trust | STACR Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2018-HRP1, Class B2 |  |  |
| &nbsp;&nbsp;&nbsp;16.218% (SOFR 30A + 11.864%), due 5/25/43 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300626 | &nbsp;&nbsp;&nbsp;&nbsp; 1552100 |
| Towd Point Mortgage Trust (a)(j) | Towd Point Mortgage Trust (a)(j) |  |
| &nbsp;&nbsp;&nbsp;Series 2017-4, Class B5 |  |  |
| &nbsp;&nbsp;&nbsp;3.655%, due 6/25/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454041 |
| &nbsp;&nbsp;&nbsp;Series 2018-2, Class B5 |  |  |
| &nbsp;&nbsp;&nbsp;3.766%, due 3/25/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31241979 |
| Total Mortgage-Backed Securities<br> (Cost $110,097,893) |  | &nbsp;&nbsp;&nbsp;&nbsp;112652272 |
| **U.S. Government & Federal Agencies 24.5%** | **U.S. Government & Federal Agencies 24.5%** | **U.S. Government & Federal Agencies 24.5%** |
| **Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.3%** | **Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.3%** | **Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.3%** |
| FHLMC Gold Pools, Other | FHLMC Gold Pools, Other | FHLMC Gold Pools, Other |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715930 |
| UMBS Pool, 30 Year | UMBS Pool, 30 Year | UMBS Pool, 30 Year |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346966 |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574629 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891198 |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097928 |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679824 |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407613 |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133204 |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369856 |
| &nbsp;&nbsp;&nbsp;6.00%, due 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835355 |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950619 |
| **Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.3%** | **Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.3%** | **Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.3%** |
| FNMA, Other | FNMA, Other | FNMA, Other |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419846 |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757567 |
| &nbsp;&nbsp;&nbsp;4.38%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011162 |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 |
| UMBS, 30 Year | UMBS, 30 Year | UMBS, 30 Year |
| &nbsp;&nbsp;&nbsp;2.00%, due 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526442 |
| &nbsp;&nbsp;&nbsp;2.00%, due 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699082 |
| &nbsp;&nbsp;&nbsp;2.00%, due 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183283 |
| &nbsp;&nbsp;&nbsp;3.50%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529925 |
| &nbsp;&nbsp;&nbsp;3.50%, due 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70352 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 14 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)** | **Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)** | **Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)** |
| UMBS, 30 Year (continued) | UMBS, 30 Year (continued) | UMBS, 30 Year (continued) |
| &nbsp;&nbsp;&nbsp;4.50%, due 1/1/54 | &nbsp;&nbsp;&nbsp;$931673 | &nbsp;&nbsp;$891891 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382644 | &nbsp;&nbsp;&nbsp;&nbsp; 1355469 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1138127 | &nbsp;&nbsp;&nbsp;&nbsp; 1116590 |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856515 | &nbsp;&nbsp;&nbsp;&nbsp; 861098 |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679449 | &nbsp;&nbsp;&nbsp;&nbsp; 678255 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630655 | &nbsp;&nbsp;&nbsp;&nbsp; 629547 |
| &nbsp;&nbsp;&nbsp;6.00%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702531 | &nbsp;&nbsp;&nbsp;&nbsp; 717616 |
| &nbsp;&nbsp;&nbsp;6.00%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963541 |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495321 |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077618 |
| &nbsp;&nbsp;&nbsp;6.50%, due 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829847 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15817419 |
| **Government National Mortgage Association (Mortgage Pass-Through Security) 0.2%** | **Government National Mortgage Association (Mortgage Pass-Through Security) 0.2%** | **Government National Mortgage Association (Mortgage Pass-Through Security) 0.2%** |
| GNMA II, 30 Year | GNMA II, 30 Year | GNMA II, 30 Year |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649632 |
| **United States Treasury Bonds 1.3%** | **United States Treasury Bonds 1.3%** | **United States Treasury Bonds 1.3%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266600 |
| &nbsp;&nbsp;&nbsp;4.75%, due 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805766 |
| **United States Treasury Notes 15.4%** | **United States Treasury Notes 15.4%** | **United States Treasury Notes 15.4%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;3.875%, due 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8419434 |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34766440 |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13409687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56595561 |
| Total U.S. Government & Federal Agencies<br> (Cost $89,376,693) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89818997 |
| Total Long-Term Bonds<br> (Cost $364,760,571) |  | &nbsp;&nbsp;&nbsp;&nbsp;358578293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Common Stocks 0.0% ‡** | **Common Stocks 0.0% ‡** | **Common Stocks 0.0% ‡** |
| **Commercial Services & Supplies 0.0% ‡** | **Commercial Services & Supplies 0.0% ‡** | **Commercial Services & Supplies 0.0% ‡** |
| Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Total Common Stocks<br> (Cost $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investments 2.1%** | **Short-Term Investments 2.1%** | **Short-Term Investments 2.1%** |
| **Affiliated Investment Company 0.5%** | **Affiliated Investment Company 0.5%** | **Affiliated Investment Company 0.5%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2024995 | &nbsp;&nbsp;$2024995 |
| **Unaffiliated Investment Company 1.0%** | **Unaffiliated Investment Company 1.0%** | **Unaffiliated Investment Company 1.0%** |
| Invesco Government & Agency Portfolio, 4.367% (k)(l) | &nbsp;&nbsp;&nbsp;&nbsp; 3684520 | &nbsp;&nbsp;&nbsp;&nbsp; 3684520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** |  |
| **U.S. Treasury Debt 0.6%** | **U.S. Treasury Debt 0.6%** | **U.S. Treasury Debt 0.6%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.216%, due 5/29/25 (m) | &nbsp;&nbsp;&nbsp;$2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093108 |
| Total Short-Term Investments<br> (Cost $7,802,684) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7802623 |
| Total Investments<br> (Cost $372,563,255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;366380921 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404369 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$366785290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of April 30, 2025. |
| (c) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (d) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of April 30, 2025. |
| (e) | Fixed to floating rate—Rate shown was the rate in effect as of April 30, 2025. |
| (f) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (g) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $3,539,003. The Fund received cash collateral with a value of $3,684,520. (See Note 2(K)) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

(h) Step coupon—Rate shown was the rate in effect as of April 30, 2025.

(i) Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,190,183, which represented 0.3% of the Fund's net assets.

(j) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025.

(k) Current yield as of April 30, 2025.

(l) Represents a security purchased with cash collateral received for securities on loan.

(m) Interest rate shown represents yield to maturity.

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$2532 | &nbsp;&nbsp;$78048 | &nbsp;&nbsp;$(78555) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2025 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$— | &nbsp;&nbsp;2025 |

---

#### Foreign Currency Forward Contracts
As of April 30, 2025, the Fund held the following foreign currency forward contracts<sup>1</sup>:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Currency Purchased** | &nbsp;&nbsp;**Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| GBP | &nbsp;&nbsp;6672000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;8623339 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;5/7/25 | $268392 |
| USD | &nbsp;&nbsp;8292476 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;6672000 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;5/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; (599255) |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp;$(330863) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. Foreign Currency Forward Contracts are subject to limitations such that they cannot be "sold or repurchased," although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction.

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $32537918 | &nbsp;&nbsp; $33086180 | &nbsp;&nbsp; $548262 |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5048616 | &nbsp;&nbsp;&nbsp;&nbsp; 5048312 | &nbsp;&nbsp;&nbsp;&nbsp; (304) |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14154343 | &nbsp;&nbsp;&nbsp;&nbsp; 14228250 | &nbsp;&nbsp;&nbsp;&nbsp; 73907 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17393440 | &nbsp;&nbsp;&nbsp;&nbsp; 17307469 | &nbsp;&nbsp;&nbsp;&nbsp; (85971) |
| Total Long Contracts |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535894 |
| **Short Contracts** |  |  |  |  |  |
| Canada 5 Year Bonds | &nbsp;&nbsp;(201) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (16792267) | &nbsp;&nbsp;&nbsp;&nbsp; (16873444) | &nbsp;&nbsp;&nbsp;&nbsp; (81177) |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3931506) | &nbsp;&nbsp;&nbsp;&nbsp; (3954821) | &nbsp;&nbsp;&nbsp;&nbsp; (23315) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 16 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(4824635) | &nbsp;&nbsp; $(4825406) | &nbsp;&nbsp; $(771) |
| Total Short Contracts |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(105263) |
| Net Unrealized Appreciation |  |  |  |  | &nbsp;&nbsp;$430631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $1,831,894 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviation(s): |
| CLO—Collateralized Loan Obligation |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GBP—British Pound Sterling |
| GNMA—Government National Mortgage Association |
| IO—Interest Only |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| STACR—Structured Agency Credit Risk |
| UMBS—Uniform Mortgage Backed Securities |
| USD—United States Dollar |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38929789 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $38929789 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111311010 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 111311010 |
| &nbsp;&nbsp;&nbsp;Foreign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4113380 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4113380 |
| &nbsp;&nbsp;&nbsp;Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1752845 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1752845 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112652272 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 112652272 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Federal Agencies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89818997 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 89818997 |
| Total Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;358578293 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358578293 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2024995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2024995 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3684520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3684520 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Debt | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2093108 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2093108 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093108 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7802623 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709520 | &nbsp;&nbsp;&nbsp;&nbsp;360671401 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366380921 |
| Other Financial Instruments (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268392 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 268392 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 622169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 622169 |
| Total Other Financial Instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268392 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890561 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$6331689 | &nbsp;&nbsp;$360939793 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$367271482 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(599255) | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(599255) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (191538) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (191538) |
| Total Other Financial Instruments | &nbsp;&nbsp;$(191538) | &nbsp;&nbsp;$(599255) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(790793) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 18 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $370,538,260) including securities on loan of $3,539,003 | $364355926 |
| Investment in affiliated investment companies, at value<br> (identified cost $2,024,995) | &nbsp;&nbsp;&nbsp;&nbsp;2024995 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188 |
| Cash denominated in foreign currencies<br> (identified cost $625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1831894 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;2323302 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;1413075 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717700 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on foreign currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268392 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;373014864 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;3684520 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;1230014 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292549 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252798 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59932 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37020 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33669 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12741 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10534 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 |
| Unrealized depreciation on foreign currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;6229574 |
| Net assets | $366785290 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $39939 |
| Additional paid-in-capital | &nbsp;&nbsp;441449099 |
|  | &nbsp;&nbsp;441489038 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(74703748) |
| Net assets | $366785290 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $49132598 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5351117 |
| Net asset value per share outstanding | $9.18 |
| Maximum sales charge (4.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Maximum offering price per share outstanding | $9.61 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $4118908 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445668 |
| Net asset value per share outstanding | $9.24 |
| Maximum sales charge (4.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Maximum offering price per share outstanding | $9.63 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $2281066 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247531 |
| Net asset value and offering price per share outstanding | $9.22 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $123876759 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;13483402 |
| Net asset value and offering price per share outstanding | $9.19 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $187338148 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;20407036 |
| Net asset value and offering price per share outstanding | $9.18 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $37811 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093 |
| Net asset value and offering price per share outstanding | $9.24 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $10009771 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70256 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;10101026 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742015 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155224 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60482 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49037 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46514 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27884 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;1118813 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;(243587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875226 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;9225800 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;(1947115) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;(3004362) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(145645) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466132 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(4630990) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;4316279 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2636392 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;(554408) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72828 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;6471091 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1840101 |
| Net increase (decrease) in net assets resulting from operations | $11065901 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 20 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $9225800 | &nbsp;&nbsp;$17442162 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(4630990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4162988) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;6471091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35502885 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;11065901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48782059 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(1214084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2361454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(3071634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3895523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(5143722) | &nbsp;&nbsp;&nbsp;&nbsp;(10868085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1230) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(9576871) | &nbsp;&nbsp;&nbsp;&nbsp;(17446208) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;64684972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87213090 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;9489284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17263781 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(67481213) | &nbsp;&nbsp;&nbsp;&nbsp;(137616195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;6693043 | &nbsp;&nbsp;&nbsp;&nbsp;(33139324) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;8182073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1803473) |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;358603217 | &nbsp;&nbsp;&nbsp;&nbsp;360406690 |
| End of period | $366785290 | &nbsp;&nbsp;$358603217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 20, 2024.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.14 | &nbsp;&nbsp;&nbsp;&nbsp;$8.35 | &nbsp;&nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.18 | &nbsp;&nbsp;&nbsp;&nbsp;$11.35 | &nbsp;&nbsp;&nbsp;&nbsp;$10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.14 | &nbsp;&nbsp;&nbsp;&nbsp;$8.35 | &nbsp;&nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.18 | &nbsp;&nbsp;&nbsp;&nbsp;$11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.43)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$49133 | &nbsp;&nbsp;&nbsp;&nbsp;$49646 | &nbsp;&nbsp;&nbsp;&nbsp;$46426 | &nbsp;&nbsp;&nbsp;&nbsp;$54484 | &nbsp;&nbsp;&nbsp;&nbsp;$87764 | &nbsp;&nbsp;&nbsp;&nbsp;$92997 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 96% and 108% for the years ended October 31, 2022 and 2021 respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 22 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.20 | &nbsp;&nbsp;&nbsp;&nbsp;$8.40 | &nbsp;&nbsp;&nbsp;&nbsp;$8.62 | &nbsp;&nbsp;&nbsp;&nbsp;$11.24 | &nbsp;&nbsp;&nbsp;&nbsp;$11.42 | &nbsp;&nbsp;&nbsp;&nbsp;$10.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.24 | &nbsp;&nbsp;&nbsp;&nbsp;$9.20 | &nbsp;&nbsp;&nbsp;&nbsp;$8.40 | &nbsp;&nbsp;&nbsp;&nbsp;$8.62 | &nbsp;&nbsp;&nbsp;&nbsp;$11.24 | &nbsp;&nbsp;&nbsp;&nbsp;$11.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$4119 | &nbsp;&nbsp;&nbsp;&nbsp;$4234 | &nbsp;&nbsp;&nbsp;&nbsp;$4109 | &nbsp;&nbsp;&nbsp;&nbsp;$4663 | &nbsp;&nbsp;&nbsp;&nbsp;$6894 | &nbsp;&nbsp;&nbsp;&nbsp;$7558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 96% and 108% for the years ended October 31, 2022 and 2021 respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;&nbsp;&nbsp;$8.38 | &nbsp;&nbsp;&nbsp;&nbsp;$8.59 | &nbsp;&nbsp;&nbsp;&nbsp;$11.21 | &nbsp;&nbsp;&nbsp;&nbsp;$11.38 | &nbsp;&nbsp;&nbsp;&nbsp;$10.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.22 | &nbsp;&nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;&nbsp;&nbsp;$8.38 | &nbsp;&nbsp;&nbsp;&nbsp;$8.59 | &nbsp;&nbsp;&nbsp;&nbsp;$11.21 | &nbsp;&nbsp;&nbsp;&nbsp;$11.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$2281 | &nbsp;&nbsp;&nbsp;&nbsp;$2548 | &nbsp;&nbsp;&nbsp;&nbsp;$3348 | &nbsp;&nbsp;&nbsp;&nbsp;$4480 | &nbsp;&nbsp;&nbsp;&nbsp;$10449 | &nbsp;&nbsp;&nbsp;&nbsp;$18434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 96% and 108% for the years ended October 31, 2022 and 2021 respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 24 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.15 | &nbsp;&nbsp;&nbsp;&nbsp;$8.35 | &nbsp;&nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.18 | &nbsp;&nbsp;&nbsp;&nbsp;$11.36 | &nbsp;&nbsp;&nbsp;&nbsp;$10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.19 | &nbsp;&nbsp;&nbsp;&nbsp;$9.15 | &nbsp;&nbsp;&nbsp;&nbsp;$8.35 | &nbsp;&nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.18 | &nbsp;&nbsp;&nbsp;&nbsp;$11.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$123877 | &nbsp;&nbsp;&nbsp;&nbsp;$112327 | &nbsp;&nbsp;&nbsp;&nbsp;$61667 | &nbsp;&nbsp;&nbsp;&nbsp;$94122 | &nbsp;&nbsp;&nbsp;&nbsp;$720466 | &nbsp;&nbsp;&nbsp;&nbsp;$686829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 96% and 108% for the years ended October 31, 2022 and 2021 respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.14 | &nbsp;&nbsp;&nbsp;&nbsp;$8.35 | &nbsp;&nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.18 | &nbsp;&nbsp;&nbsp;&nbsp;$11.35 | &nbsp;&nbsp;&nbsp;&nbsp;$10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.14 | &nbsp;&nbsp;&nbsp;&nbsp;$8.35 | &nbsp;&nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;&nbsp;$11.18 | &nbsp;&nbsp;&nbsp;&nbsp;$11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$187338 | &nbsp;&nbsp;&nbsp;&nbsp;$189818 | &nbsp;&nbsp;&nbsp;&nbsp;$243909 | &nbsp;&nbsp;&nbsp;&nbsp;$272227 | &nbsp;&nbsp;&nbsp;&nbsp;$542147 | &nbsp;&nbsp;&nbsp;&nbsp;$716703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 96% and 108% for the years ended October 31, 2022 and 2021 respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| 26 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.20 | &nbsp;&nbsp;&nbsp;&nbsp;$8.40 | &nbsp;&nbsp;&nbsp;&nbsp;$8.62 | &nbsp;&nbsp;&nbsp;&nbsp;$11.24 | &nbsp;&nbsp;&nbsp;&nbsp;$11.41 | &nbsp;&nbsp;&nbsp;&nbsp;$11.52\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period (b) | &nbsp;&nbsp;&nbsp;&nbsp;$9.24 | &nbsp;&nbsp;&nbsp;&nbsp;$9.20 | &nbsp;&nbsp;&nbsp;&nbsp;$8.40 | &nbsp;&nbsp;&nbsp;&nbsp;$8.62 | &nbsp;&nbsp;&nbsp;&nbsp;$11.24 | &nbsp;&nbsp;&nbsp;&nbsp;$11.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;&nbsp;$31 | &nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;$25 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate not including mortgage dollar rolls was 96% and 108% for the years ended October 31, 2022 and 2021 respectively. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Total Return Bond Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

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| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;January 2, 2004 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class C | &nbsp;&nbsp;January 2, 2004 |
| Class I | &nbsp;&nbsp;January 2, 1991 |
| Class R6 | &nbsp;&nbsp;December 29, 2014 |
| SIMPLE Class | &nbsp;&nbsp;August 31, 2020 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I, Class R6 and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek total return.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange")(usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation

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|:---|:---|
| 28 | NYLI MacKay Total Return Bond Fund |

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Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal

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Notes to Financial Statements (Unaudited) (continued)

market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using

valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust's written liquidity risk management program and related procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with the Fund's procedures described above. The liquidity of the Fund's investments was determined as of April 30, 2025, and can change at any time.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection

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|:---|:---|
| 30 | NYLI MacKay Total Return Bond Fund |

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with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is recorded on an accrual basis and may include coupon interest, amortization of premium, accretion of discount on debt securities, and gains/losses on paydowns. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively. Income from payment-in-kind securities is accreted daily based on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro

rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated

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Notes to Financial Statements (Unaudited) (continued)

exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Loan Assignments, Participations and Commitments. The Fund may invest in loan assignments and participations ("loans"). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Fund records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, the Secured Overnight Financing Rate ("SOFR") or an alternative reference rate.

The loans in which the Fund may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Fund purchases an assignment from a lender, the Fund will generally have direct contractual rights against the borrower in favor of the lender. If the Fund purchases a participation interest either from a lender or a participant, the Fund typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Fund is subject to the credit risk of the lender or participant who sold the participation interest to the Fund, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities.

(I) Foreign Currency Forward Contracts. The Fund may enter into foreign currency forward contracts, which are agreements to buy or sell foreign currencies on a specified future date at a specified rate. The Fund is subject to foreign currency exchange rate risk in the normal course of investing in these transactions. During the period the forward contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. Cash movement occurs on the settlement date. When the forward contract is closed, the Fund records a realized gain or loss equal

to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract. The Fund may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

The use of foreign currency forward contracts involves, to varying degrees, elements of risk in excess of the amount recognized in the Statement of Assets and Liabilities, including counterparty risk, market risk, leverage risk, operational risk, legal risk and liquidity risk. Counterparty risk is heightened for these instruments because foreign currency forward contracts are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations under such contracts. Thus, the Fund faces the risk that its counterparties under such contracts may not perform their obligations. Market risk is the risk that the value of a foreign currency forward contract will depreciate due to unfavorable changes in exchange rates. Liquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Liquidity risk also can arise when forward currency contracts create margin or settlement payment obligations for the Fund. Leverage risk is the risk that a foreign currency forward contract can magnify the Fund's gains and losses. Operational risk refers to risk related to potential operational issues (including documentation issues, settlement issues, systems failures, inadequate controls and human error), and legal risk refers to insufficient documentation, insufficient capacity or authority of the counterparty, or legality or enforceability of a foreign currency forward contract. Risks also arise from the possible movements in the foreign exchange rates underlying these instruments. While the Fund may enter into forward contracts to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Fund than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Fund's assets. Moreover, there may be an imperfect correlation between the Fund's holdings of securities denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Fund's exposure at the valuation date to credit loss in the event of a counterparty's failure to perform its obligations.

(J) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between

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| 32 | NYLI MacKay Total Return Bond Fund |

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the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(K) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(L) Dollar Rolls. The Fund may enter into dollar roll transactions in which it sells mortgage-backed securities ("MBS") from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Fund generally transfers MBS where the MBS are "to be announced," therefore, the Fund accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from the portfolio and a realized gain or loss is recognized. The securities the Fund has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Fund at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

(M) Debt and Foreign Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(N) Large Transaction Risks. From time to time, the Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund's transaction costs. The Fund has adopted procedures

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Notes to Financial Statements (Unaudited) (continued)

designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(O) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(P) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage the duration and yield curve positioning of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. These derivatives are not accounted for as hedging instruments.

The Fund entered into foreign currency forward contracts to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates.

Fair value of derivative instruments as of April 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Foreign<br> Exchange<br> Contracts<br> Risk** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $— | $622169 | $622169 |
| Forward Contracts - Unrealized appreciation on foreign currency forward contracts | &nbsp;&nbsp;&nbsp;268392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;268392 |
| Total Fair Value | $268392 | $622169 | $890561 |

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&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Foreign<br> Exchange<br> Contracts<br> Risk** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $— | $(191538) | $(191538) |
| Forward Contracts - Unrealized depreciation on foreign currency forward contracts | &nbsp;&nbsp;&nbsp;(599255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(599255) |
| Total Fair Value | $(599255) | $(191538) | $(790793) |

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&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Foreign<br> Exchange<br> Contracts<br> Risk** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $— | $(3004362) | $(3004362) |
| Forward Transactions | &nbsp;&nbsp;&nbsp;466132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466132 |
| Total Net Realized Gain (Loss) | $466132 | $(3004362) | $(2538230) |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Foreign<br> Exchange<br> Contracts<br> Risk** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $— | $2636392 | $2636392 |
| Forward Contracts | &nbsp;&nbsp;&nbsp;(554408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(554408) |
| Total Net Change in Unrealized Appreciation (Depreciation) | $(554408) | $2636392 | $2081984 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Long | $67201647 |
| Futures Contracts Short | $(29727000) |
| Forward Contracts Long (a) | $5806632 |
| Forward Contracts Short | $(9932233) |

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&nbsp;&nbsp;&nbsp;&nbsp;

(a) Positions were open for three months during the reporting period.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the

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| 34 | NYLI MacKay Total Return Bond Fund |

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portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Effective February 28, 2025, pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.35% of the Fund's average daily net assets. During the six-month period ended April 30, 2025, the effective management fee rate was 0.42% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

Prior to February 28, 2025, pursuant to the Management Agreement, the Fund paid the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.45% up to $1 billion; 0.44% from $1 billion to $3 billion; and 0.43% in excess of $3 billion.

Effective February 28, 2025, New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of daily net assets: 0.88% for Class A shares and 0.35% for Class I shares. Prior to February 28, 2025, New York Life Investments had contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) of Class I shares did not exceed 0.45% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to Investor Class shares, Class C shares and SIMPLE Class shares. New York Life Investments has also contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. These agreements will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $742,015 and

waived fees and/or reimbursed expenses in the amount of $243,587 and paid the Subadvisor fees in the amount of $249,214.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the SIMPLE Class Plan, SIMPLE Class shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $7,200 and $185, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $1,350 and $12, respectively.

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Notes to Financial Statements (Unaudited) (continued)

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$40987 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9396 | &nbsp;&nbsp;&nbsp;&nbsp;(592) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788 | &nbsp;&nbsp;&nbsp;&nbsp;(306) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;95247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

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| | | |
|:---|:---|:---|
| Class I | &nbsp;&nbsp;$946950 | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24316 | &nbsp;&nbsp;64.3 |

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&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $372504289 | $5790289 | $(11913657) | $(6123368) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $65,837,541, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$23043 | &nbsp;&nbsp;$42795 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$17446208 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds

---

| | |
|:---|:---|
| 36 | NYLI MacKay Total Return Bond Fund |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Effective Rate, Daily Simple SOFR + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of U.S. government securities were $171,803 and $160,069, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $89,156 and $94,464, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452506 | &nbsp;&nbsp;$4135899 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129435 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6138780) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873446) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179270 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19003) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79054) | &nbsp;&nbsp;$(713179) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865800 | &nbsp;&nbsp;$7858217 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189294 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1330289) | &nbsp;&nbsp;&nbsp;&nbsp;(12008018) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1960507) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836443 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130483) | &nbsp;&nbsp;$(1124064) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 | &nbsp;&nbsp;$106072 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96391 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308733) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106270) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67050 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92539) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14471) | &nbsp;&nbsp;$(131759) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22670 | &nbsp;&nbsp;$206634 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194688 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593811) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192489) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213829 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291965) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28996) | &nbsp;&nbsp;$(270625) |

---

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class B<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$41 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30620) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26556) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419864) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49774) | &nbsp;&nbsp;$(446420) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;$402271 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49320 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575245) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123654) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153415) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30189) | &nbsp;&nbsp;$(277069) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75051 | &nbsp;&nbsp;$689984 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112557 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1593885) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791344) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311770) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122035) | &nbsp;&nbsp;$(1103114) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300018 | &nbsp;&nbsp;$48362796 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069562 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(4433700) | &nbsp;&nbsp;&nbsp;&nbsp;(40342461) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11089897 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19003 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203069 | &nbsp;&nbsp;$11108534 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072262 | &nbsp;&nbsp;$65413990 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891625 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2603179) | &nbsp;&nbsp;&nbsp;&nbsp;(23675506) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897527 | &nbsp;&nbsp;$45630109 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R1<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;$326 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26572) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2920) | &nbsp;&nbsp;$(26246) |
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;$350 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30001) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3299) | &nbsp;&nbsp;$(29651) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048 | &nbsp;&nbsp;$35849 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504570) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(467118) |
| Shares converted from Class R3 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26673) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54907) | &nbsp;&nbsp;$(493791) |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285781 | &nbsp;&nbsp;$11671896 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143722 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2206271) | &nbsp;&nbsp;&nbsp;&nbsp;(20115974) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359270) | &nbsp;&nbsp;$(3300356) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435492 | &nbsp;&nbsp;$13001524 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868085 |
| Shares redeemed | &nbsp;&nbsp;(11093325) | &nbsp;&nbsp;&nbsp;&nbsp;(99153212) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(8455406) | &nbsp;&nbsp;$(75283603) |

---

---

| | |
|:---|:---|
| 38 | NYLI MacKay Total Return Bond Fund |

---

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[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;$6038 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;$6872 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;$6851 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;$8081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 20, 2024.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

------

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

[**Table of Contents**](#JOB_NYLI__a3498bac-c953-4079-a3f1-012e024585ca_TOC)

#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI Epoch Global Equity Yield Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imgf95fd37a1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_39a892c5-c77b-41f6-9f7f-a7a935547db6_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_39a892c5-c77b-41f6-9f7f-a7a935547db6_6) | &nbsp;&nbsp;8 |
| [Notes to Financial Statements](#xx_6b1c3970-e073-449b-acf1-5fb1efa192cf_1) | &nbsp;&nbsp;16 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_5fa2a326-a435-42e0-904e-fed52d244e0f_1) | &nbsp;&nbsp;24 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_5fa2a326-a435-42e0-904e-fed52d244e0f_1) | &nbsp;&nbsp;24 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_5fa2a326-a435-42e0-904e-fed52d244e0f_1) | &nbsp;&nbsp;24 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_5e1a058b-1f47-412f-9afc-ac9fc19cd69a_1) | &nbsp;&nbsp;25 |

---

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 97.4%** | **Common Stocks 97.4%** | **Common Stocks 97.4%** |
| **Austria 0.7%** | **Austria 0.7%** | **Austria 0.7%** |
| BAWAG Group AG (Banks) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 47985 | &nbsp;&nbsp;$5259948 |
| **Canada 4.3%** | **Canada 4.3%** | **Canada 4.3%** |
| Manulife Financial Corp. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 296705 | &nbsp;&nbsp;&nbsp;&nbsp; 9093128 |
| Nutrien Ltd. (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 116817 | &nbsp;&nbsp;&nbsp;&nbsp; 6664410 |
| Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 125892 | &nbsp;&nbsp;&nbsp;&nbsp; 8107445 |
| Rogers Communications, Inc., Class B (Wireless Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 148623 | &nbsp;&nbsp;&nbsp;&nbsp; 3874590 |
| Royal Bank of Canada (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 34177 | &nbsp;&nbsp;&nbsp;&nbsp; 4102182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31841755 |
| **France 4.6%** | **France 4.6%** | **France 4.6%** |
| AXA SA (Insurance) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 140101 | &nbsp;&nbsp;&nbsp;&nbsp; 6641255 |
| Cie Generale des Etablissements Michelin SCA (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp; 104965 | &nbsp;&nbsp;&nbsp;&nbsp; 3823287 |
| Orange SA (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 386126 | &nbsp;&nbsp;&nbsp;&nbsp; 5606840 |
| Sanofi SA (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 82570 | &nbsp;&nbsp;&nbsp;&nbsp; 9055372 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 64027 | &nbsp;&nbsp;&nbsp;&nbsp; 3630928 |
| Vinci SA (Construction & Engineering) | &nbsp;&nbsp;&nbsp;&nbsp; 36287 | &nbsp;&nbsp;&nbsp;&nbsp; 5108943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33866625 |
| **Germany 4.3%** | **Germany 4.3%** | **Germany 4.3%** |
| Allianz SE (Registered) (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975642 |
| Deutsche Post AG (Air Freight & Logistics) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233662 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217447 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142592 |
| Siemens AG (Registered) (Industrial Conglomerates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31759339 |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** | **Hong Kong 0.6%** |
| AIA Group Ltd. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847350 |
| **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** |
| Snam SpA (Gas Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734401 |
| **Japan 1.6%** | **Japan 1.6%** | **Japan 1.6%** |
| Astellas Pharma, Inc. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878464 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| NHK Spring Co. Ltd. (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp; 364100 | &nbsp;&nbsp;$4050707 |
| Toyota Motor Corp. (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp; 222500 | &nbsp;&nbsp;&nbsp;&nbsp; 4258788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12187959 |
| **Norway 0.6%** | **Norway 0.6%** | **Norway 0.6%** |
| Equinor ASA (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 187001 | &nbsp;&nbsp;&nbsp;&nbsp; 4273291 |
| **Republic of Korea 1.3%** | **Republic of Korea 1.3%** | **Republic of Korea 1.3%** |
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp; 6053 | &nbsp;&nbsp;&nbsp;&nbsp; 5899911 |
| SK Telecom Co. Ltd. (Wireless Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 95060 | &nbsp;&nbsp;&nbsp;&nbsp; 3652055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9551966 |
| **Taiwan 1.5%** | **Taiwan 1.5%** | **Taiwan 1.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 68343 | &nbsp;&nbsp;&nbsp;&nbsp; 11392095 |
| **United Kingdom 7.5%** | **United Kingdom 7.5%** | **United Kingdom 7.5%** |
| AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 104492 | &nbsp;&nbsp;&nbsp;&nbsp; 7501481 |
| BAE Systems plc (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp; 317182 | &nbsp;&nbsp;&nbsp;&nbsp; 7290365 |
| Coca-Cola Europacific Partners plc (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 126943 | &nbsp;&nbsp;&nbsp;&nbsp; 11518808 |
| Imperial Brands plc (Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp; 218970 | &nbsp;&nbsp;&nbsp;&nbsp; 8971116 |
| Lloyds Banking Group plc (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428873 |
| Schroders plc (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264987 |
| Segro plc (Industrial REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123099 |
| Unilever plc (Personal Care Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7369772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55468501 |
| **United States 69.6%** | **United States 69.6%** | **United States 69.6%** |
| AbbVie, Inc. (Biotechnology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15068744 |
| American Electric Power Co., Inc. (Electric Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6808736 |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8847029 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6682913 |
| AT&T, Inc. (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6915111 |
| Bank of America Corp. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796101 |
| Best Buy Co., Inc. (Specialty Retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955317 |
| BlackRock, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973374 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 105492 | &nbsp;&nbsp;$5295698 |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 87536 | &nbsp;&nbsp;&nbsp;&nbsp; 16848054 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 26126 | &nbsp;&nbsp;&nbsp;&nbsp; 3554704 |
| Cisco Systems, Inc. (Communications Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 236127 | &nbsp;&nbsp;&nbsp;&nbsp; 13631612 |
| Coca-Cola Co. (The) (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 95053 | &nbsp;&nbsp;&nbsp;&nbsp; 6896095 |
| Columbia Banking System, Inc. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 187746 | &nbsp;&nbsp;&nbsp;&nbsp; 4209265 |
| Cummins, Inc. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 27936 | &nbsp;&nbsp;&nbsp;&nbsp; 8208714 |
| CVS Health Corp. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 124115 | &nbsp;&nbsp;&nbsp;&nbsp; 8279712 |
| Dell Technologies, Inc., Class C (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp; 82933 | &nbsp;&nbsp;&nbsp;&nbsp; 7609932 |
| Duke Energy Corp. (Electric Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 40230 | &nbsp;&nbsp;&nbsp;&nbsp; 4908865 |
| Eaton Corp. plc (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 15973 | &nbsp;&nbsp;&nbsp;&nbsp; 4701972 |
| Eli Lilly & Co. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 5472 | &nbsp;&nbsp;&nbsp;&nbsp; 4919054 |
| Emerson Electric Co. (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 63835 | &nbsp;&nbsp;&nbsp;&nbsp; 6709697 |
| Entergy Corp. (Electric Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 104310 | &nbsp;&nbsp;&nbsp;&nbsp; 8675463 |
| Essential Utilities, Inc. (Water Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 122768 | &nbsp;&nbsp;&nbsp;&nbsp; 5049448 |
| General Dynamics Corp. (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp; 14861 | &nbsp;&nbsp;&nbsp;&nbsp; 4043975 |
| GSK plc (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928116 |
| Hasbro, Inc. (Leisure Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624538 |
| Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908175 |
| Home Depot, Inc. (The) (Specialty Retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688532 |
| Honeywell International, Inc. (Industrial Conglomerates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176320 |
| International Business Machines Corp. (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14716682 |
| Iron Mountain, Inc. (Specialized REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807567 |
| Johnson & Johnson (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420049 |
| JPMorgan Chase & Co. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9923010 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7779481 |
| Lazard, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209721 |
| Linde plc (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501410 |
| Lockheed Martin Corp. (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810873 |
| LyondellBasell Industries NV, Class A (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438057 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 24389 | &nbsp;&nbsp;$7795944 |
| Medtronic plc (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp; 83484 | &nbsp;&nbsp;&nbsp;&nbsp; 7076104 |
| Merck & Co., Inc. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 55069 | &nbsp;&nbsp;&nbsp;&nbsp; 4691879 |
| Meta Platforms, Inc., Class A (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 15216 | &nbsp;&nbsp;&nbsp;&nbsp; 8353584 |
| MetLife, Inc. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 123940 | &nbsp;&nbsp;&nbsp;&nbsp; 9341358 |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 103337 | &nbsp;&nbsp;&nbsp;&nbsp; 4761769 |
| Microsoft Corp. (Software) | &nbsp;&nbsp;&nbsp;&nbsp; 42272 | &nbsp;&nbsp;&nbsp;&nbsp; 16708431 |
| Mondelez International, Inc., Class A (Food Products) | &nbsp;&nbsp;&nbsp;&nbsp; 113277 | &nbsp;&nbsp;&nbsp;&nbsp; 7717562 |
| MPLX LP (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 77154 | &nbsp;&nbsp;&nbsp;&nbsp; 3929453 |
| MSC Industrial Direct Co., Inc., Class A (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp; 100456 | &nbsp;&nbsp;&nbsp;&nbsp; 7682875 |
| Nestle SA (Registered) (Food Products) | &nbsp;&nbsp;&nbsp;&nbsp; 47578 | &nbsp;&nbsp;&nbsp;&nbsp; 5063850 |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp; 67192 | &nbsp;&nbsp;&nbsp;&nbsp; 6030482 |
| NextEra Energy, Inc. (Electric Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 116108 | &nbsp;&nbsp;&nbsp;&nbsp; 7765303 |
| NiSource, Inc. (Multi-Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 159193 | &nbsp;&nbsp;&nbsp;&nbsp; 6226038 |
| Novartis AG (Registered) (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 85952 | &nbsp;&nbsp;&nbsp;&nbsp; 9730464 |
| Omnicom Group, Inc. (Media) | &nbsp;&nbsp;&nbsp;&nbsp; 69720 | &nbsp;&nbsp;&nbsp;&nbsp; 5309875 |
| Paychex, Inc. (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245244 |
| PepsiCo, Inc. (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891455 |
| Pfizer, Inc. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942996 |
| Philip Morris International, Inc. (Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13437023 |
| Pinnacle West Capital Corp. (Electric Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556743 |
| PNC Financial Services Group, Inc. (The) (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874236 |
| Realty Income Corp. (Retail REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530843 |
| Regions Financial Corp. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734969 |
| Roche Holding AG (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754186 |
| RTX Corp. (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684638 |
| Salesforce, Inc. (Software) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10188946 |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993057 |
| Truist Financial Corp. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845310 |
| U.S. Bancorp (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777708 |
| United Parcel Service, Inc., Class B (Air Freight & Logistics) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789890 |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222398 |
| Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263126 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Epoch Global Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 86684 | &nbsp;&nbsp;$3819297 |
| VICI Properties, Inc. (Specialized REITs) | &nbsp;&nbsp;&nbsp;&nbsp; 214469 | &nbsp;&nbsp;&nbsp;&nbsp; 6867297 |
| Walmart, Inc. (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 109469 | &nbsp;&nbsp;&nbsp;&nbsp; 10645860 |
| WEC Energy Group, Inc. (Multi-Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 55513 | &nbsp;&nbsp;&nbsp;&nbsp; 6079784 |
| Williams Cos., Inc. (The) (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 105643 | &nbsp;&nbsp;&nbsp;&nbsp; 6187511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;517039604 |
| Total Common Stocks<br> (Cost $498,678,915) |  | &nbsp;&nbsp;&nbsp;&nbsp;723222834 |
| **Short-Term Investment 2.1%** | **Short-Term Investment 2.1%** | **Short-Term Investment 2.1%** |
| **Affiliated Investment Company 2.1%** | **Affiliated Investment Company 2.1%** | **Affiliated Investment Company 2.1%** |
| **United States 2.1%** | **United States 2.1%** | **United States 2.1%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (c) | &nbsp;&nbsp;&nbsp;&nbsp;15472918 | &nbsp;&nbsp;&nbsp;&nbsp; 15472918 |
| Total Short-Term Investment<br> (Cost $15,472,918) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15472918 |
| Total Investments<br> (Cost $514,151,833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;738695752 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832154 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$742527906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Non-income producing security. |
| (c) | Current yield as of April 30, 2025. |

---

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$2876 | &nbsp;&nbsp;$58959 | &nbsp;&nbsp;$(46362) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15473 | &nbsp;&nbsp;$182 | &nbsp;&nbsp;$— | &nbsp;&nbsp;15473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| |
|:---|
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| REIT—Real Estate Investment Trust |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5259948 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $5259948 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33866625 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 33866625 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31759339 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 31759339 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4847350 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4847350 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5734401 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 5734401 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12187959 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 12187959 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4273291 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4273291 |
| &nbsp;&nbsp;&nbsp;Republic of Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9551966 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 9551966 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 19020289 | &nbsp;&nbsp;&nbsp;&nbsp; 36448212 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 55468501 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp; 491562988 | &nbsp;&nbsp;&nbsp;&nbsp; 25476616 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 517039604 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 43233850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 43233850 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;553817127 | &nbsp;&nbsp;&nbsp;&nbsp;169405707 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;723222834 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 15472918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 15472918 |
| Total Investments in Securities | &nbsp;&nbsp;$569290045 | &nbsp;&nbsp;$169405707 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$738695752 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Epoch Global Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

The table below sets forth the diversification of the Fund's investments by industry.

#### Industry Diversification

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent <sup>†</sup><sup>^</sup>** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;$23829851 | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023552 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873994 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258788 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51951602 | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23306358 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15068744 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13448082 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17603877 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13631612 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108943 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10645860 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25558695 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32715110 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11411669 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12781412 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734401 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076104 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11502110 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19166515 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10366316 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123099 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42041325 | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8353584 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14716682 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624538 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208714 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309875 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12305822 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21575887 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7369772 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65117759 | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245244 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530843 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57621485 | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26897377 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14674864 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643849 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34131413 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22408139 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7682875 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049448 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent <sup>†</sup><sup>^</sup>** |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;$7526645 | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723222834 | &nbsp;&nbsp;&nbsp;&nbsp;97.4 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15472918 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832154 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$742527906 | &nbsp;&nbsp;100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

† Percentages indicated are based on Fund net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

^ Industry and country classifications may be different than those used for compliance monitoring purposes.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $498,678,915) | $723222834 |
| Investment in affiliated investment companies, at value<br> (identified cost $15,472,918) | &nbsp;&nbsp;&nbsp;&nbsp;15472918 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;4453149 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338777 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;743564869 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407878 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388186 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155100 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32463 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29892 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12591 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055 |
| &nbsp;&nbsp;&nbsp;Dividend payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1036963 |
| Net assets | $742527906 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $33118 |
| Additional paid-in-capital | &nbsp;&nbsp;522154612 |
|  | &nbsp;&nbsp;522187730 |
| Total distributable earnings (loss) | &nbsp;&nbsp;220340176 |
| Net assets | $742527906 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $129862048 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5778238 |
| Net asset value per share outstanding | $22.47 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Maximum offering price per share outstanding | $23.78 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $7931284 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353789 |
| Net asset value per share outstanding | $22.42 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Maximum offering price per share outstanding | $23.60 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $6285274 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281036 |
| Net asset value and offering price per share outstanding | $22.36 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $595921123 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;26590749 |
| Net asset value and offering price per share outstanding | $22.41 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $2528177 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114538 |
| Net asset value and offering price per share outstanding | $22.07 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Epoch Global Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $422,028) | $11776499 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181508 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;11984421 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;2600787 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474025 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163465 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10055 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33079 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71481 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45129 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33151 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13703 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;3468347 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;3329546 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;8654875 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;26313589 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33666) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;26279923 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(25156054) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160230 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(24995824) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1284099 |
| Net increase (decrease) in net assets resulting from operations | $9938974 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $8654875 | &nbsp;&nbsp;$19057535 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;26279923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62007373 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(24995824) | &nbsp;&nbsp;&nbsp;&nbsp;125594959 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;9938974 | &nbsp;&nbsp;&nbsp;&nbsp;206659867 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(10428733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3160179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;(48477869) | &nbsp;&nbsp;&nbsp;&nbsp;(16817056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33443) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(60186511) | &nbsp;&nbsp;&nbsp;&nbsp;(20350358) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;49097168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63885294 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;52001284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17152826 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(73342653) | &nbsp;&nbsp;&nbsp;&nbsp;(206187346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;27755799 | &nbsp;&nbsp;&nbsp;&nbsp;(125149226) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(22491738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61160283 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;765019644 | &nbsp;&nbsp;&nbsp;&nbsp;703859361 |
| End of period | $742527906 | &nbsp;&nbsp;$765019644 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Epoch Global Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$24.04 | &nbsp;&nbsp;&nbsp;&nbsp;$18.75 | &nbsp;&nbsp;&nbsp;&nbsp;$18.28 | &nbsp;&nbsp;&nbsp;&nbsp;$20.18 | &nbsp;&nbsp;&nbsp;&nbsp;$15.83 | &nbsp;&nbsp;&nbsp;&nbsp;$18.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.47 | &nbsp;&nbsp;&nbsp;&nbsp;$24.04 | &nbsp;&nbsp;&nbsp;&nbsp;$18.75 | &nbsp;&nbsp;&nbsp;&nbsp;$18.28 | &nbsp;&nbsp;&nbsp;&nbsp;$20.18 | &nbsp;&nbsp;&nbsp;&nbsp;$15.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$129862 | &nbsp;&nbsp;&nbsp;&nbsp;$135338 | &nbsp;&nbsp;&nbsp;&nbsp;$111149 | &nbsp;&nbsp;&nbsp;&nbsp;$120648 | &nbsp;&nbsp;&nbsp;&nbsp;$134982 | &nbsp;&nbsp;&nbsp;&nbsp;$103166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of 0.01% |
| (e) | Net of interest expense of less than 0.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.99 | &nbsp;&nbsp;&nbsp;&nbsp;$18.71 | &nbsp;&nbsp;&nbsp;&nbsp;$18.24 | &nbsp;&nbsp;&nbsp;&nbsp;$20.14 | &nbsp;&nbsp;&nbsp;&nbsp;$15.80 | &nbsp;&nbsp;&nbsp;&nbsp;$18.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.42 | &nbsp;&nbsp;&nbsp;&nbsp;$23.99 | &nbsp;&nbsp;&nbsp;&nbsp;$18.71 | &nbsp;&nbsp;&nbsp;&nbsp;$18.24 | &nbsp;&nbsp;&nbsp;&nbsp;$20.14 | &nbsp;&nbsp;&nbsp;&nbsp;$15.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.53)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$7931 | &nbsp;&nbsp;&nbsp;&nbsp;$8075 | &nbsp;&nbsp;&nbsp;&nbsp;$7788 | &nbsp;&nbsp;&nbsp;&nbsp;$7976 | &nbsp;&nbsp;&nbsp;&nbsp;$9081 | &nbsp;&nbsp;&nbsp;&nbsp;$7897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of 0.01% |
| (e) | Net of interest expense of less than 0.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Epoch Global Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.94 | &nbsp;&nbsp;&nbsp;&nbsp;$18.67 | &nbsp;&nbsp;&nbsp;&nbsp;$18.19 | &nbsp;&nbsp;&nbsp;&nbsp;$20.07 | &nbsp;&nbsp;&nbsp;&nbsp;$15.73 | &nbsp;&nbsp;&nbsp;&nbsp;$18.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.36 | &nbsp;&nbsp;&nbsp;&nbsp;$23.94 | &nbsp;&nbsp;&nbsp;&nbsp;$18.67 | &nbsp;&nbsp;&nbsp;&nbsp;$18.19 | &nbsp;&nbsp;&nbsp;&nbsp;$20.07 | &nbsp;&nbsp;&nbsp;&nbsp;$15.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.07)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$6285 | &nbsp;&nbsp;&nbsp;&nbsp;$6803 | &nbsp;&nbsp;&nbsp;&nbsp;$9215 | &nbsp;&nbsp;&nbsp;&nbsp;$15801 | &nbsp;&nbsp;&nbsp;&nbsp;$27874 | &nbsp;&nbsp;&nbsp;&nbsp;$42298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of 0.01% |
| (e) | Net of interest expense of less than 0.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__d3536fae-310b-4a0b-b0dd-84db3d648d09_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.98 | &nbsp;&nbsp;&nbsp;&nbsp;$18.71 | &nbsp;&nbsp;&nbsp;&nbsp;$18.23 | &nbsp;&nbsp;&nbsp;&nbsp;$20.13 | &nbsp;&nbsp;&nbsp;&nbsp;$15.79 | &nbsp;&nbsp;&nbsp;&nbsp;$18.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.41 | &nbsp;&nbsp;&nbsp;&nbsp;$23.98 | &nbsp;&nbsp;&nbsp;&nbsp;$18.71 | &nbsp;&nbsp;&nbsp;&nbsp;$18.23 | &nbsp;&nbsp;&nbsp;&nbsp;$20.13 | &nbsp;&nbsp;&nbsp;&nbsp;$15.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$595921 | &nbsp;&nbsp;&nbsp;&nbsp;$613380 | &nbsp;&nbsp;&nbsp;&nbsp;$573786 | &nbsp;&nbsp;&nbsp;&nbsp;$910693 | &nbsp;&nbsp;&nbsp;&nbsp;$1003575 | &nbsp;&nbsp;&nbsp;&nbsp;$1106793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of 0.01% |
| (e) | Net of interest expense of less than 0.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI Epoch Global Equity Yield Fund

------

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Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.65 | &nbsp;&nbsp;&nbsp;&nbsp;$18.45 | &nbsp;&nbsp;&nbsp;&nbsp;$18.00 | &nbsp;&nbsp;&nbsp;&nbsp;$19.88 | &nbsp;&nbsp;&nbsp;&nbsp;$15.60 | &nbsp;&nbsp;&nbsp;&nbsp;$18.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.07 | &nbsp;&nbsp;&nbsp;&nbsp;$23.65 | &nbsp;&nbsp;&nbsp;&nbsp;$18.45 | &nbsp;&nbsp;&nbsp;&nbsp;$18.00 | &nbsp;&nbsp;&nbsp;&nbsp;$19.88 | &nbsp;&nbsp;&nbsp;&nbsp;$15.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$2528 | &nbsp;&nbsp;&nbsp;&nbsp;$1423 | &nbsp;&nbsp;&nbsp;&nbsp;$995 | &nbsp;&nbsp;&nbsp;&nbsp;$5851 | &nbsp;&nbsp;&nbsp;&nbsp;$769 | &nbsp;&nbsp;&nbsp;&nbsp;$325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of 0.01% |
| (e) | Net of interest expense of less than 0.01% |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Epoch Global Equity Yield Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;August 2, 2006 |
| Investor Class | &nbsp;&nbsp;November 16, 2009 |
| Class C | &nbsp;&nbsp;November 16, 2009 |
| Class I | &nbsp;&nbsp;December 27, 2005 |
| Class R6 | &nbsp;&nbsp;June 17, 2013 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares under distribution plans pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek a high level of income. Capital appreciation is a secondary investment objective.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which

16 NYLI Epoch Global Equity Yield Fund

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market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close

------

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Notes to Financial Statements (Unaudited) (continued)

and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation

methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least

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quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(J) Foreign Securities Risk. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign

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Notes to Financial Statements (Unaudited) (continued)

securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(K) Large Transaction Risks. From time to time, the Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund's transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(L) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Epoch Investment Partners, Inc. ("Epoch" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management

of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Epoch, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.70% of the Fund's average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 1.09%; Class C, 1.84%; Class I, 0.84%; and Class R6, 0.74%. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $2,600,787 and waived fees and/or reimbursed certain class specific expenses in the amount of $138,801 and paid the Subadvisor fees in the amount of $1,300,450.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the

20 NYLI Epoch Global Equity Yield Fund

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average daily net assets of the Class C shares along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $6,201 and $170, respectively.

During the six-month period ended April 30, 2025, the Fund was also advised that the Distributor did not retain any CDSCs on redemptions of any shares within the Fund.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$82982 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;378210 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as

reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $546266391 | $208214998 | $(15785637) | $192429361 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$20350358 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate

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Notes to Financial Statements (Unaudited) (continued)

of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $87,899 and $124,781, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268912 | &nbsp;&nbsp;$6159140 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731576 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(505066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11526318) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364398 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154581 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73162) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148726 | &nbsp;&nbsp;$3445817 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434460 | &nbsp;&nbsp;$9767810 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630582 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(906768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19925452) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(355123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7527060) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504523 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205530) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(297066) | &nbsp;&nbsp;$(6228067) |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16613 | &nbsp;&nbsp;$388948 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632188 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481370) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539766 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141555) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp;$403664 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68577 | &nbsp;&nbsp;$1440929 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197277 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2104553) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466347) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65327 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1372475) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79531) | &nbsp;&nbsp;$(1773495) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37041 | &nbsp;&nbsp;$832176 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446191 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1330464) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52097) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15387) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3091) | &nbsp;&nbsp;$(67484) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30784 | &nbsp;&nbsp;$700987 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124265 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(239110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5264833) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(202757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4439581) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148697) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(209387) | &nbsp;&nbsp;$(4588278) |

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22 NYLI Epoch Global Equity Yield Fund

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1800060 | &nbsp;&nbsp;$40471756 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1842735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42072121 |
| Shares redeemed | &nbsp;&nbsp;(2635449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59877236) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;1007346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22666641 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73162 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3092) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1010403 | &nbsp;&nbsp;$22736711 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;2306237 | &nbsp;&nbsp;$51350727 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14169978 |
| Shares redeemed | &nbsp;&nbsp;(8042567) | &nbsp;&nbsp;&nbsp;&nbsp;(177337795) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(5101925) | &nbsp;&nbsp;&nbsp;&nbsp;(111817090) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205530 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48678) |
| Net increase (decrease) | &nbsp;&nbsp;(5094430) | &nbsp;&nbsp;$(111660238) |
| &nbsp;&nbsp;**Class R2<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$512 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236761) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10951) | &nbsp;&nbsp;$(236249) |
| &nbsp;&nbsp;**Class R3<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;$51699 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(878664) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38449) | &nbsp;&nbsp;$(825598) |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54757 | &nbsp;&nbsp;$1245148 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119208 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127265) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54359 | &nbsp;&nbsp;$1237091 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25396 | &nbsp;&nbsp;$573142 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28845 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439288) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp;$162699 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI Epoch U.S. Equity Yield Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img431f7cef1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_8115348a-2c97-4acd-8f37-f32452965f0a_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_8115348a-2c97-4acd-8f37-f32452965f0a_5) | &nbsp;&nbsp;7 |
| [Notes to Financial Statements](#xx_e14503e4-3cd0-4cf8-889c-674cebbf40c3_1) | &nbsp;&nbsp;16 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_c0ac3d70-c4fd-4615-a7ad-4b6c0f023265_1) | &nbsp;&nbsp;24 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_c0ac3d70-c4fd-4615-a7ad-4b6c0f023265_1) | &nbsp;&nbsp;24 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_c0ac3d70-c4fd-4615-a7ad-4b6c0f023265_1) | &nbsp;&nbsp;24 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_5d1a93de-1a91-4c0e-af81-29ca48cf1f9a_1) | &nbsp;&nbsp;25 |

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 97.7%** | **Common Stocks 97.7%** | **Common Stocks 97.7%** |
| **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30030 | &nbsp;&nbsp;$8171763 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 17420 | &nbsp;&nbsp;&nbsp;&nbsp; 8322405 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 89037 | &nbsp;&nbsp;&nbsp;&nbsp; 11230237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27724405 |
| **Air Freight & Logistics 0.6%** | **Air Freight & Logistics 0.6%** | **Air Freight & Logistics 0.6%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 59283 | &nbsp;&nbsp;&nbsp;&nbsp; 5649670 |
| **Banks 10.6%** | **Banks 10.6%** | **Banks 10.6%** |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 509485 | &nbsp;&nbsp;&nbsp;&nbsp; 20318262 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 476423 | &nbsp;&nbsp;&nbsp;&nbsp; 10681403 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 98245 | &nbsp;&nbsp;&nbsp;&nbsp; 24032692 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 52389 | &nbsp;&nbsp;&nbsp;&nbsp; 8418388 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 410775 | &nbsp;&nbsp;&nbsp;&nbsp; 8383918 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 200202 | &nbsp;&nbsp;&nbsp;&nbsp; 7675745 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 357969 | &nbsp;&nbsp;&nbsp;&nbsp; 14440469 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 187567 | &nbsp;&nbsp;&nbsp;&nbsp; 13319133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107270010 |
| **Beverages 2.6%** | **Beverages 2.6%** | **Beverages 2.6%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048885 |
| Coca-Cola Europacific Partners plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12898419 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6585392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26532696 |
| **Biotechnology 3.4%** | **Biotechnology 3.4%** | **Biotechnology 3.4%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23117594 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415185 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34147224 |
| **Capital Markets 2.8%** | **Capital Markets 2.8%** | **Capital Markets 2.8%** |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12621359 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8767365 |
| Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28457399 |
| **Chemicals 3.5%** | **Chemicals 3.5%** | **Chemicals 3.5%** |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5667776 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10814521 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145473 |
| Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658878 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35647894 |
| **Commercial Services & Supplies 0.9%** | **Commercial Services & Supplies 0.9%** | **Commercial Services & Supplies 0.9%** |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8865016 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Communications Equipment 1.3%** | **Communications Equipment 1.3%** | **Communications Equipment 1.3%** |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 226832 | &nbsp;&nbsp;$13095011 |
| **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 212222 | &nbsp;&nbsp;&nbsp;&nbsp; 20638589 |
| **Diversified Telecommunication Services 2.3%** | **Diversified Telecommunication Services 2.3%** | **Diversified Telecommunication Services 2.3%** |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 397227 | &nbsp;&nbsp;&nbsp;&nbsp; 11003188 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 269378 | &nbsp;&nbsp;&nbsp;&nbsp; 11868795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22871983 |
| **Electric Utilities 6.4%** | **Electric Utilities 6.4%** | **Electric Utilities 6.4%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 111944 | &nbsp;&nbsp;&nbsp;&nbsp; 6833062 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 134846 | &nbsp;&nbsp;&nbsp;&nbsp; 14609216 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 58981 | &nbsp;&nbsp;&nbsp;&nbsp; 7196861 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 167618 | &nbsp;&nbsp;&nbsp;&nbsp; 13940789 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160696 | &nbsp;&nbsp;&nbsp;&nbsp; 10747348 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 131692 | &nbsp;&nbsp;&nbsp;&nbsp; 5976183 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 57909 | &nbsp;&nbsp;&nbsp;&nbsp; 5511779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64815238 |
| **Electrical Equipment 3.4%** | **Electrical Equipment 3.4%** | **Electrical Equipment 3.4%** |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13353801 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13338879 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34219586 |
| **Food Products 0.7%** | **Food Products 0.7%** | **Food Products 0.7%** |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572513 |
| **Health Care Equipment & Supplies 1.6%** | **Health Care Equipment & Supplies 1.6%** | **Health Care Equipment & Supplies 1.6%** |
| Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15856392 |
| **Health Care Providers & Services 2.7%** | **Health Care Providers & Services 2.7%** | **Health Care Providers & Services 2.7%** |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12095057 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14937740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27032797 |
| **Hotels, Restaurants & Leisure 1.6%** | **Hotels, Restaurants & Leisure 1.6%** | **Hotels, Restaurants & Leisure 1.6%** |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10982215 |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16095727 |
| **Household Products 1.9%** | **Household Products 1.9%** | **Household Products 1.9%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609931 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12603727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19213658 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrial Conglomerates 1.0%** | **Industrial Conglomerates 1.0%** | **Industrial Conglomerates 1.0%** |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 49043 | &nbsp;&nbsp;$10323552 |
| **Industrial REITs 0.8%** | **Industrial REITs 0.8%** | **Industrial REITs 0.8%** |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 75429 | &nbsp;&nbsp;&nbsp;&nbsp; 7708844 |
| **Insurance 5.2%** | **Insurance 5.2%** | **Insurance 5.2%** |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 57754 | &nbsp;&nbsp;&nbsp;&nbsp; 13021794 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 315154 | &nbsp;&nbsp;&nbsp;&nbsp; 23753157 |
| Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 61074 | &nbsp;&nbsp;&nbsp;&nbsp; 16131476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52906427 |
| **Interactive Media & Services 0.9%** | **Interactive Media & Services 0.9%** | **Interactive Media & Services 0.9%** |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 16880 | &nbsp;&nbsp;&nbsp;&nbsp; 9267120 |
| **IT Services 1.6%** | **IT Services 1.6%** | **IT Services 1.6%** |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 65902 | &nbsp;&nbsp;&nbsp;&nbsp; 15936422 |
| **Leisure Products 1.0%** | **Leisure Products 1.0%** | **Leisure Products 1.0%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 158675 | &nbsp;&nbsp;&nbsp;&nbsp; 9821983 |
| **Machinery 2.4%** | **Machinery 2.4%** | **Machinery 2.4%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 65696 | &nbsp;&nbsp;&nbsp;&nbsp; 19304113 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24777587 |
| **Media 1.9%** | **Media 1.9%** | **Media 1.9%** |
| Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11646536 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19664280 |
| **Multi-Utilities 2.7%** | **Multi-Utilities 2.7%** | **Multi-Utilities 2.7%** |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917880 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904098 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6902328 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27214598 |
| **Oil, Gas & Consumable Fuels 4.8%** | **Oil, Gas & Consumable Fuels 4.8%** | **Oil, Gas & Consumable Fuels 4.8%** |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15488526 |
| Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9679676 |
| MPLX LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867127 |
| TotalEnergies SE, Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430767 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8233068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48699164 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals 5.6%** | **Pharmaceuticals 5.6%** | **Pharmaceuticals 5.6%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 123236 | &nbsp;&nbsp;$6186447 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 14331 | &nbsp;&nbsp;&nbsp;&nbsp; 12882853 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 122633 | &nbsp;&nbsp;&nbsp;&nbsp; 19168764 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 149823 | &nbsp;&nbsp;&nbsp;&nbsp; 12764920 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 223503 | &nbsp;&nbsp;&nbsp;&nbsp; 5455708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56458692 |
| **Professional Services 0.6%** | **Professional Services 0.6%** | **Professional Services 0.6%** |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 39265 | &nbsp;&nbsp;&nbsp;&nbsp; 5776667 |
| **Retail REITs 0.6%** | **Retail REITs 0.6%** | **Retail REITs 0.6%** |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 98102 | &nbsp;&nbsp;&nbsp;&nbsp; 5676182 |
| **Semiconductors & Semiconductor Equipment 5.0%** | **Semiconductors & Semiconductor Equipment 5.0%** | **Semiconductors & Semiconductor Equipment 5.0%** |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 52313 | &nbsp;&nbsp;&nbsp;&nbsp; 10196850 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 93889 | &nbsp;&nbsp;&nbsp;&nbsp; 18070816 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13928 | &nbsp;&nbsp;&nbsp;&nbsp; 9787066 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 116408 | &nbsp;&nbsp;&nbsp;&nbsp; 5364080 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 45375 | &nbsp;&nbsp;&nbsp;&nbsp; 7262269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50681081 |
| **Software 2.7%** | **Software 2.7%** | **Software 2.7%** |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17044402 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10237851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27282253 |
| **Specialized REITs 2.5%** | **Specialized REITs 2.5%** | **Specialized REITs 2.5%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479185 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9324694 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25753229 |
| **Specialty Retail 1.4%** | **Specialty Retail 1.4%** | **Specialty Retail 1.4%** |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017022 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9561637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14578659 |
| **Technology Hardware, Storage & Peripherals 2.8%** | **Technology Hardware, Storage & Peripherals 2.8%** | **Technology Hardware, Storage & Peripherals 2.8%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454687 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8281524 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5613888 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27837223 |
| **Tobacco 1.8%** | **Tobacco 1.8%** | **Tobacco 1.8%** |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814243 |
| **Trading Companies & Distributors 0.8%** | **Trading Companies & Distributors 0.8%** | **Trading Companies & Distributors 0.8%** |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8278884 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Epoch U.S. Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Water Utilities 0.6%** | **Water Utilities 0.6%** | **Water Utilities 0.6%** |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 141018 | &nbsp;&nbsp;$5800070 |
| Total Common Stocks<br> (Cost $680,762,632) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987962968 |
| **Short-Term Investment 2.1%** | **Short-Term Investment 2.1%** | **Short-Term Investment 2.1%** |
| **Affiliated Investment Company 2.1%** | **Affiliated Investment Company 2.1%** | **Affiliated Investment Company 2.1%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (a) | &nbsp;&nbsp;&nbsp;&nbsp;21791215 | &nbsp;&nbsp;&nbsp;&nbsp; 21791215 |
| Total Short-Term Investment<br> (Cost $21,791,215) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21791215 |
| Total Investments<br> (Cost $702,553,847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;1009754183 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668558 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1011422741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Current yield as of April 30, 2025. |

---

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$28354 | &nbsp;&nbsp;$65851 | &nbsp;&nbsp;$(72414) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21791 | &nbsp;&nbsp;$349 | &nbsp;&nbsp;$— | &nbsp;&nbsp;21791 |

---

Abbreviation(s): <br> ADR—American Depositary Receipt <br> REIT—Real Estate Investment Trust

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $987962968 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $987962968 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 21791215 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 21791215 |
| Total Investments in Securities | &nbsp;&nbsp;$1009754183 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1009754183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Epoch U.S. Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $680,762,632) | $987962968 |
| Investment in affiliated investment companies, at value<br> (identified cost $21,791,215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21791215 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777557 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900928 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5871 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;1012526416 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542706 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260970 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138203 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122717 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30200 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103675 |
| Net assets | $1011422741 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $48539 |
| Additional paid-in-capital | &nbsp;&nbsp;&nbsp;&nbsp;680300666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;680349205 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;331073536 |
| Net assets | $1011422741 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $529511453 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;25535907 |
| Net asset value per share outstanding | $20.74 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Maximum offering price per share outstanding | $21.95 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $58807940 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;2851642 |
| Net asset value per share outstanding | $20.62 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Maximum offering price per share outstanding | $21.71 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $5783943 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291072 |
| Net asset value and offering price per share outstanding | $19.87 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $286258139 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;13623137 |
| Net asset value and offering price per share outstanding | $21.01 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $130860416 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;6227743 |
| Net asset value and offering price per share outstanding | $21.01 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $200850 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9729 |
| Net asset value and offering price per share outstanding | $20.64 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $66,772) | $16257472 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349460 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;16616733 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;3603127 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683782 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78327 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32709 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418660 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66474 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53341 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25144 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13847 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12138 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;5009871 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;4904412 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;11712321 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on unaffiliated investments | &nbsp;&nbsp;&nbsp;30759340 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments | &nbsp;&nbsp;(64957675) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(34198335) |
| Net increase (decrease) in net assets resulting from operations | $(22486014) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Epoch U.S. Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $11712321 | &nbsp;&nbsp;$21446290 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30759340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84266294 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(64957675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179561527 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(22486014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285274111 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(48320889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25143738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5529738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3482463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(26191563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15031749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(12162432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6740356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5918) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(92868319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51057668) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41158132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63780477 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91750957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50367763 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(82398308) | &nbsp;&nbsp;&nbsp;&nbsp;(171761014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50510781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57612774) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(64843552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176603669 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;1076266293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899662624 |
| End of period | $1011422741 | &nbsp;&nbsp;$1076266293 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.17 | &nbsp;&nbsp;&nbsp;&nbsp;$18.28 | &nbsp;&nbsp;&nbsp;&nbsp;$18.78 | &nbsp;&nbsp;&nbsp;&nbsp;$19.70 | &nbsp;&nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;&nbsp;$17.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.74 | &nbsp;&nbsp;&nbsp;&nbsp;$23.17 | &nbsp;&nbsp;&nbsp;&nbsp;$18.28 | &nbsp;&nbsp;&nbsp;&nbsp;$18.78 | &nbsp;&nbsp;&nbsp;&nbsp;$19.70 | &nbsp;&nbsp;&nbsp;&nbsp;$14.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$529511 | &nbsp;&nbsp;&nbsp;&nbsp;$560941 | &nbsp;&nbsp;&nbsp;&nbsp;$442341 | &nbsp;&nbsp;&nbsp;&nbsp;$483936 | &nbsp;&nbsp;&nbsp;&nbsp;$508888 | &nbsp;&nbsp;&nbsp;&nbsp;$379695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Epoch U.S. Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;$18.19 | &nbsp;&nbsp;&nbsp;&nbsp;$18.69 | &nbsp;&nbsp;&nbsp;&nbsp;$19.61 | &nbsp;&nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;&nbsp;$16.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.62 | &nbsp;&nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;$18.19 | &nbsp;&nbsp;&nbsp;&nbsp;$18.69 | &nbsp;&nbsp;&nbsp;&nbsp;$19.61 | &nbsp;&nbsp;&nbsp;&nbsp;$14.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.99)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$58808 | &nbsp;&nbsp;&nbsp;&nbsp;$64821 | &nbsp;&nbsp;&nbsp;&nbsp;$67157 | &nbsp;&nbsp;&nbsp;&nbsp;$73132 | &nbsp;&nbsp;&nbsp;&nbsp;$86155 | &nbsp;&nbsp;&nbsp;&nbsp;$81365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.27 | &nbsp;&nbsp;&nbsp;&nbsp;$17.61 | &nbsp;&nbsp;&nbsp;&nbsp;$18.11 | &nbsp;&nbsp;&nbsp;&nbsp;$19.00 | &nbsp;&nbsp;&nbsp;&nbsp;$14.43 | &nbsp;&nbsp;&nbsp;&nbsp;$16.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$19.87 | &nbsp;&nbsp;&nbsp;&nbsp;$22.27 | &nbsp;&nbsp;&nbsp;&nbsp;$17.61 | &nbsp;&nbsp;&nbsp;&nbsp;$18.11 | &nbsp;&nbsp;&nbsp;&nbsp;$19.00 | &nbsp;&nbsp;&nbsp;&nbsp;$14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$5784 | &nbsp;&nbsp;&nbsp;&nbsp;$7107 | &nbsp;&nbsp;&nbsp;&nbsp;$7954 | &nbsp;&nbsp;&nbsp;&nbsp;$10961 | &nbsp;&nbsp;&nbsp;&nbsp;$14435 | &nbsp;&nbsp;&nbsp;&nbsp;$17920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Epoch U.S. Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.45 | &nbsp;&nbsp;&nbsp;&nbsp;$18.49 | &nbsp;&nbsp;&nbsp;&nbsp;$18.99 | &nbsp;&nbsp;&nbsp;&nbsp;$19.91 | &nbsp;&nbsp;&nbsp;&nbsp;$15.11 | &nbsp;&nbsp;&nbsp;&nbsp;$17.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$21.01 | &nbsp;&nbsp;&nbsp;&nbsp;$23.45 | &nbsp;&nbsp;&nbsp;&nbsp;$18.49 | &nbsp;&nbsp;&nbsp;&nbsp;$18.99 | &nbsp;&nbsp;&nbsp;&nbsp;$19.91 | &nbsp;&nbsp;&nbsp;&nbsp;$15.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.50)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$286258 | &nbsp;&nbsp;&nbsp;&nbsp;$303649 | &nbsp;&nbsp;&nbsp;&nbsp;$262299 | &nbsp;&nbsp;&nbsp;&nbsp;$351106 | &nbsp;&nbsp;&nbsp;&nbsp;$357565 | &nbsp;&nbsp;&nbsp;&nbsp;$269100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.45 | &nbsp;&nbsp;&nbsp;&nbsp;$18.49 | &nbsp;&nbsp;&nbsp;&nbsp;$18.99 | &nbsp;&nbsp;&nbsp;&nbsp;$19.92 | &nbsp;&nbsp;&nbsp;&nbsp;$15.12 | &nbsp;&nbsp;&nbsp;&nbsp;$17.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$21.01 | &nbsp;&nbsp;&nbsp;&nbsp;$23.45 | &nbsp;&nbsp;&nbsp;&nbsp;$18.49 | &nbsp;&nbsp;&nbsp;&nbsp;$18.99 | &nbsp;&nbsp;&nbsp;&nbsp;$19.92 | &nbsp;&nbsp;&nbsp;&nbsp;$15.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.46)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$130860 | &nbsp;&nbsp;&nbsp;&nbsp;$138833 | &nbsp;&nbsp;&nbsp;&nbsp;$112773 | &nbsp;&nbsp;&nbsp;&nbsp;$135192 | &nbsp;&nbsp;&nbsp;&nbsp;$143436 | &nbsp;&nbsp;&nbsp;&nbsp;$107887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | Net of interest expense of less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI Epoch U.S. Equity Yield Fund

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.07 | &nbsp;&nbsp;&nbsp;&nbsp;$18.22 | &nbsp;&nbsp;&nbsp;&nbsp;$18.74 | &nbsp;&nbsp;&nbsp;&nbsp;$19.65 | &nbsp;&nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;&nbsp;$15.57\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.64 | &nbsp;&nbsp;&nbsp;&nbsp;$23.07 | &nbsp;&nbsp;&nbsp;&nbsp;$18.22 | &nbsp;&nbsp;&nbsp;&nbsp;$18.74 | &nbsp;&nbsp;&nbsp;&nbsp;$19.65 | &nbsp;&nbsp;&nbsp;&nbsp;$14.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.34)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%††(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$201 | &nbsp;&nbsp;&nbsp;&nbsp;$200 | &nbsp;&nbsp;&nbsp;&nbsp;$93 | &nbsp;&nbsp;&nbsp;&nbsp;$77 | &nbsp;&nbsp;&nbsp;&nbsp;$43 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | Net of interest expense of less than 0.01%. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Epoch U.S. Equity Yield Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;February 3, 2009 |
| Investor Class | &nbsp;&nbsp;November 16, 2009 |
| Class C | &nbsp;&nbsp;November 16, 2009 |
| Class I | &nbsp;&nbsp;December 3, 2008 |
| Class R6 | &nbsp;&nbsp;May 8, 2017 |
| SIMPLE Class | &nbsp;&nbsp;August 31, 2020 |

---

Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge and a 1.00% CDSC may be imposed on redemptions made within one year of the date of purchase of Class C shares. Class I, Class R6 and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that Class C shares are subject to higher distribution and/or service fees than Class A, Investor

Class and SIMPLE Class shares under distribution plans pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income and capital appreciation.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as

16 NYLI Epoch U.S. Equity Yield Fund

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appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for

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Notes to Financial Statements (Unaudited) (continued)

which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing

authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

18 NYLI Epoch U.S. Equity Yield Fund

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(G) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(H) Large Transaction Risks. From time to time, the Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund's transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Epoch Investment Partners, Inc. ("Epoch" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Epoch, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.70% up to $500 million; 0.68% from $500 million to $1 billion; 0.66% from $1 billion to $2 billion; and 0.65% in excess of $2 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.69% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class I do not exceed 0.73%. In addition, New York Life Investments will waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. These agreements will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $3,603,127 and waived fees and/or reimbursed certain class specific expenses in the amount of $105,459 and paid the Subadvisor in the amount of $1,756,717.

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Notes to Financial Statements (Unaudited) (continued)

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, the Distributor receives a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the SIMPLE Class shares Plans, SIMPLE Class shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $35,009 and $2,023, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $1,857 and $116, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service

Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$181424 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;123759 | &nbsp;&nbsp;&nbsp;&nbsp;(14098) |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1469) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

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| | | |
|:---|:---|:---|
| SIMPLE Class | &nbsp;&nbsp;$40416 | &nbsp;&nbsp;20.1% |

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20 NYLI Epoch U.S. Equity Yield Fund

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[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $711552066 | $319931908 | $(21729791) | $298202117 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$21364026 |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;29693642 |
| Total | &nbsp;&nbsp;$51057668 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit

Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $107,929 and $132,587, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893968 | &nbsp;&nbsp;$19296228 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;2152786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47483370 |
| Shares redeemed | &nbsp;&nbsp;(1858065) | &nbsp;&nbsp;&nbsp;&nbsp;(40421198) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;1188689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26358400 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907773 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42548) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1322345 | &nbsp;&nbsp;$29223625 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960180 | &nbsp;&nbsp;$20317404 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1247685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24643607 |
| Shares redeemed | &nbsp;&nbsp;(3114689) | &nbsp;&nbsp;&nbsp;&nbsp;(64901089) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(906824) | &nbsp;&nbsp;&nbsp;&nbsp;(19940078) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19932677 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222367) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14767 | &nbsp;&nbsp;$(229768) |

---

------

[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24415 | &nbsp;&nbsp;$524619 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509127 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(146288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3138922) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894824 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185767 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2079911) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39536 | &nbsp;&nbsp;$1000680 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54675 | &nbsp;&nbsp;$1135493 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468156 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(299193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6216519) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1612870) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646663 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(844571) | &nbsp;&nbsp;&nbsp;&nbsp;(17979483) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(880006) | &nbsp;&nbsp;$(18945690) |
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652 | &nbsp;&nbsp;$56195 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30008) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26187 |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694020) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32121) | &nbsp;&nbsp;$(667833) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;$14009 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111391 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293622) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168222) |
| Shares converted into Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(110579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2242882) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(118606) | &nbsp;&nbsp;$(2410604) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17949 | &nbsp;&nbsp;$371843 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589589 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1211682) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250250) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319127) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28010) | &nbsp;&nbsp;$(569377) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15588 | &nbsp;&nbsp;$304791 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364911 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(145907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2947349) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(110719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277647) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445073) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(132549) | &nbsp;&nbsp;$(2722720) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815128 | &nbsp;&nbsp;$17375370 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1161455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25936607 |
| Shares redeemed | &nbsp;&nbsp;(1304396) | &nbsp;&nbsp;&nbsp;&nbsp;(28880454) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14431523 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42548 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674159 | &nbsp;&nbsp;$14473589 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1229393 | &nbsp;&nbsp;$27130867 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14863699 |
| Shares redeemed | &nbsp;&nbsp;(3223422) | &nbsp;&nbsp;&nbsp;&nbsp;(67071034) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1251480) | &nbsp;&nbsp;&nbsp;&nbsp;(25076468) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312816 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2851) |
| Net increase (decrease) | &nbsp;&nbsp;(1236813) | &nbsp;&nbsp;$(24766503) |
| &nbsp;&nbsp;**Class R1<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;$3096 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25662 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798431) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39033) | &nbsp;&nbsp;$(769673) |

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22 NYLI Epoch U.S. Equity Yield Fund

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[**Table of Contents**](#JOB_NYLI__dac068a3-60a5-4bb2-ac32-2f4726a162eb_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;$14882 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46944 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1376344) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65658) | &nbsp;&nbsp;$(1314518) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp;$54066 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97119 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(143027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2852546) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(135145) | &nbsp;&nbsp;$(2701361) |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160806 | &nbsp;&nbsp;$3548485 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12159174 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(397995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8680102) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307299 | &nbsp;&nbsp;$7027557 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681102 | &nbsp;&nbsp;$14721854 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6740356 |
| Shares redeemed | &nbsp;&nbsp;(1196122) | &nbsp;&nbsp;&nbsp;&nbsp;(25287057) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(178541) | &nbsp;&nbsp;$(3824847) |
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;$41587 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16895 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35942) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;$22540 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;$84015 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17023) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581 | &nbsp;&nbsp;$72910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments

within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI Candriam Emerging Markets Equity Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imgdd795b4b1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_0c1e28bf-c22a-4197-9130-0cc330447ad1_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_0c1e28bf-c22a-4197-9130-0cc330447ad1_6) | &nbsp;&nbsp;8 |
| [Notes to Financial Statements](#xx_8c6e938b-267a-4425-a82b-df7edcba6e4b_1) | &nbsp;&nbsp;14 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_ae7f43c5-9fbe-42bb-bc23-51994badd278_1) | &nbsp;&nbsp;22 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_ae7f43c5-9fbe-42bb-bc23-51994badd278_1) | &nbsp;&nbsp;22 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_ae7f43c5-9fbe-42bb-bc23-51994badd278_1) | &nbsp;&nbsp;22 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_ed3a5b93-e957-41d3-a4cd-43a29f1a9808_1) | &nbsp;&nbsp;23 |

---

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[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 96.0%** | **Common Stocks 96.0%** | **Common Stocks 96.0%** |
| **Argentina 0.4%** | **Argentina 0.4%** | **Argentina 0.4%** |
| Banco BBVA Argentina SA, ADR (Banks) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;$404200 |
| **Brazil 6.8%** | **Brazil 6.8%** | **Brazil 6.8%** |
| BB Seguridade Participacoes SA (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 602909 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 48900 | &nbsp;&nbsp;&nbsp;&nbsp; 981334 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household Durables) | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 139781 |
| Embraer SA (Aerospace & Defense) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 228787 |
| Equatorial Energia SA (Electric Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 169000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096163 |
| Inter & Co., Inc., Class A (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 741440 |
| MercadoLibre, Inc. (Broadline Retail) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 652638 |
| Rede D'Or Sao Luiz SA (Health Care Providers & Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 761689 |
| Smartfit Escola de Ginastica e Danca SA (Hotels, Restaurants & Leisure) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 430826 |
| Suzano SA (Paper & Forest Products) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 317680 |
| TOTVS SA (Software) | &nbsp;&nbsp;&nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 868386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821633 |
| **Chile 0.3%** | **Chile 0.3%** | **Chile 0.3%** |
| Sociedad Quimica y Minera de Chile SA, Sponsored ADR (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 256500 |
| **China 28.4%** | **China 28.4%** | **China 28.4%** |
| Akeso, Inc. (Biotechnology) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156114 |
| Alibaba Group Holding Ltd. (Broadline Retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511583 |
| APT Medical, Inc., Class A (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778858 |
| Baidu, Inc., Class A (Interactive Media & Services) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597341 |
| Bank of Hangzhou Co. Ltd., Class A (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407431 |
| Bank of Jiangsu Co. Ltd., Class A (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392256 |
| BeiGene Ltd. (Biotechnology) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341873 |
| Bilibili, Inc., Class Z (Interactive Media & Services) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211801 |
| BYD Co. Ltd., Class H (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398124 |
| China Hongqiao Group Ltd. (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493132 |
| China Merchants Bank Co. Ltd., Class H (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166671 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;1282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987847 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| CMOC Group Ltd., Class H (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;$330816 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 154600 | &nbsp;&nbsp;&nbsp;&nbsp; 403009 |
| Eastroc Beverage Group Co. Ltd., Class A (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 30907 | &nbsp;&nbsp;&nbsp;&nbsp; 1217472 |
| Giant Biogene Holding Co. Ltd. (Personal Care Products) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 831301 |
| JD.com, Inc., Class A (Broadline Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 328333 |
| Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 93555 |
| Meituan (Hotels, Restaurants & Leisure) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 685772 |
| NAURA Technology Group Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 15100 | &nbsp;&nbsp;&nbsp;&nbsp; 939873 |
| NetEase, Inc. (Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 773824 |
| PDD Holdings, Inc., ADR (Broadline Retail) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 601749 |
| PICC Property & Casualty Co. Ltd., Class H (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 667545 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 532884 |
| Pop Mart International Group Ltd. (Specialty Retail) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056329 |
| Qifu Technology, Inc., ADR (Consumer Finance) | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 180532 |
| Shanjin International Gold Co. Ltd., Class A (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 339940 | &nbsp;&nbsp;&nbsp;&nbsp; 955010 |
| Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 434214 |
| Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306311 |
| Tencent Holdings Ltd. (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435911 |
| Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237251 |
| Xiaomi Corp., Class B (Technology Hardware, Storage & Peripherals) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763711 |
| XPeng, Inc., Class A (Automobiles) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28442497 |
| **Greece 0.6%** | **Greece 0.6%** | **Greece 0.6%** |
| Alpha Services and Holdings SA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585940 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hungary 0.9%** | **Hungary 0.9%** | **Hungary 0.9%** |
| OTP Bank Nyrt. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;$888450 |
| **India 19.5%** | **India 19.5%** | **India 19.5%** |
| 360 ONE WAM Ltd. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 140139 |
| Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156678 |
| Bajaj Finance Ltd. (Consumer Finance) | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 1738493 |
| Bharti Airtel Ltd. (Wireless Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987493 |
| Coforge Ltd. (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 173238 |
| Divi's Laboratories Ltd. (Life Sciences Tools & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp;&nbsp; 953252 |
| Dixon Technologies India Ltd. (Household Durables) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 974609 |
| Eicher Motors Ltd. (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp; 10700 | &nbsp;&nbsp;&nbsp;&nbsp; 705291 |
| GE Vernova T&D India Ltd. (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 222746 |
| HDFC Bank Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 103700 | &nbsp;&nbsp;&nbsp;&nbsp; 2363905 |
| ICICI Bank Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102392 |
| Indian Hotels Co. Ltd. (The) (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047337 |
| Infosys Ltd. (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 497838 |
| InterGlobe Aviation Ltd. (Passenger Airlines) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 13600 | &nbsp;&nbsp;&nbsp;&nbsp; 845979 |
| Max Healthcare Institute Ltd. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975655 |
| Muthoot Finance Ltd. (Consumer Finance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313740 |
| Navin Fluorine International Ltd. (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428944 |
| PB Fintech Ltd. (Insurance) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230990 |
| Persistent Systems Ltd. (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309156 |
| Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298363 |
| Torrent Pharmaceuticals Ltd. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19559867 |
| **Mexico 3.0%** | **Mexico 3.0%** | **Mexico 3.0%** |
| Alsea SAB de CV (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90482 |
| Coca-Cola Femsa SAB de CV (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026664 |
| Gentera SAB de CV (Consumer Finance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258868 |
| Industrias Penoles SAB de CV (Metals & Mining) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954358 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Nigeria 0.8%** | **Nigeria 0.8%** | **Nigeria 0.8%** |
| Airtel Africa plc (Wireless Telecommunication Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;$802414 |
| **Peru 1.4%** | **Peru 1.4%** | **Peru 1.4%** |
| Cia de Minas Buenaventura SAA, ADR (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 566400 |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 808760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375160 |
| **Poland 2.3%** | **Poland 2.3%** | **Poland 2.3%** |
| Dino Polska SA (Consumer Staples Distribution & Retail) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260907 |
| Powszechna Kasa Oszczednosci Bank Polski SA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 10700 | &nbsp;&nbsp;&nbsp;&nbsp; 207142 |
| Powszechny Zaklad Ubezpieczen SA (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 873928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341977 |
| **Republic of Korea 9.7%** | **Republic of Korea 9.7%** | **Republic of Korea 9.7%** |
| Alteogen, Inc. (Biotechnology) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 741911 |
| Classys, Inc. (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp; 23700 | &nbsp;&nbsp;&nbsp;&nbsp; 1074408 |
| Cosmax, Inc. (Personal Care Products) | &nbsp;&nbsp;&nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 996369 |
| Meritz Financial Group, Inc. (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311490 |
| NAVER Corp. (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 465985 |
| Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606453 |
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904558 |
| Samsung Heavy Industries Co. Ltd. (Machinery) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354620 |
| SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967555 |
| SK Telecom Co. Ltd. (Wireless Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730696 |
| **Russia 0.0% ‡** | **Russia 0.0% ‡** | **Russia 0.0% ‡** |
| Magnit PJSC (Consumer Staples Distribution & Retail) (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Saudi Arabia 2.8%** | **Saudi Arabia 2.8%** | **Saudi Arabia 2.8%** |
| Al Rajhi Bank (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673075 |
| Dr. Sulaiman Al Habib Medical Services Group Co. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305760 |
| Elm Co. (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333187 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Candriam Emerging Markets Equity Fund

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| United Electronics Co. (Specialty Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;$501531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813553 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Sea Ltd., ADR (Entertainment) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 321720 |
| **South Africa 3.1%** | **South Africa 3.1%** | **South Africa 3.1%** |
| Gold Fields Ltd. (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 51700 | &nbsp;&nbsp;&nbsp;&nbsp; 1167849 |
| MTN Group Ltd. (Wireless Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 501380 |
| Naspers Ltd., Class N (Broadline Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 1103261 |
| Northam Platinum Holdings Ltd. (Metals & Mining) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 322261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094751 |
| **Taiwan 14.2%** | **Taiwan 14.2%** | **Taiwan 14.2%** |
| Accton Technology Corp. (Communications Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 391661 |
| CTBC Financial Holding Co. Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183951 |
| E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp;&nbsp; 343023 |
| Elite Material Co. Ltd. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp; 39400 | &nbsp;&nbsp;&nbsp;&nbsp; 687658 |
| eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 128772 |
| King Slide Works Co. Ltd. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387473 |
| MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173815 |
| Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526215 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9321517 |
| Wiwynn Corp. (Technology Hardware, Storage & Peripherals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14264030 |
| **Turkey 1.0%** | **Turkey 1.0%** | **Turkey 1.0%** |
| Aselsan Elektronik Sanayi ve Ticaret A/S (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005979 |
| **United Kingdom 0.5%** | **United Kingdom 0.5%** | **United Kingdom 0.5%** |
| Anglogold Ashanti plc (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476175 |
| Total Common Stocks<br> (Cost $79,542,273) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96139900 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Preferred Stocks 2.9%** | **Preferred Stocks 2.9%** | **Preferred Stocks 2.9%** |
| **Brazil 1.2%** | **Brazil 1.2%** | **Brazil 1.2%** |
| Itau Unibanco Holding SA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;$1191193 |
| **Republic of Korea 1.7%** | **Republic of Korea 1.7%** | **Republic of Korea 1.7%** |
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) 1.88% | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651111 |
| Total Preferred Stocks<br> (Cost $3,091,201) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842304 |
| Total Investments<br> (Cost $82,633,474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98982204 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134476 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$100116680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund's net assets. |
| (d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (e) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $242,428. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $254,304. (See Note 2(I)) |

---

Abbreviation(s): <br> ADR—American Depositary Receipt

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp; $782281 | &nbsp;&nbsp; $27660216 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $28442497 |
| &nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 585940 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 585940 |
| &nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 888450 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 888450 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19559867 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 19559867 |
| &nbsp;&nbsp;&nbsp;Nigeria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 802414 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 802414 |
| &nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2341977 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2341977 |
| &nbsp;&nbsp;&nbsp;Republic of Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9730696 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 9730696 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2813553 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2813553 |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3094751 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3094751 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14264030 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 14264030 |
| &nbsp;&nbsp;&nbsp;Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1005979 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1005979 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 476175 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 476175 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 12133571 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 12133571 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;12915852 | &nbsp;&nbsp;&nbsp;&nbsp;83224048 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96139900 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1191193 | &nbsp;&nbsp;&nbsp;&nbsp; 1651111 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2842304 |
| Total Investments in Securities | &nbsp;&nbsp;$14107045 | &nbsp;&nbsp;$84875159 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$98982204 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Candriam Emerging Markets Equity Fund

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

The table below sets forth the diversification of the Fund's investments by industry.

#### Industry Diversification

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent <sup>†</sup><sup>^</sup>** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;$1234766 | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327479 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15104653 | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244136 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239898 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197564 | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140139 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685444 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391661 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491633 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663916 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096163 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222746 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336992 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095544 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311490 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853266 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199782 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254417 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114390 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908256 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711038 | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313419 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559705 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788834 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4889987 | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298363 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317680 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845979 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827670 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093629 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13294998 | &nbsp;&nbsp;&nbsp;&nbsp;13.3 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868386 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557860 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920353 | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981334 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598634 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98982204 | &nbsp;&nbsp;&nbsp;&nbsp;98.9 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent <sup>†</sup><sup>^</sup>** |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134476 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$100116680 | &nbsp;&nbsp;100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

† Percentages indicated are based on Fund net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

^ Industry and country classifications may be different than those used for compliance monitoring purposes.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $82,633,474) including securities on loan of $242,428 | $98982204 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772570 |
| Cash denominated in foreign currencies<br> (identified cost $500,332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501452 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452594 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73982 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68812 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;100913813 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax (See Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479832 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158327 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46270 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45354 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38870 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20198 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797133 |
| Net assets | $100116680 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $9620 |
| Additional paid-in-capital | &nbsp;&nbsp;&nbsp;&nbsp;95990608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;96000228 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4116452 |
| Net assets | $100116680 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $1981952 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190901 |
| Net asset value per share outstanding | $10.38 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Maximum offering price per share outstanding | $10.98 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $173332 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16732 |
| Net asset value per share outstanding | $10.36 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Maximum offering price per share outstanding | $10.91 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $48183 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771 |
| Net asset value and offering price per share outstanding | $10.10 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $9644124 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920024 |
| Net asset value and offering price per share outstanding | $10.48 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $88269089 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;8487809 |
| Net asset value and offering price per share outstanding | $10.40 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Candriam Emerging Markets Equity Fund

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign tax withholding of $78,311) | $560673 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;571219 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;548796 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83556 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61618 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35994 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;749527 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;(191077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;558450 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12769 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;4589335 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(208667) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;4380668 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments<sup>(b)</sup> | &nbsp;&nbsp;(5123865) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45972) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(5169837) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(789169) |
| Net increase (decrease) in net assets resulting from operations | $(776400) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(287,079).

(b) Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $747,504.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $12769 | &nbsp;&nbsp;$1284476 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4380668 | &nbsp;&nbsp;&nbsp;&nbsp;13868757 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(5169837) | &nbsp;&nbsp;&nbsp;&nbsp;23990729 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(776400) | &nbsp;&nbsp;&nbsp;&nbsp;39143962 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1543945) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1815878) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;8103675 | &nbsp;&nbsp;&nbsp;&nbsp;24414848 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217522 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(30015345) | &nbsp;&nbsp;&nbsp;&nbsp;(88744307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(21276083) | &nbsp;&nbsp;&nbsp;&nbsp;(63111937) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(22837607) | &nbsp;&nbsp;&nbsp;&nbsp;(25783853) |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;122954287 | &nbsp;&nbsp;&nbsp;&nbsp;148738140 |
| End of period | $100116680 | &nbsp;&nbsp;$122954287 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Candriam Emerging Markets Equity Fund

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$8.39 | &nbsp;&nbsp;&nbsp;&nbsp;$8.24 | &nbsp;&nbsp;&nbsp;&nbsp;$12.73 | &nbsp;&nbsp;&nbsp;&nbsp;$10.66 | &nbsp;&nbsp;&nbsp;&nbsp;$8.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.38 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$8.39 | &nbsp;&nbsp;&nbsp;&nbsp;$8.24 | &nbsp;&nbsp;&nbsp;&nbsp;$12.73 | &nbsp;&nbsp;&nbsp;&nbsp;$10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.95)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1982 | &nbsp;&nbsp;&nbsp;&nbsp;$2067 | &nbsp;&nbsp;&nbsp;&nbsp;$1910 | &nbsp;&nbsp;&nbsp;&nbsp;$2144 | &nbsp;&nbsp;&nbsp;&nbsp;$2921 | &nbsp;&nbsp;&nbsp;&nbsp;$1111 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 | &nbsp;&nbsp;&nbsp;&nbsp;$8.36 | &nbsp;&nbsp;&nbsp;&nbsp;$8.22 | &nbsp;&nbsp;&nbsp;&nbsp;$12.70 | &nbsp;&nbsp;&nbsp;&nbsp;$10.65 | &nbsp;&nbsp;&nbsp;&nbsp;$8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.36 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 | &nbsp;&nbsp;&nbsp;&nbsp;$8.36 | &nbsp;&nbsp;&nbsp;&nbsp;$8.22 | &nbsp;&nbsp;&nbsp;&nbsp;$12.70 | &nbsp;&nbsp;&nbsp;&nbsp;$10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.11%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$173 | &nbsp;&nbsp;&nbsp;&nbsp;$212 | &nbsp;&nbsp;&nbsp;&nbsp;$198 | &nbsp;&nbsp;&nbsp;&nbsp;$256 | &nbsp;&nbsp;&nbsp;&nbsp;$507 | &nbsp;&nbsp;&nbsp;&nbsp;$360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.25 | &nbsp;&nbsp;&nbsp;&nbsp;$8.18 | &nbsp;&nbsp;&nbsp;&nbsp;$8.05 | &nbsp;&nbsp;&nbsp;&nbsp;$12.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.10 | &nbsp;&nbsp;&nbsp;&nbsp;$10.25 | &nbsp;&nbsp;&nbsp;&nbsp;$8.18 | &nbsp;&nbsp;&nbsp;&nbsp;$8.05 | &nbsp;&nbsp;&nbsp;&nbsp;$12.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35.50)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.63%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;&nbsp;$50 | &nbsp;&nbsp;&nbsp;&nbsp;$71 | &nbsp;&nbsp;&nbsp;&nbsp;$141 | &nbsp;&nbsp;&nbsp;&nbsp;$212 | &nbsp;&nbsp;&nbsp;&nbsp;$217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$8.48 | &nbsp;&nbsp;&nbsp;&nbsp;$8.33 | &nbsp;&nbsp;&nbsp;&nbsp;$12.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.77 | &nbsp;&nbsp;&nbsp;&nbsp;$8.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$8.48 | &nbsp;&nbsp;&nbsp;&nbsp;$8.33 | &nbsp;&nbsp;&nbsp;&nbsp;$12.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$9644 | &nbsp;&nbsp;&nbsp;&nbsp;$8065 | &nbsp;&nbsp;&nbsp;&nbsp;$20401 | &nbsp;&nbsp;&nbsp;&nbsp;$12977 | &nbsp;&nbsp;&nbsp;&nbsp;$4532 | &nbsp;&nbsp;&nbsp;&nbsp;$30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Candriam Emerging Markets Equity Fund

------

[**Table of Contents**](#JOB_NYLI__678d5c0a-bc54-4f82-ac40-92219846dd1c_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.56 | &nbsp;&nbsp;&nbsp;&nbsp;$8.42 | &nbsp;&nbsp;&nbsp;&nbsp;$8.28 | &nbsp;&nbsp;&nbsp;&nbsp;$12.79 | &nbsp;&nbsp;&nbsp;&nbsp;$10.71 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.40 | &nbsp;&nbsp;&nbsp;&nbsp;$10.56 | &nbsp;&nbsp;&nbsp;&nbsp;$8.42 | &nbsp;&nbsp;&nbsp;&nbsp;$8.28 | &nbsp;&nbsp;&nbsp;&nbsp;$12.79 | &nbsp;&nbsp;&nbsp;&nbsp;$10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$88269 | &nbsp;&nbsp;&nbsp;&nbsp;$112560 | &nbsp;&nbsp;&nbsp;&nbsp;$126160 | &nbsp;&nbsp;&nbsp;&nbsp;$93598 | &nbsp;&nbsp;&nbsp;&nbsp;$83916 | &nbsp;&nbsp;&nbsp;&nbsp;$83230 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

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The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Candriam Emerging Markets Equity Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;November 15, 2017 |
| Investor Class | &nbsp;&nbsp;November 15, 2017 |
| Class C | &nbsp;&nbsp;November 15, 2017 |
| Class I | &nbsp;&nbsp;November 15, 2017 |
| Class R6 | &nbsp;&nbsp;November 15, 2017 |

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Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. A contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions of Class A and Investor Class shares made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek long-term capital appreciation.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial

statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing

14 NYLI Candriam Emerging Markets Equity Fund

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inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is

significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a

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Notes to Financial Statements (Unaudited) (continued)

market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

16 NYLI Candriam Emerging Markets Equity Fund

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(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(J) Foreign Securities Risk. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. For example, the Fund's portfolio has significant investments in the Asia-Pacific region. The development and stability of the Asia-Pacific region can be adversely

------

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Notes to Financial Statements (Unaudited) (continued)

affected by, among other regional and global developments, trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asia-Pacific countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles and less liquid markets than developed countries.

(K) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Candriam (the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Candriam, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 1.00% up to $1 billion and 0.975% in excess of $1 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 1.00% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of

portfolio investments and acquired (underlying) fund fees and expenses) for Class A and Class I shares do not exceed 1.50% and 1.01%, respectively, of the Fund's average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement, to Investor Class and Class C. In addition, New York Life Investments has also contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class R6 shares do not exceed those of Class I. These agreements will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $548,796 and waived fees and/or reimbursed expenses in the amount of $191,077 and paid the Subadvisor fees in the amount of $178,860.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

18 NYLI Candriam Emerging Markets Equity Fund

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The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $113 and $68, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$968 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;4084 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class I | &nbsp;&nbsp;$30622 | &nbsp;&nbsp;0.3% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;30609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $85180832 | $16318169 | $(2516797) | $13801372 |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $13,523,534, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$13524 | &nbsp;&nbsp;$— |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$1815878 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

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Notes to Financial Statements (Unaudited) (continued)

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $105,509 and $130,098, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116572 | &nbsp;&nbsp;$1250479 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(125828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1343281) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87586) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34142 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5622) | &nbsp;&nbsp;$(53444) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191200 | &nbsp;&nbsp;$2011652 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16131 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(224958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2334010) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306227) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7326 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31180) | &nbsp;&nbsp;$(298901) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;$11655 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16741) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4790) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34142) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3530) | &nbsp;&nbsp;$(37950) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571 | &nbsp;&nbsp;$24096 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53405) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27996) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7326) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3367) | &nbsp;&nbsp;$(33348) |

---

20 NYLI Candriam Emerging Markets Equity Fund

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;$(16) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | &nbsp;&nbsp;$(998) |
| Year ended October 31, 2024: |  |  |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3547) | &nbsp;&nbsp;$(30220) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30220) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1974) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3759) | &nbsp;&nbsp;$(32194) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274362 | &nbsp;&nbsp;$2799155 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42352 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(116715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1226269) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161646 | &nbsp;&nbsp;$1615238 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127055 | &nbsp;&nbsp;$1296556 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235619 |
| Shares redeemed | &nbsp;&nbsp;(1799523) | &nbsp;&nbsp;&nbsp;&nbsp;(16574136) |
| Net increase (decrease) | &nbsp;&nbsp;(1646433) | &nbsp;&nbsp;$(15041961) |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385508 | &nbsp;&nbsp;$4042386 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587723 |
| Shares redeemed | &nbsp;&nbsp;(2611404) | &nbsp;&nbsp;&nbsp;&nbsp;(27429038) |
| Net increase (decrease) | &nbsp;&nbsp;(2169975) | &nbsp;&nbsp;$(22798929) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;2262284 | &nbsp;&nbsp;$21082544 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964459 |
| Shares redeemed | &nbsp;&nbsp;(6693377) | &nbsp;&nbsp;&nbsp;&nbsp;(69752536) |
| Net increase (decrease) | &nbsp;&nbsp;(4323812) | &nbsp;&nbsp;$(47705533) |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative

threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI MacKay New York Muni Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img11ff35aa1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_6324c1f6-92ee-4194-827b-575ce2550dda_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_6324c1f6-92ee-4194-827b-575ce2550dda_19) | &nbsp;&nbsp;21 |
| [Notes to Financial Statements](#xx_1e4fdd87-21a9-4329-8ebc-8beb26bf9945_1) | &nbsp;&nbsp;27 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_faabf05d-dc35-4b06-9dad-ab0545754964_1) | &nbsp;&nbsp;36 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_faabf05d-dc35-4b06-9dad-ab0545754964_1) | &nbsp;&nbsp;36 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_faabf05d-dc35-4b06-9dad-ab0545754964_1) | &nbsp;&nbsp;36 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_374d6fcb-b379-4a71-9b6d-b9b9652c5b7c_1) | &nbsp;&nbsp;37 |

---

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[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 98.2%** | **Municipal Bonds 98.2%** | **Municipal Bonds 98.2%** |
| **Long-Term Municipal Bonds 97.9%** | **Long-Term Municipal Bonds 97.9%** | **Long-Term Municipal Bonds 97.9%** |
| **Certificate of Participation/Lease 0.1%** | **Certificate of Participation/Lease 0.1%** | **Certificate of Participation/Lease 0.1%** |
| Rensselaer City School District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;$650000 | &nbsp;&nbsp;$635711 |
| &nbsp;&nbsp;&nbsp;Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 830754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466465 |
| **Education 14.0%** | **Education 14.0%** | **Education 14.0%** |
| Albany Capital Resource Corp., Albany College of Pharmacy and Health Sciences, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150026 |
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772200 |
| Albany Capital Resource Corp., Brighter Choice Elementary Charter Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836967 |
| Albany Capital Resource Corp., Equitable School Revolving Fund LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626152 |
| Amherst Development Corp., Daemen College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347318 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860509 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807089 |
| Buffalo & Erie County Industrial Land Development Corp., D'Youville College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515969 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800344 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898051 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/47 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1430571 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3995000 | &nbsp;&nbsp;&nbsp;&nbsp; 3735649 |
| Build NYC Resource Corp., Brilla College Preparatory Charter Schools, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 859926 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794165 |
| Build NYC Resource Corp., Children's Aid Society Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083136 |
| Build NYC Resource Corp., Grand Concourse Academy Charter School , Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593559 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845858 |
| Build NYC Resource Corp., Grand Concourse Acadmey Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857938 |
| Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151298 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487488 |
| Build NYC Resource Corp., Kipp NYC Public Charter Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009892 |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10071997 |
| Build NYC Resource Corp., Manhattan College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267032 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Build NYC Resource Corp., Metropolitan College of New York, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/44 | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$1500000 |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1610958 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1447724 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849538 |
| Build NYC Resource Corp., New World Preparatory Charter School Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935666 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240265 |
| Build NYC Resource Corp., New York Law School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875541 |
| Build NYC Resource Corp., Success Academy Charter Schools Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076339 |
| Build NYC Resource Corp., Success Academy Charter Schools, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588521 |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597513 |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800574 |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926086 |
| Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/15/63 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356073 |
| City of New Rochelle, IONA College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809764 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Clinton County Capital Resource Corp., CVES BOCES Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/43 | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2895902 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3931940 |
| County of Cattaraugus, St. Bonaventure University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200202 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120957 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511493 |
| Dutchess County Local Development Corp., Marist College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692358 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048764 |
| Dutchess County Local Development Corp., Vassar College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219773 |
| Hempstead Town Local Development Corp., Academy Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.53%, due 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023080 |
| Hempstead Town Local Development Corp., Molloy College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875355 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006518 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062639 |
| Monroe County Industrial Development Corp., Eugenio Maria de Hostos Charter School, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210528 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748551 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Monroe County Industrial Development Corp., Nazareth College of Rochester, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/47 | &nbsp;&nbsp;&nbsp;$1695000 | &nbsp;&nbsp;$1413299 |
| Monroe County Industrial Development Corp., St. John Fisher University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 655875 |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 860076 |
| Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715236 |
| Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627386 |
| New York State Dormitory Authority, Cornell University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305959 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11889398 |
| New York State Dormitory Authority, Friends of The Bay Shore-Brightwaters Public Library, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198503 |
| New York State Dormitory Authority, Iona College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811207 |
| New York State Dormitory Authority, New School (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15037 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195481 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378316 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| New York State Dormitory Authority, New York University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;$4370000 | &nbsp;&nbsp;$4078407 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4580000 | &nbsp;&nbsp;&nbsp;&nbsp; 4735699 |
| New York State Dormitory Authority, Rockefeller University (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3560712 |
| New York State Dormitory Authority, School Districts Financing Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519587 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188405 |
| New York State Dormitory Authority, St. John's University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081136 |
| New York State Dormitory Authority, St. Joseph's College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163287 |
| Oneida County Local Development Corp., Utica College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715861 |
| Onondaga Civic Development Corp., Syracuse University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128578 |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7366449 |
| Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774338 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824382 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 8/1/43 | &nbsp;&nbsp;&nbsp;$965000 | &nbsp;&nbsp;$966772 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 671206 |
| Saratoga County Capital Resource Corp., Skidmore College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1772822 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239077 |
| Schenectady County Capital Resource Corp., Union College Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050606 |
| St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816923 |
| Syracuse Industrial Development Agency, Syracuse City School District Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913454 |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007748 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044830 |
| Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195982 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347474 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481100 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135322 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/50 | &nbsp;&nbsp;&nbsp;$2650000 | &nbsp;&nbsp;$2508875 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1746751 |
| Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3125783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195193095 |
| **General 1.1%** | **General 1.1%** | **General 1.1%** |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9597707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890593 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700917 |
| Metropolitan Transportation Authority, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177554 |
| Metropolitan Transportation Authority, Dedicated Tax Fund, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15394064 |
| **General Obligation 7.6%** | **General Obligation 7.6%** | **General Obligation 7.6%** |
| City of New York, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series E-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570101 |
| &nbsp;&nbsp;&nbsp;Series F-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5133413 |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680452 |
| &nbsp;&nbsp;&nbsp;Series D-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588271 |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194531 |
| &nbsp;&nbsp;&nbsp;Series E-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003546 |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638239 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| City of Newburgh, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/15/36 | &nbsp;&nbsp;&nbsp;$725000 | &nbsp;&nbsp;$677308 |
| City of Ogdensburg, Public Improvement, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49745 |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53610 |
| City of Poughkeepsie, Public Improvement, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211959 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696646 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907497 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911262 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685876 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093548 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193309 |
| County of Clinton, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/38 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412310 |
| County of Nassau, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020977 |
| County of Onondaga, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815847 |
| &nbsp;&nbsp;&nbsp;3.25%, due 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184895 |
| County of Orange, Public Improvement, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097052 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| County of Rockland, Various Purpose, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/44 | &nbsp;&nbsp;&nbsp;$915000 | &nbsp;&nbsp;$853279 |
| County of Suffolk, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5555000 | &nbsp;&nbsp;&nbsp;&nbsp; 4922499 |
| County of Suffolk, Public Improvement, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648127 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647798 |
| Gloversville Enlarged School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049179 |
| Harrison Central School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887366 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916795 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, due 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971226 |
| Kings Park Central School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408585 |
| Lackawanna City School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745283 |
| Poughkeepsie School District, New York School District Refunding, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374728 |
| Sachem Central School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6808375 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| South Country Central School District at Brookhaven, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/15/29 | &nbsp;&nbsp;&nbsp;$2475000 | &nbsp;&nbsp;$2435143 |
| Town of Hempstead, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp;&nbsp; 2721450 |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5240000 | &nbsp;&nbsp;&nbsp;&nbsp; 4962398 |
| Uniondale Union Free School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252080 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236399 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361137 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269990 |
| Village of Valley Stream, Various Purpose, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490834 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510674 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530115 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548144 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105930328 |
| **Hospital 7.8%** | **Hospital 7.8%** | **Hospital 7.8%** |
| Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7144402 |
| Broome County Local Development Corp., United Health Services Hospitals Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661159 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| Build NYC Resource Corp., Children's Aid Society Project (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/49 | &nbsp;&nbsp;&nbsp;$1300000 | &nbsp;&nbsp;$1111097 |
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 216086 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 347650 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413861 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627752 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537800 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425340 |
| Monroe County Industrial Development Corp., Highland Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363430 |
| Monroe County Industrial Development Corp., Rochester General Hospital (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540790 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218721 |
| Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249991 |
| New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993038 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963870 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;$470000 | &nbsp;&nbsp;$466787 |
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4235000 | &nbsp;&nbsp;&nbsp;&nbsp; 3497733 |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2385252 |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2471664 |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150174 |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558210 |
| New York State Dormitory Authority, Northwell Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10328039 |
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790198 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960418 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622252 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7239910 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/35 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95820 |
| New York State Dormitory Authority, White Plains Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11675306 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865955 |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367692 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;$7940000 | &nbsp;&nbsp;$7021440 |
| Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195099 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242468 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246432 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092519 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447657 |
| Suffolk County Economic Development Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250027 |
| Westchester County Local Development Corp., Westchester Medical Centre, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6712971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109499010 |
| **Housing 0.5%** | **Housing 0.5%** | **Housing 0.5%** |
| Amherst Development Corp., UBF Faculty-Student Housing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021053 |
| New York City Housing Development Corp., College of Staten Island Residences, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535143 |
| New York State Dormitory Authority, University Facilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520265 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Housing (continued)** | **Housing (continued)** | **Housing (continued)** |
| Onondaga Civic Development Corp., Onondaga Community College Housing Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;$248518 |
| Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 188662 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 336072 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 325515 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181372 |
| **Other Revenue 44.0%** | **Other Revenue 44.0%** | **Other Revenue 44.0%** |
| Battery Park City Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964850 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10110884 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12882006 |
| Brookhaven Local Development Corp., Jefferson's Ferry Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906166 |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144999 |
| Broome County Local Development Corp., Good Shepherd Village at Endwell, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505008 |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122912 |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068630 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/35 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005956 |
| Build NYC Resource Corp., Royal Charter Properties, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944178 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;$950000 | &nbsp;&nbsp;$950308 |
| Children's Trust Fund, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 460705 |
| &nbsp;&nbsp;&nbsp;5.625%, due 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2328549 |
| City of New York, Lincoln Center for the Performing Arts, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477363 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452534 |
| Development Authority of the North Country, Solid Waste Management System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478539 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488137 |
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691348 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870834 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201609 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642369 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532341 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249756 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027315 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540324 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;$900000 | &nbsp;&nbsp;$837638 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp;&nbsp; 1429739 |
| Long Island Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/1/49 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4841148 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100952 |
| Long Island Power Authority, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.07%, due 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998998 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516782 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536711 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074210 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585734 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999933 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344936 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239551 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229665 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789232 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186300 |
| Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993024 |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391278 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/50 | &nbsp;&nbsp;&nbsp;$1630000 | &nbsp;&nbsp;$1371280 |
| Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 675714 |
| New York City Housing Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5830000 | &nbsp;&nbsp;&nbsp;&nbsp; 5666077 |
| &nbsp;&nbsp;&nbsp;Series F-1-A |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5388799 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705319 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996466 |
| New York City Housing Development Corp., 8 Spruce Street Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class D |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021355 |
| &nbsp;&nbsp;&nbsp;Class E |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129897 |
| &nbsp;&nbsp;&nbsp;Class F |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15384653 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532028 |
| &nbsp;&nbsp;&nbsp;Series I-1-A |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933862 |
| &nbsp;&nbsp;&nbsp;Series F-1, Insured: FHA 542(C) |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, due 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501061 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842193 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| New York City Housing Development Corp., Sustainable Development, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series K-1, Insured: FHA 542(C) |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 11/1/46 | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2001301 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 868094 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6955000 | &nbsp;&nbsp;&nbsp;&nbsp; 5803098 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780889 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7123699 |
| New York City Industrial Development Agency, TrIPs Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055706 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182387 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399895 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70928 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372584 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352666 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7909792 |
| New York City Transitional Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series S-3A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555357 |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series S-1B, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702863 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series S-1, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/43 | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5073793 |
| &nbsp;&nbsp;&nbsp;Series S-3, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100139 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3718810 |
| &nbsp;&nbsp;&nbsp;Series E-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978798 |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20452736 |
| &nbsp;&nbsp;&nbsp;Series F-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154424 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637599 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050375 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131077 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897512 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030004 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889739 |
| New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891481 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211985 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 6/1/41 (a) | &nbsp;&nbsp;&nbsp;$4500000 | &nbsp;&nbsp;$4349344 |
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series S-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 697293 |
| New York Counties Tobacco Trust VI, Settlement Pass Through, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418333 |
| New York Counties Tobacco Trust VI, Tobacco Settlement Pass Through, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136407 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691757 |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155859 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635611 |
| New York Liberty Development Corp., 4 World Trade Center LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612049 |
| New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957626 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502460 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/37 | &nbsp;&nbsp;&nbsp;$700000 | &nbsp;&nbsp;$795518 |
| New York State Dormitory Authority, Bidding Group 3, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11395000 | &nbsp;&nbsp;&nbsp;&nbsp; 11758246 |
| New York State Dormitory Authority, Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9233942 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077690 |
| New York State Dormitory Authority, Shelter Island Public Library Society, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909221 |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682260 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7715136 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855698 |
| New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442968 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016551 |
| New York State Energy Research & Development Authority, Revolving Loan Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.096%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761812 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.146%, due 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354705 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.205%, due 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108180 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.255%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052447 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.308%, due 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001129 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| New York State Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series J-1, Insured: SONYMA HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, due 11/1/46 | &nbsp;&nbsp;&nbsp;$3935000 | &nbsp;&nbsp;$2655111 |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2441964 |
| &nbsp;&nbsp;&nbsp;Series E-1, Insured: SONYMA HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, due 11/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418519 |
| New York State Housing Finance Agency, Affordable Housing, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G-2, Insured: SONYMA HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, due 5/1/62 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698211 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: FHA 542(C) |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, due 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301549 |
| New York State Housing Finance Agency, West 38TH Street LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.57%, due 5/1/42 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14555017 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666259 |
| New York State Urban Development Corp., Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3956846 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196254 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700184 |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9062882 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042481 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/31/46 | &nbsp;&nbsp;&nbsp;$2595000 | &nbsp;&nbsp;$2177524 |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/30/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011644 |
| Niagara Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 478141 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15921000 | &nbsp;&nbsp;&nbsp;&nbsp; 5139404 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318329 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929719 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.784%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17573658 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921245 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/15/50 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467609 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566962 |
| State of New York, Mortgage Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 223 |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734669 |
| &nbsp;&nbsp;&nbsp;Series 221 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 10/1/32 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940253 |
| State of New York, Mortgage Agency Homeowner Mortgage, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 190 |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789568 |
| &nbsp;&nbsp;&nbsp;Series 264, Insured: SONYMA |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722013 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Suffolk County Economic Development Corp., Peconic Landing at Southold, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;$125000 | &nbsp;&nbsp;$127753 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 168476 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 173670 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/1/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935840 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912488 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219756 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843326 |
| Territory of Guam, Section 30, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030080 |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690024 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8076982 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178707 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15757897 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11948898 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15920619 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/63 | &nbsp;&nbsp;&nbsp;$1135000 | &nbsp;&nbsp;$1202413 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10427430 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4335590 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095632 |
| &nbsp;&nbsp;&nbsp;Series D-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333870 |
| TSASC, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5006019 |
| TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982472 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11601947 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979474 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869930 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176101 |
| Westchester County Local Development Corp., Kendal on Hudson Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469817 |
| Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276424 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278853 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103176 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204624 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;$250356 |
| Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1331937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614988724 |
| **Transportation 13.1%** | **Transportation 13.1%** | **Transportation 13.1%** |
| Albany County Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759658 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772324 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601462 |
| Buffalo & Fort Erie Public Bridge Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649683 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570729 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8533068 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502792 |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993297 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400716 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262663 |
| Metropolitan Transportation Authority, Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9184104 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| New York State Thruway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series L |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2508408 |
| &nbsp;&nbsp;&nbsp;Series O |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5888925 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4063641 |
| &nbsp;&nbsp;&nbsp;Series P |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973301 |
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264259 |
| New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/31/54 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10160783 |
| New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/41 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009887 |
| New York Transportation Development Corp., JFK Millennium Partners LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/31/54 (b)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5679875 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593340 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16741100 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/50 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495865 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/41 | &nbsp;&nbsp;&nbsp;$1300000 | &nbsp;&nbsp;$1164016 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1822640 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4097822 |
| &nbsp;&nbsp;&nbsp;5.375%, due 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3955000 | &nbsp;&nbsp;&nbsp;&nbsp; 3966577 |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8914730 |
| Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610129 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325026 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386090 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388617 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410642 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459591 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406900 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677982 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377954 |
| Ogdensburg Bridge and Port Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/47 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753327 |
| Port Authority of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632563 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201940 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221805 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Port Authority of New York & New Jersey, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series 221 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/37 | &nbsp;&nbsp;&nbsp;$1900000 | &nbsp;&nbsp;$1868386 |
| &nbsp;&nbsp;&nbsp;Series 214 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2754628 |
| &nbsp;&nbsp;&nbsp;Series 223 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2685740 |
| &nbsp;&nbsp;&nbsp;Series 231 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983150 |
| Syracuse Regional Airport Authority, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647458 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898700 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041293 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793917 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9085322 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496205 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938722 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527020 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10634990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182783762 |
| **Utilities 2.8%** | **Utilities 2.8%** | **Utilities 2.8%** |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282752 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3638124 |
| New York Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147879 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| New York Power Authority, Green Transmission Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/47 | &nbsp;&nbsp;&nbsp;$2620000 | &nbsp;&nbsp;$2428791 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8175000 | &nbsp;&nbsp;&nbsp;&nbsp; 7449808 |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series UU, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.583%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4837001 |
| &nbsp;&nbsp;&nbsp;Series TT, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215096 |
| &nbsp;&nbsp;&nbsp;Series XX |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 (e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138725 |
| Utility Debt Securitization Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10465752 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38905440 |
| **Water & Sewer 6.9%** | **Water & Sewer 6.9%** | **Water & Sewer 6.9%** |
| Albany Municipal Water Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227898 |
| Buffalo Municipal Water Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569063 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508734 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887219 |
| Monroe County Water Authority, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754080 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751291 |
| New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series CC-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7474404 |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346012 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series EE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/45 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1846553 |
| &nbsp;&nbsp;&nbsp;Series DD-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6435000 | &nbsp;&nbsp;&nbsp;&nbsp; 6793528 |
| &nbsp;&nbsp;&nbsp;Series AA-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18280000 | &nbsp;&nbsp;&nbsp;&nbsp; 19110477 |
| New York State Environmental Facilities Corp., New York City Municipal Water Finance Authority Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577036 |
| New York State Environmental Facilities Corp., State Revolving Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598187 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109638 |
| Niagara Falls Public Water Authority, Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786291 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086690 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552328 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549438 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366506 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| Upper Mohawk Valley Regional Water Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 4/1/48 | &nbsp;&nbsp;&nbsp;$2415000 | &nbsp;&nbsp;$2331262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97226635 |
| Total Long-Term Municipal Bonds<br> (Cost $1,406,642,117) |  | &nbsp;&nbsp;&nbsp;&nbsp;1368568895 |
| **Short-Term Municipal Notes 0.3%** | **Short-Term Municipal Notes 0.3%** | **Short-Term Municipal Notes 0.3%** |
| **Other Revenue 0.2%** | **Other Revenue 0.2%** | **Other Revenue 0.2%** |
| Battery Park City Authority, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series D-1 |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 11/1/38 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 |
| New York City Industrial Development Agency, 123 Washington LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 10/1/42 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435000 |
| **Transportation 0.1%** | **Transportation 0.1%** | **Transportation 0.1%** |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;2.55%, due 11/1/32 (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 |
| Total Short-Term Municipal Notes<br> (Cost $4,410,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410000 |
| Total Municipal Bonds<br> (Cost $1,411,052,117) |  | &nbsp;&nbsp;&nbsp;&nbsp;1372978895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Closed-End Funds 0.3%** | **Closed-End Funds 0.3%** | **Closed-End Funds 0.3%** |
| **New York 0.3%** | **New York 0.3%** | **New York 0.3%** |
| BlackRock MuniHoldings New York Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635951 |
| BlackRock MuniYield New York Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906068 |
| BlackRock New York Municipal Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752432 |
| Eaton Vance New York Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118273 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Nuveen New York AMT-Free Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 171267 | &nbsp;&nbsp;$1712670 |
| Nuveen New York Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 53530 | &nbsp;&nbsp;&nbsp;&nbsp; 604889 |
| Total Closed-End Funds<br> (Cost $5,619,556) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730283 |
| **Short-Term Investment 0.9%** | **Short-Term Investment 0.9%** | **Short-Term Investment 0.9%** |
| **Unaffiliated Investment Company 0.9%** | **Unaffiliated Investment Company 0.9%** | **Unaffiliated Investment Company 0.9%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (c)(h) | &nbsp;&nbsp;&nbsp;&nbsp;12389901 | &nbsp;&nbsp;&nbsp;&nbsp; 12389901 |
| Total Short-Term Investment<br> (Cost $12,389,901) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12389901 |
| Total Investments<br> (Cost $1,429,061,574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4% | &nbsp;&nbsp;&nbsp;&nbsp;1390099079 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687967 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1398787046 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |
| (d) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (e) | Issue in default. |
| (f) | Issue in non-accrual status. |
| (g) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (h) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;(190) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(22401895) | &nbsp;&nbsp; $(22158750) | &nbsp;&nbsp; $243145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $703,000 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| HUD—Housing and Urban Development |
| MTA—Metropolitan Transportation Authority |
| NATL-RE—National Public Finance Guarantee Corp. |
| SONYMA—State of New York Mortgage Agency |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1368568895 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1368568895 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4410000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4410000 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1372978895 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1372978895 |
| Closed-End Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4730283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4730283 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 12389901 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 12389901 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;17120184 | &nbsp;&nbsp;&nbsp;&nbsp;1372978895 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1390099079 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 243145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 243145 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$17363329 | &nbsp;&nbsp;$1372978895 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1390342224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $1,429,061,574) | $1390099079 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20037649 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709440 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4119422 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83124 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;1421814584 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17485145 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045287 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513313 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200824 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54996 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34855 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9286 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23027538 |
| Net assets | $1398787046 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $150187 |
| Additional paid-in-capital | &nbsp;&nbsp;1584965911 |
|  | &nbsp;&nbsp;1585116098 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(186329052) |
| Net assets | $1398787046 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $859769941 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;92321212 |
| Net asset value per share outstanding | $9.31 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.60 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $430110 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46167 |
| Net asset value per share outstanding | $9.32 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Maximum offering price per share outstanding | $9.56 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $56583004 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;6075324 |
| Net asset value and offering price per share outstanding | $9.31 |
| **Class C2** |  |
| Net assets applicable to outstanding shares | $2581345 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277298 |
| Net asset value and offering price per share outstanding | $9.31 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $471467102 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;50612400 |
| Net asset value and offering price per share outstanding | $9.32 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $7955544 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854304 |
| Net asset value and offering price per share outstanding | $9.31 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $30551218 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;30720084 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;3166604 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1083389 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147467 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C2 (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180426 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70982 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55137 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20514 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16413 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15679 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;4787340 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;25932744 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(6531854) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788350 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5743504) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(43427141) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243145 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(43183996) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(48927500) |
| Net increase (decrease) in net assets resulting from operations | $(22994756) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $25932744 | &nbsp;&nbsp;$42848630 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5743504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1462849) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(43183996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94041063 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(22994756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135426844 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(15805330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27400318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(993941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2133773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9518159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16259869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246083) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(26541401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46109599) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;276129033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543532021 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22367131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38568947 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(262834343) | &nbsp;&nbsp;&nbsp;&nbsp;(288872091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35661821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293228877 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(13874336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382546122 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;1412661382 | &nbsp;&nbsp;&nbsp;&nbsp;1030115260 |
| End of period | $1398787046 | &nbsp;&nbsp;$1412661382 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$859770 | &nbsp;&nbsp;&nbsp;&nbsp;$857582 | &nbsp;&nbsp;&nbsp;&nbsp;$629501 | &nbsp;&nbsp;&nbsp;&nbsp;$690832 | &nbsp;&nbsp;&nbsp;&nbsp;$907662 | &nbsp;&nbsp;&nbsp;&nbsp;$688870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.32 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$430 | &nbsp;&nbsp;&nbsp;&nbsp;$461 | &nbsp;&nbsp;&nbsp;&nbsp;$329 | &nbsp;&nbsp;&nbsp;&nbsp;$301 | &nbsp;&nbsp;&nbsp;&nbsp;$375 | &nbsp;&nbsp;&nbsp;&nbsp;$414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

24 NYLI MacKay New York Muni Fund

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$56583 | &nbsp;&nbsp;&nbsp;&nbsp;$62222 | &nbsp;&nbsp;&nbsp;&nbsp;$61438 | &nbsp;&nbsp;&nbsp;&nbsp;$73022 | &nbsp;&nbsp;&nbsp;&nbsp;$111681 | &nbsp;&nbsp;&nbsp;&nbsp;$107117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C2** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.80)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$2581 | &nbsp;&nbsp;&nbsp;&nbsp;$2182 | &nbsp;&nbsp;&nbsp;&nbsp;$1476 | &nbsp;&nbsp;&nbsp;&nbsp;$1638 | &nbsp;&nbsp;&nbsp;&nbsp;$1861 | &nbsp;&nbsp;&nbsp;&nbsp;$315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__e05e018c-9bab-40e0-bb16-7f8eb9baba13_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.32 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.15)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$471467 | &nbsp;&nbsp;&nbsp;&nbsp;$480713 | &nbsp;&nbsp;&nbsp;&nbsp;$334748 | &nbsp;&nbsp;&nbsp;&nbsp;$294456 | &nbsp;&nbsp;&nbsp;&nbsp;$353955 | &nbsp;&nbsp;&nbsp;&nbsp;$261819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**November 1, 2019^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;$8.85 | &nbsp;&nbsp;&nbsp;&nbsp;$8.89 | &nbsp;&nbsp;&nbsp;&nbsp;$10.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.14)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$7956 | &nbsp;&nbsp;&nbsp;&nbsp;$9500 | &nbsp;&nbsp;&nbsp;&nbsp;$2624 | &nbsp;&nbsp;&nbsp;&nbsp;$724 | &nbsp;&nbsp;&nbsp;&nbsp;$806 | &nbsp;&nbsp;&nbsp;&nbsp;$1404 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

26 NYLI MacKay New York Muni Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay New York Muni Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;May 14, 2012 |
| Investor Class | &nbsp;&nbsp;May 14, 2012 |
| Class C | &nbsp;&nbsp;May 14, 2012 |
| Class C2 | &nbsp;&nbsp;August 31, 2020 |
| Class I | &nbsp;&nbsp;May 14, 2012 |
| Class R6 | &nbsp;&nbsp;November 1, 2019 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C and Class C2 shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C and Class C2 shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C and Class C2 shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C and Class C2 shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from federal and New York state and, in some cases, New York local income taxes.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the

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Notes to Financial Statements (Unaudited) (continued)

Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal

28 NYLI MacKay New York Muni Fund

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market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

In calculating NAV, each closed-end fund is valued at market value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Price information on closed-end funds is taken from the exchange where the security is primarily traded. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity. These closed-end funds are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using

the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of

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Notes to Financial Statements (Unaudited) (continued)

shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 6.3% of the Fund's net assets, of which 8.3% are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt. As of April 30, 2025, the Puerto Rico Electric Power Authority ("PREPA") remains in bankruptcy. The continued delay in resolving the PREPA bankruptcy could delay needed investment into public power generation and distribution assets, which are essential components to a productive economy. Failure to provide reliable electricity could result in the Commonwealth's inability to service debt on other municipal territorial investments the Fund may hold.

30 NYLI MacKay New York Muni Fund

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Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage the duration and yield curve positioning of the portfolio. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $243145 | $243145 |
| Total Fair Value | $243145 | $243145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $788350 | $788350 |
| Total Net Realized Gain (Loss) | $788350 | $788350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $243145 | $243145 |
| Total Net Change in Unrealized Appreciation (Depreciation) | $243145 | $243145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short (a) | $(42905573) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Positions were open for three months during the reporting period.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.45% on assets up to $1 billion; 0.43% on assets from $1 billion to $3 billion; and 0.42% on assets over $3 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.44% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) of Class A shares do not exceed 0.75% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points to Investor Class,

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Notes to Financial Statements (Unaudited) (continued)

Class C, Class C2 and Class I shares. New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. These agreements will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $3,166,604 and paid the Subadvisor fees in the amount of $1,583,302.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class C2 Plan, Class C2 shares pay the Distributor a monthly distribution fee at an annual rate of 0.40% of the average daily net assets of the Class C2 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C2 shares, for a total 12b-1 fee of 0.65%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $3,477 and $1, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $85,321 and $5,832, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$104689 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15694 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59086 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

32 NYLI MacKay New York Muni Fund

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(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class C2 | &nbsp;&nbsp;$24578 | &nbsp;&nbsp;1.0% |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;26103 | &nbsp;&nbsp;0.3 |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $1435508451 | $2577084 | $(47986456) | $(45409372) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $129,960,829, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$44192 | &nbsp;&nbsp;$85769 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$1649834 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;44459765 |
| Total | &nbsp;&nbsp;$46109599 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $308,457 and $294,088, respectively.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;14310603 | &nbsp;&nbsp;$136430682 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14021199 |
| Shares redeemed | &nbsp;&nbsp;(12498148) | &nbsp;&nbsp;&nbsp;&nbsp;(118472619) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31979262 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280384 | &nbsp;&nbsp;$31980841 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;32784373 | &nbsp;&nbsp;$316662247 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24159675 |
| Shares redeemed | &nbsp;&nbsp;(17402548) | &nbsp;&nbsp;&nbsp;&nbsp;(167397163) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;17884630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173424759 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377746 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121140) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;17911119 | &nbsp;&nbsp;$173681365 |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;$1841 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50607) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41115) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24763 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1701) | &nbsp;&nbsp;$(16352) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28953 | &nbsp;&nbsp;$281260 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43997) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250473 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10703 | &nbsp;&nbsp;$104724 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600015 | &nbsp;&nbsp;$5745214 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834986 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1069184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10260156) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3679956) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26342) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384540) | &nbsp;&nbsp;$(3706298) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602899 | &nbsp;&nbsp;$15516880 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762235 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2242952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21621613) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4342498) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231997) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481434) | &nbsp;&nbsp;$(4574495) |
| &nbsp;&nbsp;**Class C2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98012 | &nbsp;&nbsp;$936548 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39663 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495202) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50622 | &nbsp;&nbsp;$481009 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85819 | &nbsp;&nbsp;$830044 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55898 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307165) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59796 | &nbsp;&nbsp;$578777 |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;13812882 | &nbsp;&nbsp;$131974302 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300851 |
| Shares redeemed | &nbsp;&nbsp;(13862345) | &nbsp;&nbsp;&nbsp;&nbsp;(131101735) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714526 | &nbsp;&nbsp;$8173418 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;21033423 | &nbsp;&nbsp;$202540747 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12333336 |
| Shares redeemed | &nbsp;&nbsp;(10239109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98224450) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;12071713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116649633 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121140 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;12084250 | &nbsp;&nbsp;$116770773 |

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34 NYLI MacKay New York Muni Fund

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109627 | &nbsp;&nbsp;$1040446 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162781 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2454024) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132175) | &nbsp;&nbsp;$(1250797) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796825 | &nbsp;&nbsp;$7700843 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244593 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1277703) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690023 | &nbsp;&nbsp;$6667733 |

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#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI MacKay Short Term Muni Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img56cae80b1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_bfb3684e-c322-4200-9e69-b193681ae6e6_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_bfb3684e-c322-4200-9e69-b193681ae6e6_16) | &nbsp;&nbsp;18 |
| [Notes to Financial Statements](#xx_1f1db60f-0f37-412e-8e22-497b8c7dd6ba_1) | &nbsp;&nbsp;24 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_e2df756e-3dd7-4b1a-abb4-2f2e0cbad0f7_1) | &nbsp;&nbsp;32 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_e2df756e-3dd7-4b1a-abb4-2f2e0cbad0f7_1) | &nbsp;&nbsp;32 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_e2df756e-3dd7-4b1a-abb4-2f2e0cbad0f7_1) | &nbsp;&nbsp;32 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_9e845906-665e-49b8-aedc-822111f962ae_1) | &nbsp;&nbsp;33 |

---

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[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 97.8%** | **Municipal Bonds 97.8%** | **Municipal Bonds 97.8%** |
| **Long-Term Municipal Bonds 93.5%** | **Long-Term Municipal Bonds 93.5%** | **Long-Term Municipal Bonds 93.5%** |
| **Alabama 5.1%** | **Alabama 5.1%** | **Alabama 5.1%** |
| Alabama Community College System, Coastal Alabama Community College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$506679 |
| Black Belt Energy Gas District, Gas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3906723 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.27%, due 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6977860 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886609 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10427342 |
| City of Decatur, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848944 |
| Energy Southeast, A Cooperative District Energy Supply, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618478 |
| Houston County Health Care Authority, Southeast Alabama Medical Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008687 |
| Southeast Energy Authority A Cooperative District, Project No. 4, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921324 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142012 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638996 |
| Southeast Energy Authority A Cooperative District, Project No. 3, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10604400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46488054 |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Arizona 3.7%** | **Arizona 3.7%** | **Arizona 3.7%** |
| Arizona Health Facilities Authority, Banner Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.87%, due 1/1/46 | &nbsp;&nbsp;&nbsp;$2400000 | &nbsp;&nbsp;$2392351 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.87%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 597032 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.87%, due 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11880705 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12613566 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34016673 |
| **California 13.0%** | **California 13.0%** | **California 13.0%** |
| Alameda Corridor Transportation Authority, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM-CR AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055567 |
| Anaheim Public Financing Authority, Convention Center Expansion, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;2.093%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086550 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458560 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063938 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156310 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677396 |

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The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Infrastructure & Economic Development Bank, J Paul Getty Trust (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/47 (a) | &nbsp;&nbsp;&nbsp;$5500000 | &nbsp;&nbsp;$5436058 |
| California Municipal Finance Authority, University of San Diego, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.326%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1519374 |
| California Municipal Finance Authority, Waste Management, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 11/1/46 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998418 |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 10/1/41 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002168 |
| California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10199335 |
| Clovis Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479567 |
| Corona-Norco Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964298 |
| Eastern Municipal Water District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092134 |
| Golden State Tobacco Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Appropriations |  |  |
| &nbsp;&nbsp;&nbsp;2.246%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588146 |
| Inglewood Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066943 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Inglewood Unified School District, Election of 2020, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;$1520000 | &nbsp;&nbsp;$1582415 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1220535 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352945 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200737 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031143 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690754 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674711 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449995 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232503 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019919 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350578 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046501 |
| Sacramento City Financing Authority, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887312 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566469 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838955 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/29 (b) | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$4186392 |
| San Jose Evergreen Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.543%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955000 | &nbsp;&nbsp;&nbsp;&nbsp; 4922817 |
| Saratoga Union School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239046 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387592 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488395 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585461 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297846 |
| Southern California Public Power Authority, Windy Point/Windy Flats Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280090 |
| Southern California Public Power Authority, Apex Power Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470696 |
| University of California, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series BG |  |  |
| &nbsp;&nbsp;&nbsp;1.614%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;117966245 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Colorado 2.6%** | **Colorado 2.6%** | **Colorado 2.6%** |
| Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 12/15/26 | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$4861985 |
| City & County of Denver, Airport System, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5370000 | &nbsp;&nbsp;&nbsp;&nbsp; 5411952 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2811448 |
| Colorado Bridge Enterprise, Central 70 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/30/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476418 |
| E-470 Public Highway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445481 |
| Gunnison County Housing Authority, Whetstone Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619007 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574371 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24017921 |
| **Connecticut 0.2%** | **Connecticut 0.2%** | **Connecticut 0.2%** |
| State of Connecticut, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253856 |
| **District of Columbia 1.9%** | **District of Columbia 1.9%** | **District of Columbia 1.9%** |
| District of Columbia, Gallery Place Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091571 |
| District of Columbia Housing Finance Agency, Wesley Hawaii LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 7/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633892 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **District of Columbia (continued)** | **District of Columbia (continued)** | **District of Columbia (continued)** |
| District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/29 (a) | &nbsp;&nbsp;&nbsp;$2750000 | &nbsp;&nbsp;$2863985 |
| Metropolitan Washington Airports Authority, Aviation, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2234983 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068307 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17274154 |
| **Florida 2.3%** | **Florida 2.3%** | **Florida 2.3%** |
| County of Miami-Dade, Aviation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098986 |
| County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087424 |
| Greater Orlando Aviation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314496 |
| Miami-Dade County Housing Finance Authority, Rainbow Village Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, due 3/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005920 |
| State of Florida, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9691464 |
| Village Community Development District No. 12, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21144324 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Georgia 2.9%** | **Georgia 2.9%** | **Georgia 2.9%** |
| City of Atlanta, Department of Aviation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 (b) | &nbsp;&nbsp;&nbsp;$2185000 | &nbsp;&nbsp;$2253521 |
| Decatur Housing Authority, Calvin Court Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 8/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158952 |
| Development Authority of Monroe County (The), Georgia Power Co. Scherer, Revenue Bonds, First Series |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, due 7/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511860 |
| Main Street Natural Gas, Inc., Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7486788 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325669 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303057 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785258 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979756 |
| State of Georgia, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25983487 |
| **Guam 0.1%** | **Guam 0.1%** | **Guam 0.1%** |
| Antonio B Won Pat International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516384 |
| **Hawaii 0.5%** | **Hawaii 0.5%** | **Hawaii 0.5%** |
| State of Hawaii, Airports System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044312 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Hawaii (continued)** | **Hawaii (continued)** | **Hawaii (continued)** |
| State of Hawaii, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series FH |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;$3620000 | &nbsp;&nbsp;$3692020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736332 |
| **Idaho 0.1%** | **Idaho 0.1%** | **Idaho 0.1%** |
| Idaho Housing & Finance Association, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144573 |
| **Illinois 4.5%** | **Illinois 4.5%** | **Illinois 4.5%** |
| Chicago O'Hare International Airport, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262326 |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044332 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375633 |
| City of Country Club Hills, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230818 |
| Illinois Finance Authority, American Water Capital Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 10/1/39 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064046 |
| Illinois Finance Authority, Presbyterian Homes Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.32%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116168 |
| Kane & DeKalb Counties Community Unit School District No. 302, Kaneland, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891711 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| La Salle & Bureau Counties Township High School District No. 120, LaSalle-Peru, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;&nbsp;$1960000 | &nbsp;&nbsp;$2134733 |
| Peoria Tazewell Etc Counties Community College District No. 514, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859957 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2197695 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870117 |
| State of Illinois, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626254 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139748 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923018 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842227 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102567 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100379 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40960417 |
| **Indiana 2.2%** | **Indiana 2.2%** | **Indiana 2.2%** |
| Center Grove Community School Corp., Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762176 |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817683 |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007026 |
| Hamilton Southeastern Schools, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154859 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446084 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;0.65%, due 8/1/25 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1484249 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, due 12/1/38 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1942120 |
| Indiana Finance Authority, Republic Services, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 5/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5996346 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20132286 |
| **Iowa 0.3%** | **Iowa 0.3%** | **Iowa 0.3%** |
| Iowa Finance Authority, Renewable Natural Gas Project, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 1/1/42 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994227 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579780 |
| **Kansas 0.1%** | **Kansas 0.1%** | **Kansas 0.1%** |
| Reno County Unified School District No. 309, Nickerson, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803677 |
| **Kentucky 1.0%** | **Kentucky 1.0%** | **Kentucky 1.0%** |
| County of Owen, American Water Capital Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 6/1/39 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761294 |
| Kenton County Airport Board, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174894 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315581 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;$4245000 | &nbsp;&nbsp;$4252941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9504710 |
| **Louisiana 0.2%** | **Louisiana 0.2%** | **Louisiana 0.2%** |
| Jefferson Sales Tax District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1540749 |
| **Maine 0.2%** | **Maine 0.2%** | **Maine 0.2%** |
| Finance Authority of Maine, Supplemental Education Loan Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031196 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204150 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443103 |
| **Maryland 0.8%** | **Maryland 0.8%** | **Maryland 0.8%** |
| State of Maryland, Unlimited General Obligation, Second Series |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407362 |
| State of Maryland Department of Transportation, BWI International Thurgood Marshall Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7307111 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Massachusetts 0.3%** | **Massachusetts 0.3%** | **Massachusetts 0.3%** |
| Massachusetts Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;0.80%, due 12/1/25 | &nbsp;&nbsp;&nbsp;$1260000 | &nbsp;&nbsp;$1231913 |
| Town of Sutton, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1910566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142479 |
| **Michigan 3.7%** | **Michigan 3.7%** | **Michigan 3.7%** |
| City of Detroit, Water Sewage Disposal System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.655%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13268861 |
| Michigan Finance Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;2.326%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349460 |
| Michigan Finance Authority, Trinity Health Credit Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series MI-3 |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 12/1/38 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041730 |
| Michigan Finance Authority, Trinity Health Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series MI-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/1/44 (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7001144 |
| Michigan State Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759473 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607294 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480042 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093754 |
| Michigan Strategic Fund, Consumers Energy Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, due 10/1/49 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969974 |
| Walled Lake Consolidated School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 |
| &nbsp;&nbsp;&nbsp;Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33918229 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Minnesota 3.5%** | **Minnesota 3.5%** | **Minnesota 3.5%** |
| City of Minneapolis, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;$5500000 | &nbsp;&nbsp;$5527997 |
| County of Washington, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221051 |
| County of Washington, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3823208 |
| Metropolitan Council, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329792 |
| Shakopee Independent School District No. 720, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470273 |
| South Washington County Independent School District No. 833, School Building, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962593 |
| State of Minnesota, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31706865 |
| **Mississippi 0.3%** | **Mississippi 0.3%** | **Mississippi 0.3%** |
| State of Mississippi, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.053%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139602 |
| **Missouri 0.2%** | **Missouri 0.2%** | **Missouri 0.2%** |
| Kansas City Municipal Assistance Corp., Leasehold, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1, Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931012 |
| **Montana 0.5%** | **Montana 0.5%** | **Montana 0.5%** |
| City of Forsyth, NorthWestern Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080287 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Montana (continued)** | **Montana (continued)** | **Montana (continued)** |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;$1270000 | &nbsp;&nbsp;$1308297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388584 |
| **Nevada 2.3%** | **Nevada 2.3%** | **Nevada 2.3%** |
| Clark County School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5195000 | &nbsp;&nbsp;&nbsp;&nbsp; 5299901 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538890 |
| County of Clark, Department of Aviation, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051880 |
| Las Vegas Convention & Visitors Authority, Convention Center Expansion and Renovation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20986888 |
| **New Jersey 3.3%** | **New Jersey 3.3%** | **New Jersey 3.3%** |
| Jersey City Municipal Utilities Authority, Water Revenue, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Jersey City Redevelopment Agency, Bayfront Redeveloment Project, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344659 |
| New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.20%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045908 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895813 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| New Jersey Economic Development Authority, Liberty State Park Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/15/27 | &nbsp;&nbsp;&nbsp;$2900000 | &nbsp;&nbsp;$2901536 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 991708 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10192834 |
| State of New Jersey, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903298 |
| State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30380382 |
| **New York 7.5%** | **New York 7.5%** | **New York 7.5%** |
| Build NYC Resource Corp., Success Academy Charter Schools, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296250 |
| City of New York, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;4.82%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147225 |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739411 |
| County of Suffolk, Public Improvement, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492607 |
| New York City Housing Development Corp., Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 11/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896224 |
| &nbsp;&nbsp;&nbsp;Series F-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 11/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981320 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Housing Development Corp., 8 Spruce Street Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.458%, due 12/15/31 | &nbsp;&nbsp;&nbsp;$8000000 | &nbsp;&nbsp;$8215158 |
| New York State Dormitory Authority, State of New York Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;1.952%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4525000 | &nbsp;&nbsp;&nbsp;&nbsp; 4206878 |
| New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118808 |
| New York State Housing Finance Agency, Affordable Housing, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SONYMA HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 |
| New York State Housing Finance Agency, West 38TH Street LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.57%, due 5/1/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9703345 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124924 |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250360 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095977 |
| Onondaga Civic Development Corp., Syracuse University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798710 |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755500 |
| TSASC, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500193 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68419805 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **North Carolina 2.6%** | **North Carolina 2.6%** | **North Carolina 2.6%** |
| County of Gaston, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/27 | &nbsp;&nbsp;&nbsp;$6815000 | &nbsp;&nbsp;$7072569 |
| County of Orange, School, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394713 |
| County of Wake, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010000 | &nbsp;&nbsp;&nbsp;&nbsp; 4010000 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174540 |
| Greater Asheville Regional Airport Authority, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038532 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219173 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160267 |
| North Carolina State Education Assistance Authority, Revenue Bonds, Senior Lien (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782194 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23220806 |
| **North Dakota 0.2%** | **North Dakota 0.2%** | **North Dakota 0.2%** |
| North Dakota Housing Finance Agency, Home Mortgage Finance, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577624 |
| North Dakota Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691830 |
| **Ohio 1.7%** | **Ohio 1.7%** | **Ohio 1.7%** |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104931 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Ohio Higher Educational Facility Commission, Case Western Reserve University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 12/1/42 | &nbsp;&nbsp;&nbsp;$3995000 | &nbsp;&nbsp;$3942903 |
| Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028548 |
| Springboro Community City School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021375 |
| State of Ohio, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296895 |
| &nbsp;&nbsp;&nbsp;Series U |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685641 |
| State of Ohio, Portsmouth Bypass Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15357105 |
| **Oregon 2.1%** | **Oregon 2.1%** | **Oregon 2.1%** |
| Clackamas County Service District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665296 |
| Deschutes County Administrative School District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5879870 |
| Oregon School Boards Association, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, due 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780279 |
| Port of Portland, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 30-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150127 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| State of Oregon, Article XI-Q State Projects, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.791%, due 5/1/31 | &nbsp;&nbsp;&nbsp;$1145000 | &nbsp;&nbsp;$1179638 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.891%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19202348 |
| **Pennsylvania 1.8%** | **Pennsylvania 1.8%** | **Pennsylvania 1.8%** |
| Armstrong School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169124 |
| Commonwealth of Pennsylvania, Unlimited General Obligation, First Series |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885560 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, due 12/1/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599488 |
| Pennsylvania Higher Educational Facilities Authority, Indiana University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;3.655%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036105 |
| **Puerto Rico 0.3%** | **Puerto Rico 0.3%** | **Puerto Rico 0.3%** |
| Puerto Rico Electric Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series RR, Insured: XLCA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247224 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301224 |
| **Rhode Island 0.7%** | **Rhode Island 0.7%** | **Rhode Island 0.7%** |
| Rhode Island Student Loan Authority, Revenue Bonds, Senior Lien (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825977 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047019 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| Rhode Island Student Loan Authority, Revenue Bonds, Senior Lien (b)<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1046603 |
| State of Rhode Island, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2435000 | &nbsp;&nbsp;&nbsp;&nbsp; 2435000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354599 |
| **South Carolina 0.1%** | **South Carolina 0.1%** | **South Carolina 0.1%** |
| South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 202 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005213 |
| **Tennessee 1.9%** | **Tennessee 1.9%** | **Tennessee 1.9%** |
| Metropolitan Government of Nashville & Davidson County, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948104 |
| New Memphis Arena Public Building Authority, City of Memphis, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 4/1/27 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957568 |
| Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health Care Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080060 |
| Tennessee Energy Acquisition Corp., Gas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7653115 |
| Tennessee Housing Development Agency, Residential Finance Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 3-C |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 1/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999927 |
| &nbsp;&nbsp;&nbsp;Series 1-C |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, due 1/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191665 |
| &nbsp;&nbsp;&nbsp;Series 1-C |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, due 7/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17055762 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas 8.6%** | **Texas 8.6%** | **Texas 8.6%** |
| Central Texas Turnpike System, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/15/25 | &nbsp;&nbsp;&nbsp;$6600000 | &nbsp;&nbsp;$6526784 |
| Central Texas Turnpike System, Revenue Bonds, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7088588 |
| City of Dallas, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101565 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101565 |
| City of Galveston, Wharves & Terminal, Revenue Bonds, First Lien (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633491 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746614 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781819 |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060178 |
| City of Mesquite, Waterworks & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051486 |
| Denton Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836989 |
| Fort Bend County Municipal Utility District No. 134B, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410600 |
| Harris County Municipal Utility District No. 171, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977551 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864187 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Harris County Municipal Utility District No. 489, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;$980000 | &nbsp;&nbsp;$987732 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011952 |
| Harris County Municipal Utility District No. 490, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545698 |
| Harris County Water Control & Improvement District No. 158, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312815 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338624 |
| Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990537 |
| Montgomery County Municipal Utility District No. 138, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986687 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301491 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284696 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354408 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450964 |
| North Texas Higher Education Authority, Inc., Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036789 |
| North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767121 |
| Port of Corpus Christi Authority of Nueces County, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.737%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985862 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| State of Texas, Public Finance Authority, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.326%, due 10/1/29 | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2820696 |
| State of Texas, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025773 |
| State of Texas, College Student Loan, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2360000 | &nbsp;&nbsp;&nbsp;&nbsp; 2459856 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10637267 |
| Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507116 |
| Town of Trophy Club, Public Improvement District No. 1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513600 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78018751 |
| **U.S. Virgin Islands 2.2%** | **U.S. Virgin Islands 2.2%** | **U.S. Virgin Islands 2.2%** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215987 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15654017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19870004 |
| **Utah 1.4%** | **Utah 1.4%** | **Utah 1.4%** |
| City of Salt Lake City, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059312 |
| County of Salt Lake, Convention Hotel, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976404 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956917 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344305 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| Intermountain Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1048903 |
| State of Utah, Build America Bonds, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.539%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690827 | &nbsp;&nbsp;&nbsp;&nbsp; 690058 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1286163 |
| Utah State Building Ownership Authority, State Facilities Master Lease Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738654 |
| Weber School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12539347 |
| **Virginia 2.2%** | **Virginia 2.2%** | **Virginia 2.2%** |
| Bristol Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 11/1/33 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474285 |
| Gloucester County Economic Development Authority, Waste Management Disposal Services of Virginia, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/38 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971929 |
| Petersburg Redevelopment & Housing Authority, PB Petersburg Owner II LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/45 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523052 |
| Virginia College Building Authority, 21st Century College & Equipment Programs, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993420 |
| Virginia Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030951 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Virginia Public School Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 8/1/29 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1865559 |
| Virginia Small Business Financing Authority, Pure Salmon Virginia LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/52 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2499756 |
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, due 10/1/40 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2955288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20314240 |
| **Washington 1.9%** | **Washington 1.9%** | **Washington 1.9%** |
| County of King, Sewer, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9869319 |
| Seattle Housing Authority, Northgate Plaza Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862890 |
| State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series F, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434973 |
| Washington State Housing Finance Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-N, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;1.90%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17263160 |
| **Wisconsin 2.5%** | **Wisconsin 2.5%** | **Wisconsin 2.5%** |
| City of Madison, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6535009 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375780 |
| County of Dane, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936946 |
| State of Wisconsin, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999943 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| State of Wisconsin, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 4 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/32 | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3352372 |
| Wisconsin Housing & Economic Development Authority, Home Ownership, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 907825 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 967577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23075452 |
| Total Long-Term Municipal Bonds<br> (Cost $847,330,052) |  | &nbsp;&nbsp;&nbsp;&nbsp;851133628 |
| **Short-Term Municipal Notes 4.3%** | **Short-Term Municipal Notes 4.3%** | **Short-Term Municipal Notes 4.3%** |
| **California 1.9%** | **California 1.9%** | **California 1.9%** |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| &nbsp;&nbsp;&nbsp;Series B-6 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 |
| &nbsp;&nbsp;&nbsp;Series A-5 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| &nbsp;&nbsp;&nbsp;Series A-7 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;&nbsp;Series C-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100000 |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17650000 |
| **Florida 1.1%** | **Florida 1.1%** | **Florida 1.1%** |
| Hillsborough County Industrial Development Authority, BayCare Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, due 11/15/54 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Indiana 0.2%** | **Indiana 0.2%** | **Indiana 0.2%** |
| Indiana Finance Authority, Deaconess Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.92%, due 3/1/39 | &nbsp;&nbsp;&nbsp;$1680000 | &nbsp;&nbsp;$1663110 |
| **Texas 1.1%** | **Texas 1.1%** | **Texas 1.1%** |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, due 11/15/50 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| Total Short-Term Municipal Notes<br> (Cost $39,330,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39313110 |
| Total Municipal Bonds<br> (Cost $886,660,052) |  | &nbsp;&nbsp;&nbsp;&nbsp;890446738 |
| **Long-Term Bonds 1.0%** | **Long-Term Bonds 1.0%** | **Long-Term Bonds 1.0%** |
| **Corporate Bonds 1.0%** | **Corporate Bonds 1.0%** | **Corporate Bonds 1.0%** |
| **Commercial Services 0.7%** | **Commercial Services 0.7%** | **Commercial Services 0.7%** |
| Toll Road Investors Partnership II LP |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 2/15/32 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404233 |
| **Healthcare-Services 0.3%** | **Healthcare-Services 0.3%** | **Healthcare-Services 0.3%** |
| Beth Israel Lahey Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series L |  |  |
| &nbsp;&nbsp;&nbsp;2.22%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470504 |
| Total Corporate Bonds<br> (Cost $8,726,312) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874737 |
| Total Long-Term Bonds<br> (Cost $8,726,312) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investment 2.5%** | **Short-Term Investment 2.5%** | **Short-Term Investment 2.5%** |
| **Unaffiliated Investment Company 2.5%** | **Unaffiliated Investment Company 2.5%** | **Unaffiliated Investment Company 2.5%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22269675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22269675 |
| Total Short-Term Investment<br> (Cost $22,269,675) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22269675 |
| Total Investments<br> (Cost $917,656,039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.3% | &nbsp;&nbsp;&nbsp;&nbsp;921591150 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11532944) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$910058206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (e) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (f) | Current yield as of April 30, 2025. |

---

Abbreviation(s): <br> AGC—Assured Guaranty Corp. <br> AGM—Assured Guaranty Municipal Corp.

---

| |
|:---|
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| Q-SBLF—Qualified School Board Loan Fund |
| SD CRED PROG—School District Credit Enhancement Program |
| SONYMA—State of New York Mortgage Agency |
| XLCA—XL Capital Assurance |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $851133628 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $851133628 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39313110 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 39313110 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;890446738 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;890446738 |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8874737 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 8874737 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874737 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874737 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 22269675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 22269675 |
| Total Investments in Securities | &nbsp;&nbsp;$22269675 | &nbsp;&nbsp;$899321475 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$921591150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $917,656,039) | $921591150 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;9208225 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;4150291 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;2602484 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;937628300 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;24402330 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;1852471 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252228 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51886 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51407 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37466 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23666 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34706 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;27570094 |
| Net assets | $910058206 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $98629 |
| Additional paid-in-capital | &nbsp;&nbsp;992843603 |
|  | &nbsp;&nbsp;992942232 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(82884026) |
| Net assets | $910058206 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $212147867 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;22990860 |
| Net asset value per share outstanding | $9.23 |
| Maximum sales charge (1.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Maximum offering price per share outstanding | $9.32 |
| **Class A2** |  |
| Net assets applicable to outstanding shares | $42979093 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;4652097 |
| Net asset value per share outstanding | $9.24 |
| Maximum sales charge (2.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Maximum offering price per share outstanding | $9.43 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $1935900 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209214 |
| Net asset value per share outstanding | $9.25 |
| Maximum sales charge (0.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Maximum offering price per share outstanding | $9.30 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $585793493 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;63489201 |
| Net asset value and offering price per share outstanding | $9.23 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $67201853 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;7287901 |
| Net asset value and offering price per share outstanding | $9.22 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $16285040 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1498815 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254287 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A2 (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46233 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150116 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55862 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43251 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21153 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9209 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9025 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;2102300 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;2041999 |
| Net investment income (loss) | &nbsp;&nbsp;14243041 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;(1711150) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;(3011268) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(4722418) |
| Net increase (decrease) in net assets resulting from operations | $9520623 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $14243041 | &nbsp;&nbsp;$25804211 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1711150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637993) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3011268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20685245 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45851463 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(3205958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6937459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1260608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(9013877) | &nbsp;&nbsp;&nbsp;&nbsp;(15428119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1488234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2258766) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(14316787) | &nbsp;&nbsp;&nbsp;&nbsp;(25944969) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;334795206 | &nbsp;&nbsp;&nbsp;&nbsp;268722238 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9282159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16313412 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;(231470221) | &nbsp;&nbsp;&nbsp;&nbsp;(371649254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;112607144 | &nbsp;&nbsp;&nbsp;&nbsp;(86613604) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;107810980 | &nbsp;&nbsp;&nbsp;&nbsp;(66707110) |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;&nbsp;802247226 | &nbsp;&nbsp;&nbsp;&nbsp;868954336 |
| End of period | $910058206 | &nbsp;&nbsp;$802247226 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.26 | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.23 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.26 | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$212148 | &nbsp;&nbsp;&nbsp;&nbsp;$201335 | &nbsp;&nbsp;&nbsp;&nbsp;$250092 | &nbsp;&nbsp;&nbsp;&nbsp;$306828 | &nbsp;&nbsp;&nbsp;&nbsp;$409722 | &nbsp;&nbsp;&nbsp;&nbsp;$503769 | &nbsp;&nbsp;&nbsp;&nbsp;$152614 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30,<br> 2020^ through April 30,<br> 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A2** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30,<br> 2020^ through April 30,<br> 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 | &nbsp;&nbsp;&nbsp;&nbsp;$9.07 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.32 | &nbsp;&nbsp;&nbsp;&nbsp;$9.75 | &nbsp;&nbsp;&nbsp;&nbsp;$9.70\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.24 | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 | &nbsp;&nbsp;&nbsp;&nbsp;$9.07 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.32 | &nbsp;&nbsp;&nbsp;&nbsp;$9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.91)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$42979 | &nbsp;&nbsp;&nbsp;&nbsp;$35493 | &nbsp;&nbsp;&nbsp;&nbsp;$48197 | &nbsp;&nbsp;&nbsp;&nbsp;$54326 | &nbsp;&nbsp;&nbsp;&nbsp;$98890 | &nbsp;&nbsp;&nbsp;&nbsp;$88248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| \*\* | Based on the net asset value of Class A as of September 30, 2020. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class A2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,<br> 2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,<br> 2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.30 | &nbsp;&nbsp;&nbsp;&nbsp;$9.08 | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$9.33 | &nbsp;&nbsp;&nbsp;&nbsp;$9.76 | &nbsp;&nbsp;&nbsp;&nbsp;$9.57 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.25 | &nbsp;&nbsp;&nbsp;&nbsp;$9.30 | &nbsp;&nbsp;&nbsp;&nbsp;$9.08 | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$9.33 | &nbsp;&nbsp;&nbsp;&nbsp;$9.76 | &nbsp;&nbsp;&nbsp;&nbsp;$9.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1936 | &nbsp;&nbsp;&nbsp;&nbsp;$2026 | &nbsp;&nbsp;&nbsp;&nbsp;$2230 | &nbsp;&nbsp;&nbsp;&nbsp;$2511 | &nbsp;&nbsp;&nbsp;&nbsp;$2884 | &nbsp;&nbsp;&nbsp;&nbsp;$3608 | &nbsp;&nbsp;&nbsp;&nbsp;$4158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.26 | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.23 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.26 | &nbsp;&nbsp;&nbsp;&nbsp;$9.31 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.55)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$585793 | &nbsp;&nbsp;&nbsp;&nbsp;$474443 | &nbsp;&nbsp;&nbsp;&nbsp;$514457 | &nbsp;&nbsp;&nbsp;&nbsp;$663175 | &nbsp;&nbsp;&nbsp;&nbsp;$1125893 | &nbsp;&nbsp;&nbsp;&nbsp;$1400328 | &nbsp;&nbsp;&nbsp;&nbsp;$412193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI MacKay Short Term Muni Fund

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 2, 2022^ through<br> April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.05 | &nbsp;&nbsp;&nbsp;&nbsp;$9.25 | &nbsp;&nbsp;&nbsp;&nbsp;$9.30\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.22 | &nbsp;&nbsp;&nbsp;&nbsp;$9.27 | &nbsp;&nbsp;&nbsp;&nbsp;$9.05 | &nbsp;&nbsp;&nbsp;&nbsp;$9.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%††(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$67202 | &nbsp;&nbsp;&nbsp;&nbsp;$88949 | &nbsp;&nbsp;&nbsp;&nbsp;$53978 | &nbsp;&nbsp;&nbsp;&nbsp;$85211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| \*\* | Based on the net asset value of Class I as of May 2, 2022. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | Expense waiver/reimbursement less than 0.01%. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__ec095ab2-def5-4da7-9a52-01c7b0e59684_TOC)

Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Short Term Muni Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;January 2, 2004 |
| Class A2 | &nbsp;&nbsp;September 30, 2020 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class I | &nbsp;&nbsp;January 2, 1991 |
| Class R6 | &nbsp;&nbsp;May 2, 2022 |

---

Class A, Class A2 and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 0.50% may be imposed on certain redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. Class I and Class R6 shares are offered at NAV without a sales charge. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class A and Investor Class shares are subject to a distribution and/or service fee. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from regular federal income tax.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the

Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which

24 NYLI MacKay Short Term Muni Fund

------

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market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

------

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Notes to Financial Statements (Unaudited) (continued)

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more

likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not

26 NYLI MacKay Short Term Muni Fund

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included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Debt Securities Risk. The Fund's investments may include securities such as variable rate notes, floaters and mortgage-related and asset-backed securities. If expectations about changes in interest rates or assessments of an issuer's credit worthiness or market conditions are incorrect, investments in these types of securities could lose money for the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 0.3% of the Fund's net assets, of which 50.0% are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt. As of April 30, 2025, the Puerto Rico Electric Power Authority ("PREPA") remains in bankruptcy. The continued delay in resolving the PREPA bankruptcy could delay needed investment into public power generation and distribution assets, which are essential components to a productive economy. Failure to provide reliable electricity could result in the Commonwealth's inability to service debt on other municipal territorial investments the Fund may hold.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party

service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.35% on assets up to $1 billion; 0.33% on assets from $1 billion to $5 billion; and 0.32% on assets over $5 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.35% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of daily net assets: Class A, 0.70%, Class A2, 0.70% and Class I, 0.40%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to Investor Class shares. In addition, New York Life Investments has also contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation,

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Notes to Financial Statements (Unaudited) (continued)

extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class R6 shares do not exceed those of Class I. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $1,498,815 and waived fees and/or reimbursed expenses in the amount of $60,301 and paid the Subadvisor fees in the amount of $719,257.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A, Class A2 and Investor Class Plans, the Distributor receives a monthly fee from Class A, Class A2 and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A, Class A2 and Investor Class shares for distribution and/or service activities as designated by the Distributor. Class I shares and Class R6 are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A2 and Investor Class shares during the six-month period ended April 30, 2025, were $25 and $47, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A shares during the six-month period ended April 30, 2025, of $2,370.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2025, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$37532 | &nbsp;&nbsp;$— |
| Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 | &nbsp;&nbsp;&nbsp;&nbsp;(3390) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;97235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$16973375 | &nbsp;&nbsp;8.0% |
| Class A2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25950 | &nbsp;&nbsp;0.1 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

28 NYLI MacKay Short Term Muni Fund

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#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $918090359 | $6617131 | $(3116340) | $3500791 |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $84,561,167, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$34901 | &nbsp;&nbsp;$49660 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$4596332 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;21348637 |
| Total | &nbsp;&nbsp;$25944969 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based

upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $460,347 and $338,350, respectively.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836522 | &nbsp;&nbsp;$54023342 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137397 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(4788970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44348882) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11811857 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38368 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282344 | &nbsp;&nbsp;$11850225 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652757 | &nbsp;&nbsp;$33868504 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373475 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(9986640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92407714) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(5861844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54165735) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409776 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735088) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5897002) | &nbsp;&nbsp;$(54491047) |
| &nbsp;&nbsp;**Class A2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565377 | &nbsp;&nbsp;$14498077 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581190 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7407608) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;$7671659 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563308 | &nbsp;&nbsp;$5240983 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260608 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2190683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20326169) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1491465) | &nbsp;&nbsp;$(13824578) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18228 | &nbsp;&nbsp;$168837 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26277 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238109) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42995) |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38368) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8661) | &nbsp;&nbsp;$(81363) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41246 | &nbsp;&nbsp;$383005 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57554 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524324) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83765) |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172584) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27592) | &nbsp;&nbsp;$(256349) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;27398978 | &nbsp;&nbsp;$253716438 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488123 |
| Shares redeemed | &nbsp;&nbsp;(15771550) | &nbsp;&nbsp;&nbsp;&nbsp;(145872219) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;12327738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114332342 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15479 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;12329401 | &nbsp;&nbsp;$114347821 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;18888440 | &nbsp;&nbsp;$175222037 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10516921 |
| Shares redeemed | &nbsp;&nbsp;(25709249) | &nbsp;&nbsp;&nbsp;&nbsp;(237862833) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(5685581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52123875) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735088 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237192) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5631824) | &nbsp;&nbsp;$(51625979) |

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30 NYLI MacKay Short Term Muni Fund

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340642 | &nbsp;&nbsp;$12388512 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49172 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3654738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33603403) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(2308787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21165719) |
| Shares converted from Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15479) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(2310451) | &nbsp;&nbsp;$(21181198) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846919 | &nbsp;&nbsp;$54007709 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104854 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2222390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20528214) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635854 | &nbsp;&nbsp;$33584349 |

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#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI Short Term Bond Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imgbcd5d6a81.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_476d7971-5c72-4d8d-bf76-64f4738de30e_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_476d7971-5c72-4d8d-bf76-64f4738de30e_7) | &nbsp;&nbsp;9 |
| [Notes to Financial Statements](#xx_3013b7c5-c48f-4918-99ce-1697ac8b75fd_1) | &nbsp;&nbsp;16 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_2f43b8a9-8e5b-40b6-8903-a823422a6baf_1) | &nbsp;&nbsp;25 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_2f43b8a9-8e5b-40b6-8903-a823422a6baf_1) | &nbsp;&nbsp;25 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_2f43b8a9-8e5b-40b6-8903-a823422a6baf_1) | &nbsp;&nbsp;25 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_d55efd9a-3913-4148-bc49-a5eefe2baa7e_1) | &nbsp;&nbsp;26 |

---

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[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Bonds 96.7%** | **Long-Term Bonds 96.7%** | **Long-Term Bonds 96.7%** |
| **Asset-Backed Securities 8.2%** | **Asset-Backed Securities 8.2%** | **Asset-Backed Securities 8.2%** |
| **Other Asset-Backed Securities 8.2%** | **Other Asset-Backed Securities 8.2%** | **Other Asset-Backed Securities 8.2%** |
| Ballyrock CLO 23 Ltd. | Ballyrock CLO 23 Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2023-23A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;6.262% (3 Month SOFR + 1.98%), due 4/25/36 (a)(b) | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$500000 |
| Benefit Street Partners CLO XXXVII Ltd. | Benefit Street Partners CLO XXXVII Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2024-37A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.698% (3 Month SOFR + 1.35%), due 1/25/38 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498965 |
| Cloud Capital Holdco LP | Cloud Capital Holdco LP |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;5.781%, due 11/22/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501225 |
| College Ave Student Loans LLC | College Ave Student Loans LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class A1A |  |  |
| &nbsp;&nbsp;&nbsp;5.69%, due 8/25/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727207 |
| CyrusOne Data Centers Issuer I LLC (a) | CyrusOne Data Centers Issuer I LLC (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;5.56%, due 11/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679269 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;5.91%, due 2/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510473 |
| Empower CLO Ltd. | Empower CLO Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;6.456% (3 Month SOFR + 2.20%), due 7/15/36 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003074 |
| Invesco US CLO Ltd. | Invesco US CLO Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;6.072% (3 Month SOFR + 1.80%), due 4/21/36 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Oak Street Investment Grade Net Lease Fund | Oak Street Investment Grade Net Lease Fund |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;1.48%, due 1/20/51 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645066 |
| Octagon 67 Ltd. | Octagon 67 Ltd. |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;6.082% (3 Month SOFR + 1.80%), due 4/25/36 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001359 |
| Sabey Data Center Issuer LLC | Sabey Data Center Issuer LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;5.733%, due 2/21/50 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507862 |
| Sunnova Helios XIII Issuer LLC | Sunnova Helios XIII Issuer LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, due 2/20/51 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292161 |
| Sunnova Helios XIV Issuer LLC | Sunnova Helios XIV Issuer LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class A |  |  |
| &nbsp;&nbsp;&nbsp;6.15%, due 5/22/51 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519024 |
| SVC ABS LLC | SVC ABS LLC |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 2/20/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771174 |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** | **Other Asset-Backed Securities (continued)** |
| Trafigura Securitisation Finance plc | Trafigura Securitisation Finance plc |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;5.98%, due 11/15/27 (a) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1009712 |
| Total Asset-Backed Securities<br> (Cost $9,966,980) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10166571 |
| **Corporate Bonds 32.2%** | **Corporate Bonds 32.2%** | **Corporate Bonds 32.2%** |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |
| BAE Systems plc |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 3/26/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 602402 |
| **Auto Manufacturers 1.6%** | **Auto Manufacturers 1.6%** | **Auto Manufacturers 1.6%** |
| Daimler Truck Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/13/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289107 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.542%, due 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496822 |
| &nbsp;&nbsp;&nbsp;5.125%, due 6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509611 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05%, due 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033746 |
| **Banks 15.6%** | **Banks 15.6%** | **Banks 15.6%** |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260645 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;5.565%, due 1/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619787 |
| Bank of America Corp. (c) |  |  |
| &nbsp;&nbsp;&nbsp;5.08%, due 1/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726777 |
| &nbsp;&nbsp;&nbsp;Series FIX |  |  |
| &nbsp;&nbsp;&nbsp;5.162%, due 1/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249566 |
| &nbsp;&nbsp;&nbsp;5.202%, due 4/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388155 |
| Bank of New York Mellon (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.729%, due 4/20/29 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649034 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;5.829%, due 5/9/27 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212187 |
| &nbsp;&nbsp;&nbsp;7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050407 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.592% (5 Year Treasury Constant Maturity Rate + 1.28%), due 11/19/34 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337022 |
| &nbsp;&nbsp;&nbsp;5.61%, due 9/29/26 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043563 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;5.23%, due 1/9/29 (a)(c) | &nbsp;&nbsp;&nbsp;$685000 | &nbsp;&nbsp;$694868 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;6.119%, due 7/14/26 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2094218 |
| Goldman Sachs Group, Inc. (The) (c) |  |  |
| &nbsp;&nbsp;&nbsp;5.218%, due 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 162952 |
| &nbsp;&nbsp;&nbsp;6.484%, due 10/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 832809 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;7.336%, due 11/3/26 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850667 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.272%, due 1/15/31 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473531 |
| JPMorgan Chase & Co. (c) |  |  |
| &nbsp;&nbsp;&nbsp;5.04%, due 1/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90870 |
| &nbsp;&nbsp;&nbsp;5.103%, due 4/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028295 |
| &nbsp;&nbsp;&nbsp;5.571%, due 4/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347705 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;5.121%, due 4/4/31 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469293 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.087% (1 Year Treasury Constant Maturity Rate + 0.85%), due 11/26/28 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349192 |
| Morgan Stanley (c) |  |  |
| &nbsp;&nbsp;&nbsp;5.173%, due 1/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285170 |
| &nbsp;&nbsp;&nbsp;5.656%, due 4/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372358 |
| &nbsp;&nbsp;&nbsp;6.138%, due 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382316 |
| PNC Financial Services Group, Inc. (The) (c) |  |  |
| &nbsp;&nbsp;&nbsp;4.758%, due 1/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125084 |
| &nbsp;&nbsp;&nbsp;5.812%, due 6/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230214 |
| &nbsp;&nbsp;&nbsp;6.615%, due 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303829 |
| Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.146% (5 Year Treasury Constant Maturity Rate + 1.50%), due 9/10/34 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282384 |
| Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.632% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278845 |
| U.S. Bancorp (c) |  |  |
| &nbsp;&nbsp;&nbsp;4.653%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391296 |
| &nbsp;&nbsp;&nbsp;6.787%, due 10/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454781 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641857 |
| Wells Fargo & Co. (c) |  |  |
| &nbsp;&nbsp;&nbsp;4.54%, due 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779415 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. (c) (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.97%, due 4/23/29 | &nbsp;&nbsp;&nbsp;$700000 | &nbsp;&nbsp;$708824 |
| &nbsp;&nbsp;&nbsp;5.15%, due 4/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 258955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19426871 |
| **Beverages 0.3%** | **Beverages 0.3%** | **Beverages 0.3%** |
| Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 379980 |
| **Biotechnology 0.8%** | **Biotechnology 0.8%** | **Biotechnology 0.8%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679729 |
| &nbsp;&nbsp;&nbsp;5.25%, due 3/2/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952268 |
| **Commercial Services 0.3%** | **Commercial Services 0.3%** | **Commercial Services 0.3%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381458 |
| **Computers 0.2%** | **Computers 0.2%** | **Computers 0.2%** |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227858 |
| **Diversified Financial Services 2.0%** | **Diversified Financial Services 2.0%** | **Diversified Financial Services 2.0%** |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.992%, due 6/13/29 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384342 |
| Ares Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512776 |
| Blackstone Holdings Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, due 11/3/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366091 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.196%, due 11/17/29 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413977 |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 5/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451674 |
| **Electric 1.9%** | **Electric 1.9%** | **Electric 1.9%** |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211086 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610516 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286416 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227887 |
| &nbsp;&nbsp;&nbsp;6.10%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521885 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Short Term Bond Fund

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.85%, due 11/1/27 | &nbsp;&nbsp;&nbsp;$255000 | &nbsp;&nbsp;$260790 |
| Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 10/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 280594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399174 |
| **Entertainment 0.2%** | **Entertainment 0.2%** | **Entertainment 0.2%** |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.755%, due 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 296810 |
| **Healthcare-Products 0.8%** | **Healthcare-Products 0.8%** | **Healthcare-Products 0.8%** |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, due 8/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282017 |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, due 2/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961883 |
| **Healthcare-Services 0.4%** | **Healthcare-Services 0.4%** | **Healthcare-Services 0.4%** |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455837 |
| **Home Furnishings 0.4%** | **Home Furnishings 0.4%** | **Home Furnishings 0.4%** |
| Leggett & Platt, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530745 |
| **Insurance 2.0%** | **Insurance 2.0%** | **Insurance 2.0%** |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, due 1/12/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637605 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, due 1/13/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578251 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, due 1/13/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323226 |
| Lincoln Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, due 1/13/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383833 |
| Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 8/19/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561525 |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| Antares Holdings LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, due 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244709 |
| &nbsp;&nbsp;&nbsp;7.95%, due 8/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262457 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;7.05%, due 9/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713545 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, due 4/1/31 | &nbsp;&nbsp;&nbsp;$205000 | &nbsp;&nbsp;$178040 |
| &nbsp;&nbsp;&nbsp;6.10%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 160515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338555 |
| **Office & Business Equipment 0.3%** | **Office & Business Equipment 0.3%** | **Office & Business Equipment 0.3%** |
| CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, due 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 379278 |
| **Oil & Gas 0.3%** | **Oil & Gas 0.3%** | **Oil & Gas 0.3%** |
| Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410848 |
| **Pipelines 0.9%** | **Pipelines 0.9%** | **Pipelines 0.9%** |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247705 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297211 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268238 |
| &nbsp;&nbsp;&nbsp;5.85%, due 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089515 |
| **Semiconductors 1.1%** | **Semiconductors 1.1%** | **Semiconductors 1.1%** |
| Broadcom Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496357 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, due 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544677 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363978 |
| **Software 0.6%** | **Software 0.6%** | **Software 0.6%** |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781111 |
| **Telecommunications 0.6%** | **Telecommunications 0.6%** | **Telecommunications 0.6%** |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70%, due 3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760752 |
| **Transportation 0.3%** | **Transportation 0.3%** | **Transportation 0.3%** |
| JB Hunt Transport Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, due 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373704 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Trucking & Leasing 0.2%** | **Trucking & Leasing 0.2%** | **Trucking & Leasing 0.2%** |
| Penske Truck Leasing Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 5/24/26 (a) | &nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;$252684 |
| Total Corporate Bonds<br> (Cost $39,552,784) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40126201 |
| **Mortgage-Backed Securities 9.5%** | **Mortgage-Backed Securities 9.5%** | **Mortgage-Backed Securities 9.5%** |
| **Agency (Collateralized Mortgage Obligations) 1.7%** | **Agency (Collateralized Mortgage Obligations) 1.7%** | **Agency (Collateralized Mortgage Obligations) 1.7%** |
| GNMA | GNMA |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2021-104, Class BI |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/20/51 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2636853 | &nbsp;&nbsp;&nbsp;&nbsp; 529612 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2020-74, Class IE |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 5/16/50 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626596 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2023-40, Class DL |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 3/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501063 |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2025-41, Class MB |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (SOFR 30A + 2.40%), due 11/20/54 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138601 |
| **Commercial Mortgage Loans (Collateralized Mortgage Obligations) 4.0%** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) 4.0%** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) 4.0%** |
| BOCA Commercial Mortgage Trust | BOCA Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-BOCA, Class A |  |  |
| &nbsp;&nbsp;&nbsp;6.243% (1 Month SOFR + 1.921%), due 8/15/41 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748594 |
| BX | BX |  |
| &nbsp;&nbsp;&nbsp;Series 2024-BRVE, Class A |  |  |
| &nbsp;&nbsp;&nbsp;6.163% (1 Month SOFR + 1.841%), due 4/15/26 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746719 |
| CENT Trust | CENT Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2023-CITY, Class A |  |  |
| &nbsp;&nbsp;&nbsp;6.942% (1 Month SOFR + 2.62%), due 9/15/38 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749531 |
| FNMA, ACES | FNMA, ACES |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2019-M12, Class X3 |  |  |
| &nbsp;&nbsp;&nbsp;0.718%, due 6/25/29 (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295299 |
| GNMA | GNMA |  |
| &nbsp;&nbsp;&nbsp;REMIC, Series 2024-32 |  |  |
| &nbsp;&nbsp;&nbsp;0.705%, due 6/16/63 (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12067396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626004 |
| ORL Trust | ORL Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.814% (1 Month SOFR + 1.493%), due 12/15/39 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496875 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** | **Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)** |
| SHR Trust | SHR Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-LXRY, Class A |  |  |
| &nbsp;&nbsp;&nbsp;6.272% (1 Month SOFR + 1.95%), due 10/15/41 (a)(b) | &nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;$746953 |
| SWCH Commercial Mortgage Trust | SWCH Commercial Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2025-DATA, Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.765% (1 Month SOFR + 1.443%), due 3/15/42 (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 491245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901220 |
| **Whole Loan (Collateralized Mortgage Obligations) 3.8%** | **Whole Loan (Collateralized Mortgage Obligations) 3.8%** | **Whole Loan (Collateralized Mortgage Obligations) 3.8%** |
| A&D Mortgage Trust (a) | A&D Mortgage Trust (a) |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM5, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.699%, due 11/25/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471667 |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM5, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;7.049%, due 11/25/68 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629042 |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM4, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;7.472%, due 9/25/68 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586019 |
| EFMT | EFMT |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.668%, due 1/25/70 (a)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489698 |
| GCAT Trust | GCAT Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM3, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;6.889%, due 8/25/68 (a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547926 |
| J.P. Morgan Mortgage Trust | J.P. Morgan Mortgage Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-10, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/25/55 (a)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411615 |
| PRKCM | PRKCM |  |
| &nbsp;&nbsp;&nbsp;Series 2025-HOME1, Class A1A |  |  |
| &nbsp;&nbsp;&nbsp;5.546%, due 2/25/60 (a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500979 |
| PRKCM Trust | PRKCM Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2024-HOME1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;6.431%, due 5/25/59 (a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636074 |
| PRPM Trust | PRPM Trust |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.802%, due 11/25/69 (a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760347 |
| Total Mortgage-Backed Securities<br> (Cost $11,731,428) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800168 |
| **U.S. Government & Federal Agencies 46.8%** | **U.S. Government & Federal Agencies 46.8%** | **U.S. Government & Federal Agencies 46.8%** |
| **Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Security) 0.5%** | **Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Security) 0.5%** | **Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Security) 0.5%** |
| UMBS Pool, 30 Year | UMBS Pool, 30 Year | UMBS Pool, 30 Year |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666037 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Short Term Bond Fund

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** | **U.S. Government & Federal Agencies (continued)** |
| **Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.9%** | **Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.9%** | **Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.9%** |
| UMBS, 30 Year | UMBS, 30 Year | UMBS, 30 Year |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/52 | &nbsp;&nbsp;&nbsp;$458104 | &nbsp;&nbsp;$460271 |
| &nbsp;&nbsp;&nbsp;6.00%, due 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639876 | &nbsp;&nbsp;&nbsp;&nbsp; 653868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114139 |
| **United States Treasury Notes 45.4%** | **United States Treasury Notes 45.4%** | **United States Treasury Notes 45.4%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;3.875%, due 3/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39350000 | &nbsp;&nbsp;&nbsp;&nbsp; 39532916 |
| &nbsp;&nbsp;&nbsp;3.875%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9150000 | &nbsp;&nbsp;&nbsp;&nbsp; 9225059 |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087887 |
| &nbsp;&nbsp;&nbsp;4.125%, due 3/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849975 |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56508649 |
| Total U.S. Government & Federal Agencies<br> (Cost $57,883,019) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58288825 |
| Total Long-Term Bonds<br> (Cost $119,134,211) |  | &nbsp;&nbsp;&nbsp;&nbsp;120381765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Exchange-Traded Fund 2.1%** | **Exchange-Traded Fund 2.1%** | **Exchange-Traded Fund 2.1%** |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640300 |
| Total Exchange-Traded Fund<br> (Cost $2,524,219) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640300 |
| Total Investments<br> (Cost $121,658,430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.8% | &nbsp;&nbsp;&nbsp;&nbsp;123022065 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542659 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$124564724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate—Rate shown was the rate in effect as of April 30, 2025. |
| (c) | Fixed to floating rate—Rate shown was the rate in effect as of April 30, 2025. |
| (d) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (e) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of April 30, 2025. |
| (f) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (g) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |

---

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $29705734 | &nbsp;&nbsp; $29973375 | &nbsp;&nbsp; $267641 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;(137) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (14683730) | &nbsp;&nbsp;&nbsp;&nbsp; (14959758) | &nbsp;&nbsp;&nbsp;&nbsp; (276028) |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1538160) | &nbsp;&nbsp;&nbsp;&nbsp; (1571062) | &nbsp;&nbsp;&nbsp;&nbsp; (32902) |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5083707) | &nbsp;&nbsp;&nbsp;&nbsp; (5163047) | &nbsp;&nbsp;&nbsp;&nbsp; (79340) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(574334) | &nbsp;&nbsp; $(583125) | &nbsp;&nbsp; $(8791) |
| Total Short Contracts |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(397061) |
| Net Unrealized Depreciation |  |  |  |  | &nbsp;&nbsp;$(129420) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $352,025 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| ACES—Alternative Credit Enhancement Securities |
| CLO—Collateralized Loan Obligation |
| ETF—Exchange-Traded Fund |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| SVC—El Salvador Colon |
| UMBS—Uniform Mortgage Backed Securities |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10166571 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $10166571 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40126201 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 40126201 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11800168 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 11800168 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Federal Agencies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58288825 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 58288825 |
| Total Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;120381765 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;120381765 |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2640300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2640300 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;2640300 | &nbsp;&nbsp;&nbsp;&nbsp;120381765 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;123022065 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 267641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 267641 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$2907941 | &nbsp;&nbsp;$120381765 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$123289706 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(397061) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(397061) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Short Term Bond Fund

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $121,658,430) | $123022065 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;1567581 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352025 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806925 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162275 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136692 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30914 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;126134029 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;1399508 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73463 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29451 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17908 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11192 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8167 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5594 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1569305 |
| Net assets | $124564724 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $13601 |
| Additional paid-in-capital | &nbsp;&nbsp;129489572 |
|  | &nbsp;&nbsp;129503173 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(4938449) |
| Net assets | $124564724 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $52714139 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5759925 |
| Net asset value per share outstanding | $9.15 |
| Maximum sales charge (1.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Maximum offering price per share outstanding | $9.24 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $1921847 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208388 |
| Net asset value per share outstanding | $9.22 |
| Maximum sales charge (0.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Maximum offering price per share outstanding | $9.27 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $69899368 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;7629197 |
| Net asset value and offering price per share outstanding | $9.16 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $29370 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 |
| Net asset value and offering price per share outstanding | $9.22 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $3056218 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;3112335 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;154155 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64792 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49195 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44079 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30971 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15952 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;369499 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;(34016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;335483 |
| Net investment income (loss) | &nbsp;&nbsp;2776852 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(42888) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;188849 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;145961 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;890810 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(395356) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;495454 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;641415 |
| Net increase (decrease) in net assets resulting from operations | $3418267 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Short Term Bond Fund

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2776852 | &nbsp;&nbsp;$7365273 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375111 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535390 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;3418267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10275774 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(1129069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2605609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(1617871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4673528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2365) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(2786904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7374947) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;24325733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57627930 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;2758802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305098 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(30006389) | &nbsp;&nbsp;&nbsp;&nbsp;(117058707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2921854) | &nbsp;&nbsp;&nbsp;&nbsp;(52125679) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(2290491) | &nbsp;&nbsp;&nbsp;&nbsp;(49224852) |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;126855215 | &nbsp;&nbsp;&nbsp;&nbsp;176080067 |
| End of period | $124564724 | &nbsp;&nbsp;$126855215 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.11 | &nbsp;&nbsp;&nbsp;&nbsp;$8.94 | &nbsp;&nbsp;&nbsp;&nbsp;$9.03 | &nbsp;&nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;&nbsp;&nbsp;$10.72 | &nbsp;&nbsp;&nbsp;&nbsp;$10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.15 | &nbsp;&nbsp;&nbsp;&nbsp;$9.11 | &nbsp;&nbsp;&nbsp;&nbsp;$8.94 | &nbsp;&nbsp;&nbsp;&nbsp;$9.03 | &nbsp;&nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;&nbsp;&nbsp;$10.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$52714 | &nbsp;&nbsp;&nbsp;&nbsp;$54152 | &nbsp;&nbsp;&nbsp;&nbsp;$54946 | &nbsp;&nbsp;&nbsp;&nbsp;$54971 | &nbsp;&nbsp;&nbsp;&nbsp;$60444 | &nbsp;&nbsp;&nbsp;&nbsp;$43452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 256%, 495%, 271% and 298% for the six months ended April 30, 2025 and for the years ended October 31, 2023, 2022 and 2020, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Short Term Bond Fund

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;&nbsp;&nbsp;$9.01 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.79 | &nbsp;&nbsp;&nbsp;&nbsp;$10.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.22 | &nbsp;&nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;&nbsp;&nbsp;$9.01 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1922 | &nbsp;&nbsp;&nbsp;&nbsp;$1942 | &nbsp;&nbsp;&nbsp;&nbsp;$2108 | &nbsp;&nbsp;&nbsp;&nbsp;$2396 | &nbsp;&nbsp;&nbsp;&nbsp;$3124 | &nbsp;&nbsp;&nbsp;&nbsp;$3376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 256%, 495%, 271% and 298% for the six months ended April 30, 2025 and for the years ended October 31, 2023, 2022 and 2020, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.11 | &nbsp;&nbsp;&nbsp;&nbsp;$8.95 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.79 | &nbsp;&nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;&nbsp;$10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.16 | &nbsp;&nbsp;&nbsp;&nbsp;$9.11 | &nbsp;&nbsp;&nbsp;&nbsp;$8.95 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.79 | &nbsp;&nbsp;&nbsp;&nbsp;$10.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$69899 | &nbsp;&nbsp;&nbsp;&nbsp;$70704 | &nbsp;&nbsp;&nbsp;&nbsp;$118981 | &nbsp;&nbsp;&nbsp;&nbsp;$32750 | &nbsp;&nbsp;&nbsp;&nbsp;$45291 | &nbsp;&nbsp;&nbsp;&nbsp;$33330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 256%, 495%, 271% and 298% for the six months ended April 30, 2025 and for the years ended October 31, 2023, 2022 and 2020, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI Short Term Bond Fund

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.79 | &nbsp;&nbsp;&nbsp;&nbsp;$10.82\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.22 | &nbsp;&nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;$25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rates not including mortgage dollar rolls were 256%, 495%, 271% and 298% for the six months ended April 30, 2025 and for the years ended October 31, 2023, 2022 and 2020, respectively. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI Short Term Bond Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;January 2, 2004 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class I | &nbsp;&nbsp;January 2, 1991 |
| SIMPLE Class | &nbsp;&nbsp;August 31, 2020 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 0.50% may be imposed on certain redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. Class I and SIMPLE Class shares are offered at NAV without a sales charge. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class A, Investor Class and SIMPLE Class shares are subject to a distribution and/or service fee. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income consistent with capital preservation.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position

or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation

16 NYLI Short Term Bond Fund

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Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input

level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Exchange-traded funds ("ETFs") are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are

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Notes to Financial Statements (Unaudited) (continued)

valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state

and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is recorded on an accrual basis and may include coupon interest, amortization of premium, accretion of discount on debt securities, and gains/losses on paydowns. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

18 NYLI Short Term Bond Fund

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(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A.,

("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(I) Dollar Rolls. The Fund may enter into dollar roll transactions in which it sells mortgage-backed securities ("MBS") from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Fund generally transfers MBS where the MBS are "to be announced," therefore, the Fund accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from the portfolio and a realized gain or loss is recognized. The securities the Fund has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Fund at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

(J) Debt Securities Risk. Investments in the Fund are not guaranteed, even though some of the Fund's underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates

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Notes to Financial Statements (Unaudited) (continued)

fall, thereby reducing the value of the Fund's investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money. The Fund is subject to interest-rate risk and its holdings in bonds can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

The Fund may invest in foreign debt securities, which carry certain risks that are in addition to the usual risks inherent in domestic debt securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult in value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(K) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(L) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Fund's securities as well as help manage the duration and yield curve positioning of the portfolio. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $267641 | $267641 |
| Total Fair Value | $267641 | $267641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(397061) | $(397061) |
| Total Fair Value | $(397061) | $(397061) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $188849 | $188849 |
| Total Net Realized Gain (Loss) | $188849 | $188849 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $(395356) | $(395356) |
| Total Net Change in Unrealized Appreciation (Depreciation) | $(395356) | $(395356) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Long | $29838268 |
| Futures Contracts Short | $(24921452) |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility

20 NYLI Short Term Bond Fund

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of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. NYL Investors LLC ("NYL Investors" or "Subadvisor"), a registered investment adviser and a direct, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.25% up to $1 billion and 0.20% in excess of $1 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.25% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 0.82%; Investor Class, 0.92%; Class I, 0.40% and SIMPLE Class, 1.17%. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $154,155 and waived fees and/or reimbursed expenses in the amount of $34,016 and paid the Subadvisor fees in the amount of $60,070.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the SIMPLE Class Plan, SIMPLE Class shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Investor Class shares during the six-month period ended April 30, 2025, was $50.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A shares during the six-month period ended April 30, 2025, of $2,479.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the

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Notes to Financial Statements (Unaudited) (continued)

aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$18447 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;24771 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| SIMPLE Class | &nbsp;&nbsp;$26142 | &nbsp;&nbsp;89.0% |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $121715920 | $1382859 | $(76714) | $1306145 |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $5,976,501, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$1022 | &nbsp;&nbsp;$4955 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$7374947 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

22 NYLI Short Term Bond Fund

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#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of U.S. government securities were $281,008 and $266,447, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $29,118 and $41,240, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;2069308 | &nbsp;&nbsp;$18884242 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116800 |
| Shares redeemed | &nbsp;&nbsp;(2385958) | &nbsp;&nbsp;&nbsp;&nbsp;(21764250) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(194226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1763208) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61758 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(187455) | &nbsp;&nbsp;$(1701450) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;4771734 | &nbsp;&nbsp;$43421100 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569804 |
| Shares redeemed | &nbsp;&nbsp;(5261120) | &nbsp;&nbsp;&nbsp;&nbsp;(47815861) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(206437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1824957) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96761 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(195764) | &nbsp;&nbsp;$(1728196) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15503 | &nbsp;&nbsp;$142434 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38774 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149498) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31710 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61758) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3255) | &nbsp;&nbsp;$(30048) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25639 | &nbsp;&nbsp;$235029 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91649 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434711) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108033) |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96761) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22395) | &nbsp;&nbsp;$(204794) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580211 | &nbsp;&nbsp;$5298757 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602665 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(883722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8063642) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(127986) | &nbsp;&nbsp;$(1162220) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1533385 | &nbsp;&nbsp;$13962009 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641280 |
| Shares redeemed | &nbsp;&nbsp;(7574720) | &nbsp;&nbsp;&nbsp;&nbsp;(68808115) |
| Net increase (decrease) | &nbsp;&nbsp;(5530770) | &nbsp;&nbsp;$(50204826) |
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;$300 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28999) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3067) | &nbsp;&nbsp;$(28136) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;$9792 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;$12137 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

24 NYLI Short Term Bond Fund

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

[**Table of Contents**](#JOB_NYLI__c067e194-901b-405f-a6f0-fb1ef76385ad_TOC)

#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI WMC Growth Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imge85bd6011.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_428636e3-e29c-4bc5-aa8d-44a80c538980_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_428636e3-e29c-4bc5-aa8d-44a80c538980_4) | &nbsp;&nbsp;6 |
| [Notes to Financial Statements](#xx_f6b25970-ae74-43a9-94a6-2127436fbce3_1) | &nbsp;&nbsp;12 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_26ce10ea-d582-4a8b-8ff6-20ec13470d87_1) | &nbsp;&nbsp;20 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_26ce10ea-d582-4a8b-8ff6-20ec13470d87_1) | &nbsp;&nbsp;20 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_26ce10ea-d582-4a8b-8ff6-20ec13470d87_1) | &nbsp;&nbsp;20 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_6a9ed719-a28a-4a27-9e62-68940dc74d44_1) | &nbsp;&nbsp;21 |

---

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 96.5%** | **Common Stocks 96.5%** | **Common Stocks 96.5%** |
| **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** |
| GE Aerospace | &nbsp;&nbsp;&nbsp;&nbsp; 67637 | &nbsp;&nbsp;$13631561 |
| **Automobiles 2.0%** | **Automobiles 2.0%** | **Automobiles 2.0%** |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59463 | &nbsp;&nbsp;&nbsp;&nbsp; 16778080 |
| **Biotechnology 1.2%** | **Biotechnology 1.2%** | **Biotechnology 1.2%** |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20496 | &nbsp;&nbsp;&nbsp;&nbsp; 10442712 |
| **Broadline Retail 6.2%** | **Broadline Retail 6.2%** | **Broadline Retail 6.2%** |
| Amazon.com, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 282101 | &nbsp;&nbsp;&nbsp;&nbsp; 52025066 |
| **Capital Markets 7.8%** | **Capital Markets 7.8%** | **Capital Markets 7.8%** |
| Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 59472 | &nbsp;&nbsp;&nbsp;&nbsp; 9071264 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 7684 | &nbsp;&nbsp;&nbsp;&nbsp; 4207374 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 119519 | &nbsp;&nbsp;&nbsp;&nbsp; 13657436 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp; 2217508 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 79881 | &nbsp;&nbsp;&nbsp;&nbsp; 6087731 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 40100 | &nbsp;&nbsp;&nbsp;&nbsp; 20052005 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 78245 | &nbsp;&nbsp;&nbsp;&nbsp; 10821284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66114602 |
| **Commercial Services & Supplies 1.7%** | **Commercial Services & Supplies 1.7%** | **Commercial Services & Supplies 1.7%** |
| Copart, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521314 |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14622942 |
| **Communications Equipment 0.9%** | **Communications Equipment 0.9%** | **Communications Equipment 0.9%** |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7728691 |
| **Consumer Finance 1.0%** | **Consumer Finance 1.0%** | **Consumer Finance 1.0%** |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8421753 |
| **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9611654 |
| **Entertainment 6.2%** | **Entertainment 6.2%** | **Entertainment 6.2%** |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36170903 |
| Spotify Technology SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16174075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52344978 |
| **Financial Services 5.2%** | **Financial Services 5.2%** | **Financial Services 5.2%** |
| Corpay, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461237 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33818042 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8377684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43656963 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Health Care Equipment & Supplies 2.7%** | **Health Care Equipment & Supplies 2.7%** | **Health Care Equipment & Supplies 2.7%** |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 87281 | &nbsp;&nbsp;$8978597 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10378 | &nbsp;&nbsp;&nbsp;&nbsp; 5352972 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22388 | &nbsp;&nbsp;&nbsp;&nbsp; 8371321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22702890 |
| **Health Care REITs 2.0%** | **Health Care REITs 2.0%** | **Health Care REITs 2.0%** |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 108341 | &nbsp;&nbsp;&nbsp;&nbsp; 16531753 |
| **Hotels, Restaurants & Leisure 2.5%** | **Hotels, Restaurants & Leisure 2.5%** | **Hotels, Restaurants & Leisure 2.5%** |
| Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 124162 | &nbsp;&nbsp;&nbsp;&nbsp; 6272664 |
| DraftKings, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 207509 | &nbsp;&nbsp;&nbsp;&nbsp; 6907975 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36581 | &nbsp;&nbsp;&nbsp;&nbsp; 8248284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21428923 |
| **Interactive Media & Services 8.6%** | **Interactive Media & Services 8.6%** | **Interactive Media & Services 8.6%** |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; 256110 | &nbsp;&nbsp;&nbsp;&nbsp; 41205538 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 56435 | &nbsp;&nbsp;&nbsp;&nbsp; 30982815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72188353 |
| **IT Services 2.4%** | **IT Services 2.4%** | **IT Services 2.4%** |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205846 |
| Shopify, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8026645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20232491 |
| **Pharmaceuticals 4.6%** | **Pharmaceuticals 4.6%** | **Pharmaceuticals 4.6%** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39042297 |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029615 |
| **Semiconductors & Semiconductor Equipment 17.5%** | **Semiconductors & Semiconductor Equipment 17.5%** | **Semiconductors & Semiconductor Equipment 17.5%** |
| ARM Holdings plc, ADR (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243706 |
| ASML Holding NV (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894033 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38390451 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966955 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9368608 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75613680 |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;147615512 |
| **Software 12.4%** | **Software 12.4%** | **Software 12.4%** |
| HubSpot, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13059194 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73440100 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7782916 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10076310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;104358520 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Specialized REITs 1.1%** | **Specialized REITs 1.1%** | **Specialized REITs 1.1%** |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10498 | &nbsp;&nbsp;$9036154 |
| **Specialty Retail 2.1%** | **Specialty Retail 2.1%** | **Specialty Retail 2.1%** |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5976 | &nbsp;&nbsp;&nbsp;&nbsp; 8457235 |
| TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 68916 | &nbsp;&nbsp;&nbsp;&nbsp; 8868111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17325346 |
| **Technology Hardware, Storage & Peripherals 4.8%** | **Technology Hardware, Storage & Peripherals 4.8%** | **Technology Hardware, Storage & Peripherals 4.8%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 188999 | &nbsp;&nbsp;&nbsp;&nbsp; 40162288 |
| Total Common Stocks<br> (Cost $461,312,474) |  | &nbsp;&nbsp;&nbsp;&nbsp;814033144 |
| **Short-Term Investments 3.8%** | **Short-Term Investments 3.8%** | **Short-Term Investments 3.8%** |
| **Affiliated Investment Company 3.5%** | **Affiliated Investment Company 3.5%** | **Affiliated Investment Company 3.5%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (c) | &nbsp;&nbsp;&nbsp;&nbsp;30068972 | &nbsp;&nbsp;&nbsp;&nbsp; 30068972 |
| **Unaffiliated Investment Company 0.3%** | **Unaffiliated Investment Company 0.3%** | **Unaffiliated Investment Company 0.3%** |
| Invesco Government & Agency Portfolio, 4.367% (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 2242608 | &nbsp;&nbsp;&nbsp;&nbsp; 2242608 |
| Total Short-Term Investments<br> (Cost $32,311,580) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32311580 |
| Total Investments<br> (Cost $493,624,054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;846344724 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666627) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$843678097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $2,196,379. The Fund received cash collateral with a value of $2,242,608. (See Note 2(G)) |
| (c) | Current yield as of April 30, 2025. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI WMC Growth Fund

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$25349 | &nbsp;&nbsp;$100660 | &nbsp;&nbsp;$(95940) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$30069 | &nbsp;&nbsp;$407 | &nbsp;&nbsp;$— | &nbsp;&nbsp;30069 |

---

Abbreviation(s): <br> ADR—American Depositary Receipt <br> REIT—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $814033144 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $814033144 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 30068972 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 30068972 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2242608 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2242608 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32311580 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32311580 |
| Total Investments in Securities | &nbsp;&nbsp;$846344724 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$846344724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $463,555,082) including securities on loan of $2,196,379 | $816275752 |
| Investment in affiliated investment companies, at value<br> (identified cost $30,068,972) | &nbsp;&nbsp;&nbsp;&nbsp;30068972 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206748 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72601 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;846717826 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;2242608 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445867 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129511 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119361 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62893 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30588 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;3039729 |
| Net assets | $843678097 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $18439 |
| Additional paid-in-capital | &nbsp;&nbsp;480135012 |
|  | &nbsp;&nbsp;480153451 |
| Total distributable earnings (loss) | &nbsp;&nbsp;363524646 |
| Net assets | $843678097 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $592825774 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;13056276 |
| Net asset value per share outstanding | $45.41 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Maximum offering price per share outstanding | $48.05 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $65162415 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1487760 |
| Net asset value per share outstanding | $43.80 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| Maximum offering price per share outstanding | $46.11 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $1841041 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48352 |
| Net asset value and offering price per share outstanding | $38.08 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $55147845 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1154405 |
| Net asset value and offering price per share outstanding | $47.77 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $128701022 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;2692070 |
| Net asset value and offering price per share outstanding | $47.81 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI WMC Growth Fund

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $11,383) | $2277324 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406610 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;2686033 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;3038124 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787263 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88487 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9622 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350859 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60843 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47528 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19606 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16394 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;4450497 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;4412974 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1726941) |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on unaffiliated investments | &nbsp;&nbsp;&nbsp;19937577 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments | &nbsp;&nbsp;(31204532) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(11266955) |
| Net increase (decrease) in net assets resulting from operations | $(12993896) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(1726941) | &nbsp;&nbsp;$(3344233) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;19937577 | &nbsp;&nbsp;&nbsp;&nbsp;104174413 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(31204532) | &nbsp;&nbsp;&nbsp;&nbsp;171757459 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(12993896) | &nbsp;&nbsp;&nbsp;&nbsp;272587639 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(24940622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;(3054153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(2296198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(5138744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(35580843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;15692087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28820788 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;35362283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(55485736) | &nbsp;&nbsp;&nbsp;&nbsp;(119964072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(4431366) | &nbsp;&nbsp;&nbsp;&nbsp;(91143284) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(53006105) | &nbsp;&nbsp;&nbsp;&nbsp;181444355 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;896684202 | &nbsp;&nbsp;&nbsp;&nbsp;715239847 |
| End of period | $843678097 | &nbsp;&nbsp;$896684202 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI WMC Growth Fund

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$47.99 | &nbsp;&nbsp;&nbsp;&nbsp;$34.47 | &nbsp;&nbsp;&nbsp;&nbsp;$29.94 | &nbsp;&nbsp;&nbsp;&nbsp;$56.51 | &nbsp;&nbsp;&nbsp;&nbsp;$42.56 | &nbsp;&nbsp;&nbsp;&nbsp;$36.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$45.41 | &nbsp;&nbsp;&nbsp;&nbsp;$47.99 | &nbsp;&nbsp;&nbsp;&nbsp;$34.47 | &nbsp;&nbsp;&nbsp;&nbsp;$29.94 | &nbsp;&nbsp;&nbsp;&nbsp;$56.51 | &nbsp;&nbsp;&nbsp;&nbsp;$42.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$592826 | &nbsp;&nbsp;&nbsp;&nbsp;$624627 | &nbsp;&nbsp;&nbsp;&nbsp;$478878 | &nbsp;&nbsp;&nbsp;&nbsp;$453405 | &nbsp;&nbsp;&nbsp;&nbsp;$725468 | &nbsp;&nbsp;&nbsp;&nbsp;$531715 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$46.42 | &nbsp;&nbsp;&nbsp;&nbsp;$33.44 | &nbsp;&nbsp;&nbsp;&nbsp;$29.12 | &nbsp;&nbsp;&nbsp;&nbsp;$55.42 | &nbsp;&nbsp;&nbsp;&nbsp;$41.89 | &nbsp;&nbsp;&nbsp;&nbsp;$35.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$43.80 | &nbsp;&nbsp;&nbsp;&nbsp;$46.42 | &nbsp;&nbsp;&nbsp;&nbsp;$33.44 | &nbsp;&nbsp;&nbsp;&nbsp;$29.12 | &nbsp;&nbsp;&nbsp;&nbsp;$55.42 | &nbsp;&nbsp;&nbsp;&nbsp;$41.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$65162 | &nbsp;&nbsp;&nbsp;&nbsp;$73970 | &nbsp;&nbsp;&nbsp;&nbsp;$63644 | &nbsp;&nbsp;&nbsp;&nbsp;$59377 | &nbsp;&nbsp;&nbsp;&nbsp;$93624 | &nbsp;&nbsp;&nbsp;&nbsp;$97709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__4fe19fa4-27af-4c99-95e2-2a78657611aa_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$40.73 | &nbsp;&nbsp;&nbsp;&nbsp;$29.57 | &nbsp;&nbsp;&nbsp;&nbsp;$25.94 | &nbsp;&nbsp;&nbsp;&nbsp;$50.99 | &nbsp;&nbsp;&nbsp;&nbsp;$38.95 | &nbsp;&nbsp;&nbsp;&nbsp;$33.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$38.08 | &nbsp;&nbsp;&nbsp;&nbsp;$40.73 | &nbsp;&nbsp;&nbsp;&nbsp;$29.57 | &nbsp;&nbsp;&nbsp;&nbsp;$25.94 | &nbsp;&nbsp;&nbsp;&nbsp;$50.99 | &nbsp;&nbsp;&nbsp;&nbsp;$38.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1841 | &nbsp;&nbsp;&nbsp;&nbsp;$1927 | &nbsp;&nbsp;&nbsp;&nbsp;$1657 | &nbsp;&nbsp;&nbsp;&nbsp;$1318 | &nbsp;&nbsp;&nbsp;&nbsp;$2880 | &nbsp;&nbsp;&nbsp;&nbsp;$3068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$50.33 | &nbsp;&nbsp;&nbsp;&nbsp;$36.05 | &nbsp;&nbsp;&nbsp;&nbsp;$31.22 | &nbsp;&nbsp;&nbsp;&nbsp;$58.27 | &nbsp;&nbsp;&nbsp;&nbsp;$43.72 | &nbsp;&nbsp;&nbsp;&nbsp;$37.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$47.77 | &nbsp;&nbsp;&nbsp;&nbsp;$50.33 | &nbsp;&nbsp;&nbsp;&nbsp;$36.05 | &nbsp;&nbsp;&nbsp;&nbsp;$31.22 | &nbsp;&nbsp;&nbsp;&nbsp;$58.27 | &nbsp;&nbsp;&nbsp;&nbsp;$43.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$55148 | &nbsp;&nbsp;&nbsp;&nbsp;$60639 | &nbsp;&nbsp;&nbsp;&nbsp;$44833 | &nbsp;&nbsp;&nbsp;&nbsp;$38498 | &nbsp;&nbsp;&nbsp;&nbsp;$14025 | &nbsp;&nbsp;&nbsp;&nbsp;$102290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI WMC Growth Fund

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Financial Highlights selected per share data and ratios

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 26, 2021^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$50.36 | &nbsp;&nbsp;&nbsp;&nbsp;$36.06 | &nbsp;&nbsp;&nbsp;&nbsp;$31.22 | &nbsp;&nbsp;&nbsp;&nbsp;$58.27 | &nbsp;&nbsp;&nbsp;&nbsp;$53.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$47.81 | &nbsp;&nbsp;&nbsp;&nbsp;$50.36 | &nbsp;&nbsp;&nbsp;&nbsp;$36.06 | &nbsp;&nbsp;&nbsp;&nbsp;$31.22 | &nbsp;&nbsp;&nbsp;&nbsp;$58.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$128701 | &nbsp;&nbsp;&nbsp;&nbsp;$134115 | &nbsp;&nbsp;&nbsp;&nbsp;$121645 | &nbsp;&nbsp;&nbsp;&nbsp;$133867 | &nbsp;&nbsp;&nbsp;&nbsp;$152039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI WMC Growth Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;August 7, 2006 |
| Investor Class | &nbsp;&nbsp;January 18, 2013 |
| Class C | &nbsp;&nbsp;January 18, 2013 |
| Class I | &nbsp;&nbsp;November 2, 2009 |
| Class R6 | &nbsp;&nbsp;April 26, 2021 |

---

Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under a distribution plan pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek long-term growth of capital.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the

12 NYLI WMC Growth Fund

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Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal

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Notes to Financial Statements (Unaudited) (continued)

conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to

three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and

14 NYLI WMC Growth Fund

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Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(H) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The

Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Wellington Management Company LLP ("Wellington" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Wellington, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.70% up to $500 million; 0.65% from $500 million to $1 billion; 0.625% from $1 billion to $2 billion; and 0.60% in excess of $2 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.68% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class I shares do not exceed 0.75% of its average daily net assets. In addition, New York Life Investments will waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class R6 do not exceed those of Class I. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $3,038,124 and waived fees and/or reimbursed expenses, including the waiver/reimbursement of certain class specific expenses in the amount of $37,523 and paid the Subadvisor fees in the amount of $1,247,233.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New

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Notes to Financial Statements (Unaudited) (continued)

York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $22,012 and $1,514, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $238 and $77, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the

aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$172480 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;154090 | &nbsp;&nbsp;&nbsp;&nbsp;(30211) |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class R6 | &nbsp;&nbsp;$29237 | &nbsp;&nbsp;0.0%‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $498354686 | $354941595 | $(6951557) | $347990038 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

16 NYLI WMC Growth Fund

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#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $123,021 and $169,747, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162214 | &nbsp;&nbsp;$7795310 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24740096 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(762492) | &nbsp;&nbsp;&nbsp;&nbsp;(36518168) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(103489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3982762) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048259 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18444) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40464 | &nbsp;&nbsp;$3047053 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277639 | &nbsp;&nbsp;$12150016 |
| Shares redeemed | &nbsp;&nbsp;(1430490) | &nbsp;&nbsp;&nbsp;&nbsp;(63104676) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1152851) | &nbsp;&nbsp;&nbsp;&nbsp;(50954660) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12991799 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323593) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(876546) | &nbsp;&nbsp;$(38286454) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8867 | &nbsp;&nbsp;$401453 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042195 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2776798) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666850 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177245 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(121602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5698615) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(105762) | &nbsp;&nbsp;$(4854520) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20815 | &nbsp;&nbsp;$886756 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(135519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5820683) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(114704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4933927) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559198 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(208118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9339678) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(309763) | &nbsp;&nbsp;$(13714407) |

---

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Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;$1437 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62928 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59538) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827 |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463174) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34506) | &nbsp;&nbsp;$(1458347) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;$1455 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409575) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408120) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(106292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4039353) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(117122) | &nbsp;&nbsp;$(4447473) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;$266949 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88198 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263096) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92051 |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45271) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;$46780 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811 | &nbsp;&nbsp;$277276 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432549) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155273) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171966) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8728) | &nbsp;&nbsp;$(327239) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63442 | &nbsp;&nbsp;$3147062 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290122 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(157586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7978043) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50389) | &nbsp;&nbsp;$(2540859) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126242 | &nbsp;&nbsp;$5863818 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(171862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8046912) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2183094) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323593 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38749) | &nbsp;&nbsp;$(1859501) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;$43132 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168115) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900) | &nbsp;&nbsp;$(124983) |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83104 | &nbsp;&nbsp;$4079876 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138744 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(152240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7890093) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28969 | &nbsp;&nbsp;$1328527 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194430 | &nbsp;&nbsp;$9598335 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(904479) | &nbsp;&nbsp;&nbsp;&nbsp;(41981562) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(710049) | &nbsp;&nbsp;$(32383227) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial

18 NYLI WMC Growth Fund

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statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

------

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI WMC International Research Equity Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img25a61e221.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_8a08cfce-7768-4aaf-bd9f-2081ff50caba_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_8a08cfce-7768-4aaf-bd9f-2081ff50caba_9) | &nbsp;&nbsp;11 |
| [Notes to Financial Statements](#xx_66ad8393-30b1-441e-b706-3ddf0f7fdd62_1) | &nbsp;&nbsp;18 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_d752da0d-d564-481f-b79e-89333e8b611b_1) | &nbsp;&nbsp;27 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_d752da0d-d564-481f-b79e-89333e8b611b_1) | &nbsp;&nbsp;27 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_d752da0d-d564-481f-b79e-89333e8b611b_1) | &nbsp;&nbsp;27 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_1262cd27-91fa-4b98-b8d4-a5b7740ffa9b_1) | &nbsp;&nbsp;28 |

---

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 98.0%** | **Common Stocks 98.0%** | **Common Stocks 98.0%** |
| **Australia 4.6%** | **Australia 4.6%** | **Australia 4.6%** |
| ANZ Group Holdings Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 99007 | &nbsp;&nbsp;$1898698 |
| Challenger Ltd. (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp; 145595 | &nbsp;&nbsp;&nbsp;&nbsp; 661098 |
| Commonwealth Bank of Australia (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 8921 | &nbsp;&nbsp;&nbsp;&nbsp; 954486 |
| Evolution Mining Ltd. (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 97112 | &nbsp;&nbsp;&nbsp;&nbsp; 485687 |
| Glencore plc (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 281025 | &nbsp;&nbsp;&nbsp;&nbsp; 916806 |
| Macquarie Group Ltd. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp;&nbsp;&nbsp; 675312 |
| Orora Ltd. (Containers & Packaging) | &nbsp;&nbsp;&nbsp;&nbsp; 128612 | &nbsp;&nbsp;&nbsp;&nbsp; 149462 |
| Rio Tinto plc (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 31844 | &nbsp;&nbsp;&nbsp;&nbsp; 1898652 |
| Stockland (Diversified REITs) | &nbsp;&nbsp;&nbsp;&nbsp; 505969 | &nbsp;&nbsp;&nbsp;&nbsp; 1782763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9422964 |
| **Austria 1.2%** | **Austria 1.2%** | **Austria 1.2%** |
| BAWAG Group AG (Banks) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14167 | &nbsp;&nbsp;&nbsp;&nbsp; 1552937 |
| Erste Group Bank AG (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 828491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381428 |
| **Belgium 1.3%** | **Belgium 1.3%** | **Belgium 1.3%** |
| KBC Group NV (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 20673 | &nbsp;&nbsp;&nbsp;&nbsp; 1908427 |
| UCB SA (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738294 |
| **Brazil 2.3%** | **Brazil 2.3%** | **Brazil 2.3%** |
| B3 SA - Brasil Bolsa Balcao (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530299 |
| Banco Santander Brasil SA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297545 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432869 |
| MercadoLibre, Inc. (Broadline Retail) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596697 |
| Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320774 |
| Rumo SA (Ground Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4741446 |
| **Canada 3.0%** | **Canada 3.0%** | **Canada 3.0%** |
| Barrick Gold Corp. (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642909 |
| Constellation Software, Inc. (Software) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326239 |
| iA Financial Corp., Inc. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218181 |
| Intact Financial Corp. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833051 |
| Methanex Corp. (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288606 |
| Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108282 |
| Shopify, Inc., Class A (IT Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198303 |
| Sun Life Financial, Inc. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240724 |
| **Chile 0.4%** | **Chile 0.4%** | **Chile 0.4%** |
| Antofagasta plc (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496834 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
| Lundin Mining Corp. (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 49796 | &nbsp;&nbsp;$407441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904275 |
| **China 6.6%** | **China 6.6%** | **China 6.6%** |
| Anhui Conch Cement Co. Ltd., Class H (Construction Materials) | &nbsp;&nbsp;&nbsp;&nbsp; 76500 | &nbsp;&nbsp;&nbsp;&nbsp; 216866 |
| BOC Aviation Ltd. (Trading Companies & Distributors) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 71151 | &nbsp;&nbsp;&nbsp;&nbsp; 536848 |
| BYD Co. Ltd., Class H (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp; 12773 | &nbsp;&nbsp;&nbsp;&nbsp; 615801 |
| China Merchants Bank Co. Ltd., Class H (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 247644 | &nbsp;&nbsp;&nbsp;&nbsp; 1362825 |
| China Pacific Insurance Group Co. Ltd., Class H (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 211020 | &nbsp;&nbsp;&nbsp;&nbsp; 579613 |
| ENN Energy Holdings Ltd. (Gas Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 124900 | &nbsp;&nbsp;&nbsp;&nbsp; 996034 |
| KE Holdings, Inc., ADR (Real Estate Management & Development) | &nbsp;&nbsp;&nbsp;&nbsp; 69782 | &nbsp;&nbsp;&nbsp;&nbsp; 1416575 |
| Meituan (Hotels, Restaurants & Leisure) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 100557 | &nbsp;&nbsp;&nbsp;&nbsp; 1681930 |
| Minth Group Ltd. (Automobile Components) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 229839 | &nbsp;&nbsp;&nbsp;&nbsp; 557622 |
| Pony AI, Inc., ADR (Software) (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp; 15450 | &nbsp;&nbsp;&nbsp;&nbsp; 140440 |
| Tencent Holdings Ltd. (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 88146 | &nbsp;&nbsp;&nbsp;&nbsp; 5469793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13574347 |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| AP Moller - Maersk A/S, Class B (Marine Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883157 |
| DSV A/S (Air Freight & Logistics) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566024 |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659563 |
| **France 9.5%** | **France 9.5%** | **France 9.5%** |
| Accor SA (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994920 |
| Airbus SE (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222338 |
| Arkema SA (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338676 |
| Capgemini SE (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412189 |
| Danone SA (Food Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930676 |
| Engie SA (Multi-Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843662 |
| Hermes International SCA (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695239 |
| JCDecaux SE (Media) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520569 |
| Klepierre SA (Retail REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311823 |
| Legrand SA (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158034 |
| Pernod Ricard SA (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753783 |
| Renault SA (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024707 |
| Safran SA (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335008 |
| Societe Generale SA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062002 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp; 44986 | &nbsp;&nbsp;$2551126 |
| Valeo SE (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp; 23966 | &nbsp;&nbsp;&nbsp;&nbsp; 236676 |
| Vinci SA (Construction & Engineering) | &nbsp;&nbsp;&nbsp;&nbsp; 7787 | &nbsp;&nbsp;&nbsp;&nbsp; 1096352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19487780 |
| **Germany 6.5%** | **Germany 6.5%** | **Germany 6.5%** |
| adidas AG (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 7252 | &nbsp;&nbsp;&nbsp;&nbsp; 1657270 |
| Allianz SE (Registered) (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 5315 | &nbsp;&nbsp;&nbsp;&nbsp; 2195075 |
| Brenntag SE (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp; 7858 | &nbsp;&nbsp;&nbsp;&nbsp; 523036 |
| Commerzbank AG (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 22825 | &nbsp;&nbsp;&nbsp;&nbsp; 600971 |
| Continental AG (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp; 6791 | &nbsp;&nbsp;&nbsp;&nbsp; 526179 |
| Daimler Truck Holding AG (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 14107 | &nbsp;&nbsp;&nbsp;&nbsp; 562802 |
| Deutsche Boerse AG (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp; 355669 |
| Deutsche Post AG (Air Freight & Logistics) | &nbsp;&nbsp;&nbsp;&nbsp; 14811 | &nbsp;&nbsp;&nbsp;&nbsp; 629793 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 51444 | &nbsp;&nbsp;&nbsp;&nbsp; 1845958 |
| E.ON SE (Multi-Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 120690 | &nbsp;&nbsp;&nbsp;&nbsp; 2111901 |
| Rheinmetall AG (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 897245 |
| Siemens AG (Registered) (Industrial Conglomerates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434756 |
| Talanx AG (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13390183 |
| **Hong Kong 1.3%** | **Hong Kong 1.3%** | **Hong Kong 1.3%** |
| AIA Group Ltd. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207924 |
| Prudential plc (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998316 |
| Techtronic Industries Co. Ltd. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669115 |
| **Hungary 0.6%** | **Hungary 0.6%** | **Hungary 0.6%** |
| OTP Bank Nyrt. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234354 |
| **India 2.4%** | **India 2.4%** | **India 2.4%** |
| Axis Bank Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935335 |
| HDFC Bank Ltd., ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051893 |
| Larsen & Toubro Ltd. (Construction & Engineering) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328468 |
| SBI Life Insurance Co. Ltd. (Insurance) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940811 |
| **Ireland 0.3%** | **Ireland 0.3%** | **Ireland 0.3%** |
| AIB Group plc (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532451 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Israel 0.8%** | **Israel 0.8%** | **Israel 0.8%** |
| Bank Leumi Le-Israel BM (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 62408 | &nbsp;&nbsp;$890594 |
| Wix.com Ltd. (IT Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3806 | &nbsp;&nbsp;&nbsp;&nbsp; 645460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536054 |
| **Italy 1.9%** | **Italy 1.9%** | **Italy 1.9%** |
| Coca-Cola HBC AG (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 9216 | &nbsp;&nbsp;&nbsp;&nbsp; 479038 |
| DiaSorin SpA (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp; 3173 | &nbsp;&nbsp;&nbsp;&nbsp; 362728 |
| Eurogroup Laminations SpA (Electrical Equipment) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 52963 | &nbsp;&nbsp;&nbsp;&nbsp; 147100 |
| FinecoBank Banca Fineco SpA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 79152 | &nbsp;&nbsp;&nbsp;&nbsp; 1577122 |
| Stevanato Group SpA (Life Sciences Tools & Services) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7902 | &nbsp;&nbsp;&nbsp;&nbsp; 164836 |
| UniCredit SpA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 21444 | &nbsp;&nbsp;&nbsp;&nbsp; 1240014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970838 |
| **Japan 14.7%** | **Japan 14.7%** | **Japan 14.7%** |
| Advantest Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 32038 | &nbsp;&nbsp;&nbsp;&nbsp; 1324597 |
| Asahi Group Holdings Ltd. (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 42400 | &nbsp;&nbsp;&nbsp;&nbsp; 585682 |
| Asics Corp. (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 19100 | &nbsp;&nbsp;&nbsp;&nbsp; 413529 |
| Capcom Co. Ltd. (Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp; 25400 | &nbsp;&nbsp;&nbsp;&nbsp; 736851 |
| Chiba Bank Ltd. (The) (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537121 |
| Concordia Financial Group Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538908 |
| Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263863 |
| Daikin Industries Ltd. (Building Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698622 |
| Denso Corp. (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109721 |
| eGuarantee, Inc. (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205599 |
| FANUC Corp. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360275 |
| Fujitsu Ltd. (IT Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826373 |
| Hitachi Ltd. (Industrial Conglomerates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683974 |
| Honda Motor Co. Ltd. (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748507 |
| Isuzu Motors Ltd. (Automobiles) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755087 |
| ITOCHU Corp. (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891140 |
| Koito Manufacturing Co. Ltd. (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514598 |
| Makita Corp. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385111 |
| MISUMI Group, Inc. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522493 |
| Mitsubishi Corp. (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480830 |
| Mitsubishi Electric Corp. (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635562 |
| Mitsubishi Heavy Industries Ltd. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708828 |
| Mitsui & Co. Ltd. (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781778 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI WMC International Research Equity Fund

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | &nbsp;&nbsp;&nbsp;&nbsp; 198416 | &nbsp;&nbsp;$1958647 |
| Mizuho Financial Group, Inc. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 58440 | &nbsp;&nbsp;&nbsp;&nbsp; 1469448 |
| MS&AD Insurance Group Holdings, Inc. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 334707 |
| Nomura Holdings, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 92700 | &nbsp;&nbsp;&nbsp;&nbsp; 515434 |
| Osaka Gas Co. Ltd. (Gas Utilities) | &nbsp;&nbsp;&nbsp;&nbsp; 59422 | &nbsp;&nbsp;&nbsp;&nbsp; 1505283 |
| Otsuka Holdings Co. Ltd. (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 21167 | &nbsp;&nbsp;&nbsp;&nbsp; 1031666 |
| Pan Pacific International Holdings Corp. (Broadline Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 14800 | &nbsp;&nbsp;&nbsp;&nbsp; 455097 |
| Sompo Holdings, Inc. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp; 17455 | &nbsp;&nbsp;&nbsp;&nbsp; 571330 |
| Sony Group Corp. (Household Durables) | &nbsp;&nbsp;&nbsp;&nbsp; 166556 | &nbsp;&nbsp;&nbsp;&nbsp; 4299138 |
| Sumitomo Rubber Industries Ltd. (Automobile Components) | &nbsp;&nbsp;&nbsp;&nbsp; 28850 | &nbsp;&nbsp;&nbsp;&nbsp; 364346 |
| Terumo Corp. (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp; 34672 | &nbsp;&nbsp;&nbsp;&nbsp; 665221 |
| Toray Industries, Inc. (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 45300 | &nbsp;&nbsp;&nbsp;&nbsp; 288852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30168218 |
| **Luxembourg 0.2%** | **Luxembourg 0.2%** | **Luxembourg 0.2%** |
| CVC Capital Partners plc (Capital Markets) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 19671 | &nbsp;&nbsp;&nbsp;&nbsp; 351209 |
| **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** |
| Grupo Aeroportuario del Sureste SAB de CV, Class B (Transportation Infrastructure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170425 |
| **Netherlands 3.3%** | **Netherlands 3.3%** | **Netherlands 3.3%** |
| Aalberts NV (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322379 |
| Adyen NV (Financial Services) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750433 |
| Akzo Nobel NV (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279830 |
| Argenx SE (Biotechnology) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302516 |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991670 |
| Heineken NV (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766522 |
| IMCD NV (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819091 |
| **Nigeria 0.4%** | **Nigeria 0.4%** | **Nigeria 0.4%** |
| Airtel Africa plc (Wireless Telecommunication Services) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762240 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Portugal 1.0%** | **Portugal 1.0%** | **Portugal 1.0%** |
| Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 81150 | &nbsp;&nbsp;$1966460 |
| **Republic of Korea 2.1%** | **Republic of Korea 2.1%** | **Republic of Korea 2.1%** |
| Coupang, Inc. (Broadline Retail) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65205 | &nbsp;&nbsp;&nbsp;&nbsp; 1523841 |
| KT Corp. (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 31286 | &nbsp;&nbsp;&nbsp;&nbsp; 1140811 |
| LG Chem Ltd. (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp; 219792 |
| Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp; 1811 | &nbsp;&nbsp;&nbsp;&nbsp; 225934 |
| Shinhan Financial Group Co. Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 33292 | &nbsp;&nbsp;&nbsp;&nbsp; 1205348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315726 |
| **Russia 0.0% ‡** | **Russia 0.0% ‡** | **Russia 0.0% ‡** |
| LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) (b)(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp; 11171 | &nbsp;&nbsp;&nbsp;&nbsp; 27760 |
| Mobile TeleSystems PJSC (Wireless Telecommunication Services) (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp; 80528 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27760 |
| **Singapore 2.7%** | **Singapore 2.7%** | **Singapore 2.7%** |
| Grab Holdings Ltd., Class A (Ground Transportation) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 292522 | &nbsp;&nbsp;&nbsp;&nbsp; 1427507 |
| Singapore Telecommunications Ltd. (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp; 599410 | &nbsp;&nbsp;&nbsp;&nbsp; 1737447 |
| United Overseas Bank Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 89749 | &nbsp;&nbsp;&nbsp;&nbsp; 2386828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551782 |
| **South Africa 1.0%** | **South Africa 1.0%** | **South Africa 1.0%** |
| Anglo American plc (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308290 |
| Discovery Ltd. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270240 |
| Harmony Gold Mining Co. Ltd. (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969407 |
| **Spain 1.0%** | **Spain 1.0%** | **Spain 1.0%** |
| Banco Santander SA (Banks) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894452 |
| Industria de Diseno Textil SA (Specialty Retail) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114322 |
| **Sweden 0.9%** | **Sweden 0.9%** | **Sweden 0.9%** |
| Atlas Copco AB, Class A (Machinery) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061342 |
| Epiroc AB, Class A (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753611 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Switzerland 1.6%** | **Switzerland 1.6%** | **Switzerland 1.6%** |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 9206 | &nbsp;&nbsp;$1619730 |
| DSM-Firmenich AG (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 2317 | &nbsp;&nbsp;&nbsp;&nbsp; 252001 |
| Galderma Group AG (Pharmaceuticals) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8148 | &nbsp;&nbsp;&nbsp;&nbsp; 946475 |
| Tecan Group AG (Registered) (Life Sciences Tools & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 1917 | &nbsp;&nbsp;&nbsp;&nbsp; 374359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192565 |
| **Taiwan 4.4%** | **Taiwan 4.4%** | **Taiwan 4.4%** |
| Chroma ATE, Inc. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp; 113853 | &nbsp;&nbsp;&nbsp;&nbsp; 1044652 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 276308 | &nbsp;&nbsp;&nbsp;&nbsp; 7876483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8921135 |
| **Thailand 0.0% ‡** | **Thailand 0.0% ‡** | **Thailand 0.0% ‡** |
| PTT Global Chemical PCL (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 45700 | &nbsp;&nbsp;&nbsp;&nbsp; 23718 |
| **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** |
| Aldar Properties PJSC (Real Estate Management & Development) | &nbsp;&nbsp;&nbsp;&nbsp; 185647 | &nbsp;&nbsp;&nbsp;&nbsp; 417974 |
| **United Kingdom 12.1%** | **United Kingdom 12.1%** | **United Kingdom 12.1%** |
| Allfunds Group plc (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 100256 | &nbsp;&nbsp;&nbsp;&nbsp; 567129 |
| Anglogold Ashanti plc (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp; 11185 | &nbsp;&nbsp;&nbsp;&nbsp; 471560 |
| AstraZeneca plc (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314906 |
| BAE Systems plc (Aerospace & Defense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150251 |
| Beazley plc (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171402 |
| British American Tobacco plc (Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381755 |
| BT Group plc (Diversified Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441542 |
| Coca-Cola Europacific Partners plc (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577166 |
| Croda International plc (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199960 |
| easyJet plc (Passenger Airlines) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166949 |
| HSBC Holdings plc (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418146 |
| IMI plc (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514175 |
| Imperial Brands plc (Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572987 |
| Inchcape plc (Distributors) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555376 |
| Intermediate Capital Group plc (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372649 |
| London Stock Exchange Group plc (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062289 |
| National Grid plc (Multi-Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866456 |
| Next plc (Broadline Retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127542 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Reckitt Benckiser Group plc (Household Products) | &nbsp;&nbsp;&nbsp;&nbsp; 14708 | &nbsp;&nbsp;$949270 |
| Sage Group plc (The) (Software) | &nbsp;&nbsp;&nbsp;&nbsp; 13306 | &nbsp;&nbsp;&nbsp;&nbsp; 220621 |
| Tesco plc (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp; 446457 | &nbsp;&nbsp;&nbsp;&nbsp; 2204654 |
| Trainline plc (Hotels, Restaurants & Leisure) (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 91063 | &nbsp;&nbsp;&nbsp;&nbsp; 356056 |
| Unilever plc (Personal Care Products) | &nbsp;&nbsp;&nbsp;&nbsp; 23586 | &nbsp;&nbsp;&nbsp;&nbsp; 1496981 |
| Wise plc, Class A (Financial Services) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 42826 | &nbsp;&nbsp;&nbsp;&nbsp; 559205 |
| WPP plc (Media) | &nbsp;&nbsp;&nbsp;&nbsp; 16480 | &nbsp;&nbsp;&nbsp;&nbsp; 127114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24846141 |
| **United States 7.4%** | **United States 7.4%** | **United States 7.4%** |
| CyberArk Software Ltd. (Software) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1193 | &nbsp;&nbsp;&nbsp;&nbsp; 420127 |
| Experian plc (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp; 11290 | &nbsp;&nbsp;&nbsp;&nbsp; 559944 |
| GSK plc (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 68402 | &nbsp;&nbsp;&nbsp;&nbsp; 1351033 |
| Haleon plc (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 279083 | &nbsp;&nbsp;&nbsp;&nbsp; 1398522 |
| James Hardie Industries plc, Sponsored ADR (Construction Materials) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14587 | &nbsp;&nbsp;&nbsp;&nbsp; 346295 |
| Novartis AG (Registered) (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 15977 | &nbsp;&nbsp;&nbsp;&nbsp; 1808726 |
| QIAGEN NV (Life Sciences Tools & Services) (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp; 22287 | &nbsp;&nbsp;&nbsp;&nbsp; 952607 |
| Roche Holding AG (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523075 |
| Schneider Electric SE (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847606 |
| Shell plc (Oil, Gas & Consumable Fuels) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253867 |
| Spotify Technology SA (Entertainment) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15252608 |
| **Zambia 0.4%** | **Zambia 0.4%** | **Zambia 0.4%** |
| First Quantum Minerals Ltd. (Metals & Mining) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740843 |
| Total Common Stocks<br> (Cost $190,547,484) |  | &nbsp;&nbsp;&nbsp;&nbsp;200789862 |
| **Exchange-Traded Fund 0.8%** | **Exchange-Traded Fund 0.8%** | **Exchange-Traded Fund 0.8%** |
| **United States 0.8%** | **United States 0.8%** | **United States 0.8%** |
| iShares MSCI ACWI ex U.S. ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665446 |
| Total Exchange-Traded Fund<br> (Cost $1,654,937) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665446 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI WMC International Research Equity Fund

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Rights** | &nbsp;&nbsp;**Value** |
| **Rights 0.0% ‡** | **Rights 0.0% ‡** | **Rights 0.0% ‡** |
| **Republic of Korea 0.0% ‡** | **Republic of Korea 0.0% ‡** | **Republic of Korea 0.0% ‡** |
| Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) |  |  |
| &nbsp;&nbsp;&nbsp;Expires (b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;$6204 |
| Total Rights<br> (Cost $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Warrants** |  |
| **Warrants 0.0% ‡** | **Warrants 0.0% ‡** | **Warrants 0.0% ‡** |
| **Canada 0.0% ‡** | **Canada 0.0% ‡** | **Canada 0.0% ‡** |
| Constellation Software, Inc. (Software) |  |  |
| &nbsp;&nbsp;&nbsp;Expires 3/31/40 (b)(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Warrants<br> (Cost $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** |
| **Affiliated Investment Company 0.7%** | **Affiliated Investment Company 0.7%** | **Affiliated Investment Company 0.7%** |
| **United States 0.7%** | **United States 0.7%** | **United States 0.7%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (f) | &nbsp;&nbsp;&nbsp;&nbsp;1458766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458766 |
| **Unaffiliated Investment Company 0.7%** | **Unaffiliated Investment Company 0.7%** | **Unaffiliated Investment Company 0.7%** |
| **United States 0.7%** | **United States 0.7%** | **United States 0.7%** |
| Invesco Government & Agency Portfolio, 4.367% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;1503974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503974 |
| Total Short-Term Investments<br> (Cost $2,962,740) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962740 |
| Total Investments<br> (Cost $195,165,161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;205424252 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450694) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$204973558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $5,312,595; the total market value of collateral held by the Fund was $5,842,183. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,338,209. The Fund received cash collateral with a value of $1,503,974. (See Note 2(I)) |
| (d) | Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $33,964, which represented less than one-tenth of a percent of the Fund's net assets. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | Current yield as of April 30, 2025. |
| (g) | Represents a security purchased with cash collateral received for securities on loan. |

---

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$32703 | &nbsp;&nbsp;$(31244) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1459 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$— | &nbsp;&nbsp;1459 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| |
|:---|
| Abbreviation(s): |
| ACWI—All Country World Index |
| ADR—American Depositary Receipt |
| ETF—Exchange-Traded Fund |
| MSCI—Morgan Stanley Capital International |
| PCL—Provision for Credit Losses |
| REIT—Real Estate Investment Trust |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI WMC International Research Equity Fund

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9422964 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9422964 |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2381428 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2381428 |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2738294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2738294 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp; 407441 | &nbsp;&nbsp;&nbsp;&nbsp; 496834 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 904275 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp; 1557015 | &nbsp;&nbsp;&nbsp;&nbsp; 12017332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13574347 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3659563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3659563 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19487780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19487780 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13390183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13390183 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2669115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2669115 |
| &nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1234354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1234354 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp; 2051893 | &nbsp;&nbsp;&nbsp;&nbsp; 2888918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4940811 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532451 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp; 645460 | &nbsp;&nbsp;&nbsp;&nbsp; 890594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1536054 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp; 164836 | &nbsp;&nbsp;&nbsp;&nbsp; 3806002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3970838 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30168218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30168218 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351209 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6819091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6819091 |
| &nbsp;&nbsp;&nbsp;Nigeria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 762240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 762240 |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1966460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1966460 |
| &nbsp;&nbsp;&nbsp;Republic of Korea | &nbsp;&nbsp;&nbsp;&nbsp; 1523841 | &nbsp;&nbsp;&nbsp;&nbsp; 2791885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4315726 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 1427507 | &nbsp;&nbsp;&nbsp;&nbsp; 4124275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5551782 |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1969407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1969407 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2114322 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2114322 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1753611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1753611 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3192565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3192565 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8921135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8921135 |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23718 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23718 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 417974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 417974 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 471560 | &nbsp;&nbsp;&nbsp;&nbsp; 24374581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24846141 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp; 1557228 | &nbsp;&nbsp;&nbsp;&nbsp; 13695380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15252608 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 11893438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27760 | &nbsp;&nbsp;&nbsp;&nbsp; 11921198 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;21700219 | &nbsp;&nbsp;&nbsp;&nbsp;179061883 | &nbsp;&nbsp;&nbsp;&nbsp;27760 | &nbsp;&nbsp;&nbsp;&nbsp;200789862 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6204 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1665446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1665446 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1458766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1458766 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1503974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1503974 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962740 |
| Total Investments in Securities | &nbsp;&nbsp;$26328405 | &nbsp;&nbsp;$179068087 | &nbsp;&nbsp;$27760 | &nbsp;&nbsp;$205424252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The table below sets forth the diversification of the Fund's investments by industry.

#### Industry Diversification

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;$3604842 | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195817 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309142 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144102 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31378396 | &nbsp;&nbsp;&nbsp;&nbsp;15.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162191 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302516 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703177 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698622 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4429990 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891435 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424820 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563161 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171114 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149462 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555376 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782763 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165758 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788302 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276790 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527657 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665446 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176335 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930676 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501317 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990769 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027949 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032906 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299138 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949270 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118730 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10679635 | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469793 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082325 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491802 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592549 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883157 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647683 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759899 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822019 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8261809 | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166949 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496981 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14678515 | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent** |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;$559944 | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793196 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311823 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12192750 | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107427 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219870 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385768 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954742 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619373 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170425 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432869 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762240 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202461512 | &nbsp;&nbsp;&nbsp;&nbsp;98.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962740 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450694) | &nbsp;&nbsp;&nbsp;&nbsp;(0.2) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$204973558 | &nbsp;&nbsp;100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

† Percentages indicated are based on Fund net assets.

^ &nbsp;&nbsp;&nbsp;&nbsp;Industry and country classifications may be different than those used for compliance monitoring purposes.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI WMC International Research Equity Fund

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $193,706,395) including securities on loan of $5,312,595 | $203965486 |
| Investment in affiliated investment companies, at value<br> (identified cost $1,458,766) | &nbsp;&nbsp;&nbsp;&nbsp;1458766 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24322 |
| Cash denominated in foreign currencies<br> (identified cost $613,887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613824 |
| Due from custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656479 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;1611768 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;1334529 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;209710210 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;1503974 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;2998325 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105107 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax (See Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46129 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29462 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24276 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13481 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9978 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;4736652 |
| Net assets | $204973558 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $24356 |
| Additional paid-in-capital | &nbsp;&nbsp;276631039 |
|  | &nbsp;&nbsp;276655395 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(71681837) |
| Net assets | $204973558 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $10607691 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1268043 |
| Net asset value per share outstanding | $8.37 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Maximum offering price per share outstanding | $8.86 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $1731090 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207881 |
| Net asset value per share outstanding | $8.33 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Maximum offering price per share outstanding | $8.77 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $576813 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70229 |
| Net asset value and offering price per share outstanding | $8.21 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $192057964 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;22809996 |
| Net asset value and offering price per share outstanding | $8.42 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $37,661) | $2603995 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22206 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;2643517 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774678 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66976 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50920 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29173 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27416 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12414 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977835 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911581 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1731936 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions<sup>(a)</sup> | &nbsp;&nbsp;11031826 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33608) |
| Net realized gain (loss) | &nbsp;&nbsp;10998218 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2308619 |
| &nbsp;&nbsp;&nbsp;Investments sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58660 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;2367281 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;13365499 |
| Net increase (decrease) in net assets resulting from operations | $15097435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $896.

(b) Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(21,021).

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI WMC International Research Equity Fund

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1731936 | &nbsp;&nbsp;$3363776 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;10998218 | &nbsp;&nbsp;&nbsp;&nbsp;11405381 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;2367281 | &nbsp;&nbsp;&nbsp;&nbsp;20181804 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;15097435 | &nbsp;&nbsp;&nbsp;&nbsp;34950961 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(3464568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3017802) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(3636739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3233783) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;16368875 | &nbsp;&nbsp;&nbsp;&nbsp;56839397 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3632031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226737 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(30449871) | &nbsp;&nbsp;&nbsp;&nbsp;(34136307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(10448965) | &nbsp;&nbsp;&nbsp;&nbsp;25929827 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;1011731 | &nbsp;&nbsp;&nbsp;&nbsp;57647005 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;203961827 | &nbsp;&nbsp;&nbsp;&nbsp;146314822 |
| End of period | $204973558 | &nbsp;&nbsp;$203961827 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$7.93 | &nbsp;&nbsp;&nbsp;&nbsp;$6.52 | &nbsp;&nbsp;&nbsp;&nbsp;$5.90 | &nbsp;&nbsp;&nbsp;&nbsp;$8.16 | &nbsp;&nbsp;&nbsp;&nbsp;$6.40 | &nbsp;&nbsp;&nbsp;&nbsp;$7.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.37 | &nbsp;&nbsp;&nbsp;&nbsp;$7.93 | &nbsp;&nbsp;&nbsp;&nbsp;$6.52 | &nbsp;&nbsp;&nbsp;&nbsp;$5.90 | &nbsp;&nbsp;&nbsp;&nbsp;$8.16 | &nbsp;&nbsp;&nbsp;&nbsp;$6.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$10608 | &nbsp;&nbsp;&nbsp;&nbsp;$10192 | &nbsp;&nbsp;&nbsp;&nbsp;$9866 | &nbsp;&nbsp;&nbsp;&nbsp;$10371 | &nbsp;&nbsp;&nbsp;&nbsp;$15492 | &nbsp;&nbsp;&nbsp;&nbsp;$12373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The expense ratios presented below show the impact of short sales expense: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;**Net Expenses<br> (excluding short<br> sale expenses)** | &nbsp;&nbsp;&nbsp;**Short Sales<br> Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;0.00%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(e) Less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI WMC International Research Equity Fund

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$7.87 | &nbsp;&nbsp;&nbsp;&nbsp;$6.48 | &nbsp;&nbsp;&nbsp;&nbsp;$5.87 | &nbsp;&nbsp;&nbsp;&nbsp;$8.11 | &nbsp;&nbsp;&nbsp;&nbsp;$6.36 | &nbsp;&nbsp;&nbsp;&nbsp;$7.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.33 | &nbsp;&nbsp;&nbsp;&nbsp;$7.87 | &nbsp;&nbsp;&nbsp;&nbsp;$6.48 | &nbsp;&nbsp;&nbsp;&nbsp;$5.87 | &nbsp;&nbsp;&nbsp;&nbsp;$8.11 | &nbsp;&nbsp;&nbsp;&nbsp;$6.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26.07)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1731 | &nbsp;&nbsp;&nbsp;&nbsp;$1727 | &nbsp;&nbsp;&nbsp;&nbsp;$1597 | &nbsp;&nbsp;&nbsp;&nbsp;$1624 | &nbsp;&nbsp;&nbsp;&nbsp;$2487 | &nbsp;&nbsp;&nbsp;&nbsp;$2731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The expense ratios presented below show the impact of short sales expense: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-month Period Ended** | &nbsp;&nbsp;&nbsp;**Net Expenses<br> (excluding short<br> sale expenses)** | &nbsp;&nbsp;&nbsp;**Short Sales<br> Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;0.00%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(e) Less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$7.71 | &nbsp;&nbsp;&nbsp;&nbsp;$6.32 | &nbsp;&nbsp;&nbsp;&nbsp;$5.70 | &nbsp;&nbsp;&nbsp;&nbsp;$7.87 | &nbsp;&nbsp;&nbsp;&nbsp;$6.16 | &nbsp;&nbsp;&nbsp;&nbsp;$7.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.21 | &nbsp;&nbsp;&nbsp;&nbsp;$7.71 | &nbsp;&nbsp;&nbsp;&nbsp;$6.32 | &nbsp;&nbsp;&nbsp;&nbsp;$5.70 | &nbsp;&nbsp;&nbsp;&nbsp;$7.87 | &nbsp;&nbsp;&nbsp;&nbsp;$6.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$577 | &nbsp;&nbsp;&nbsp;&nbsp;$731 | &nbsp;&nbsp;&nbsp;&nbsp;$1325 | &nbsp;&nbsp;&nbsp;&nbsp;$2458 | &nbsp;&nbsp;&nbsp;&nbsp;$5340 | &nbsp;&nbsp;&nbsp;&nbsp;$6229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The expense ratios presented below show the impact of short sales expense: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;**Net Expenses<br> (excluding short<br> sale expenses)** | &nbsp;&nbsp;&nbsp;**Short Sales<br> Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;0.00%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(e) Less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI WMC International Research Equity Fund

------

[**Table of Contents**](#JOB_NYLI__c3fc9d85-b172-4d6f-ba49-5d3f170f1203_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$7.99 | &nbsp;&nbsp;&nbsp;&nbsp;$6.57 | &nbsp;&nbsp;&nbsp;&nbsp;$5.95 | &nbsp;&nbsp;&nbsp;&nbsp;$8.22 | &nbsp;&nbsp;&nbsp;&nbsp;$6.45 | &nbsp;&nbsp;&nbsp;&nbsp;$7.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.42 | &nbsp;&nbsp;&nbsp;&nbsp;$7.99 | &nbsp;&nbsp;&nbsp;&nbsp;$6.57 | &nbsp;&nbsp;&nbsp;&nbsp;$5.95 | &nbsp;&nbsp;&nbsp;&nbsp;$8.22 | &nbsp;&nbsp;&nbsp;&nbsp;$6.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.98)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$192058 | &nbsp;&nbsp;&nbsp;&nbsp;$191311 | &nbsp;&nbsp;&nbsp;&nbsp;$133527 | &nbsp;&nbsp;&nbsp;&nbsp;$147559 | &nbsp;&nbsp;&nbsp;&nbsp;$207352 | &nbsp;&nbsp;&nbsp;&nbsp;$230100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The expense ratios presented below show the impact of short sales expense: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-month Period Ended** | &nbsp;&nbsp;&nbsp;**Net Expenses<br> (excluding short<br> sale expenses)** | &nbsp;&nbsp;&nbsp;**Short Sales<br> Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;0.00%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021 | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2020 | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(e) Less than 0.01%.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI WMC International Research Equity Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;September 28, 2007 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class C | &nbsp;&nbsp;September 28, 2007 |
| Class I | &nbsp;&nbsp;September 28, 2007 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek long-term growth of capital.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through

improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on

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an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input

level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural

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Notes to Financial Statements (Unaudited) (continued)

disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Exchange-traded funds ("ETFs") are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust's written liquidity risk management program and related procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with the Fund's procedures described above. The liquidity of the Fund's investments was determined as of April 30, 2025, and can change at any time.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not

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expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro

rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be

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Notes to Financial Statements (Unaudited) (continued)

invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(J) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Fund could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Fund is exposed to risk until the sale or exercise of each right or warrant is completed.

(K) Foreign Securities Risk. The Fund invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Wellington Management Company LLP ("Wellington" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Wellington, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.75% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: 1.18% for Class A shares and 0.86% for Class I shares. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

New York Life Investments has agreed to voluntarily waive fees and/or reimburse expenses of the appropriate class of the Fund so that Total

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Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase and sale of portfolio investments, and acquired (underlying) fund fees and expenses) of a class do not exceed the following percentages of average daily net assets: 1.95% for Investor Class shares and 2.70% for Class C shares. These voluntary waivers or reimbursements may be discontinued at any time without notice.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $774,678 and waived fees and/or reimbursed expenses, including the waiver/reimbursement of certain class specific expenses in the amount of $66,254 and paid the Subadvisor fees in the amount of $316,675.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $170 and $50, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class C shares during the six-month period ended April 30, 2025, of $101.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$1060 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;(755) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp;(282) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;20784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $196021472 | $22630728 | $(13227948) | $9402780 |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $93,125,998, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$91262 | &nbsp;&nbsp;$1864 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$3233783 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds

Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $115,213 and $128,150, respectively.

The Fund may purchase securities from or sell securities to other portfolios managed by the Subadvisor. These interportfolio transactions are primarily used for cash management purposes and are made pursuant to Rule 17a-7 under the 1940 Act. During the six-month period ended April 30, 2025, such purchases were $23.

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#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497752 | &nbsp;&nbsp;$3990516 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148840 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(542911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4329314) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189958) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66366 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17994) | &nbsp;&nbsp;$(123592) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336474 | &nbsp;&nbsp;$2631230 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181798 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(608659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4660777) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(245914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1847749) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146483 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(226736) | &nbsp;&nbsp;$(1701266) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641 | &nbsp;&nbsp;$29155 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19209 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109796) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61432) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46815) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11440) | &nbsp;&nbsp;$(90199) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5495 | &nbsp;&nbsp;$42269 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24718 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191329) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124342) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49946 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127562) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27092) | &nbsp;&nbsp;$(201958) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;$19314 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183318) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163647) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27679) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24631) | &nbsp;&nbsp;$(191326) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721 | &nbsp;&nbsp;$27662 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(110669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(801408) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(106454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770384) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61968) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(114866) | &nbsp;&nbsp;$(832352) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1562899 | &nbsp;&nbsp;$12329890 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463625 |
| Shares redeemed | &nbsp;&nbsp;(3139909) | &nbsp;&nbsp;&nbsp;&nbsp;(25827443) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1140785) | &nbsp;&nbsp;&nbsp;&nbsp;(10033928) |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9920) |
| Net increase (decrease) | &nbsp;&nbsp;(1142010) | &nbsp;&nbsp;$(10043848) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;6915323 | &nbsp;&nbsp;$54138236 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016859 |
| Shares redeemed | &nbsp;&nbsp;(3709719) | &nbsp;&nbsp;&nbsp;&nbsp;(28482793) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;3639061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28672302 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6899) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;3638178 | &nbsp;&nbsp;$28665403 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal

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Notes to Financial Statements (Unaudited) (continued)

to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI S&P 500 Index Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img0dcd43271.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_e9081f9e-cad1-4a4c-b263-2b78624ea740_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_e9081f9e-cad1-4a4c-b263-2b78624ea740_10) | &nbsp;&nbsp;12 |
| [Notes to Financial Statements](#xx_6a22bfcb-1fc3-40c4-a2e3-0dfd97da096e_1) | &nbsp;&nbsp;18 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_2862a5d7-8de1-4c08-8f10-e8b8caff2c65_1) | &nbsp;&nbsp;27 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_2862a5d7-8de1-4c08-8f10-e8b8caff2c65_1) | &nbsp;&nbsp;27 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_2862a5d7-8de1-4c08-8f10-e8b8caff2c65_1) | &nbsp;&nbsp;27 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_113c6634-82fb-4256-b064-b0f4d79fbb6b_1) | &nbsp;&nbsp;28 |

---

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 98.2%** | **Common Stocks 98.2%** | **Common Stocks 98.2%** |
| **Aerospace & Defense 2.1%** | **Aerospace & Defense 2.1%** | **Aerospace & Defense 2.1%** |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2239 | &nbsp;&nbsp;$1373179 |
| Boeing Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23180 | &nbsp;&nbsp;&nbsp;&nbsp; 4247503 |
| GE Aerospace | &nbsp;&nbsp;&nbsp;&nbsp; 33168 | &nbsp;&nbsp;&nbsp;&nbsp; 6684679 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7842 | &nbsp;&nbsp;&nbsp;&nbsp; 2133965 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12517 | &nbsp;&nbsp;&nbsp;&nbsp; 1734606 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp;&nbsp; 278481 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5819 | &nbsp;&nbsp;&nbsp;&nbsp; 1280296 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6474 | &nbsp;&nbsp;&nbsp;&nbsp; 3092953 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4205 | &nbsp;&nbsp;&nbsp;&nbsp; 2045733 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 41167 | &nbsp;&nbsp;&nbsp;&nbsp; 5192394 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5642 | &nbsp;&nbsp;&nbsp;&nbsp; 397028 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1733 | &nbsp;&nbsp;&nbsp;&nbsp; 2448850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30909667 |
| **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3668 | &nbsp;&nbsp;&nbsp;&nbsp; 327259 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4326 | &nbsp;&nbsp;&nbsp;&nbsp; 475471 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440340 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4397040 |
| **Automobile Components 0.0% ‡** | **Automobile Components 0.0% ‡** | **Automobile Components 0.0% ‡** |
| Aptiv plc (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404612 |
| **Automobiles 1.8%** | **Automobiles 1.8%** | **Automobiles 1.8%** |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204153 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391085 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26996152 |
| **Banks 3.4%** | **Banks 3.4%** | **Banks 3.4%** |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160485 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966655 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498753 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743994 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652775 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21137614 |
| KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456820 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870529 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966203 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573337 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559173 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944751 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7217385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49748474 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Beverages 1.2%** | **Beverages 1.2%** | **Beverages 1.2%** |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 5628 | &nbsp;&nbsp;$196079 |
| Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 119652 | &nbsp;&nbsp;&nbsp;&nbsp; 8680753 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 4803 | &nbsp;&nbsp;&nbsp;&nbsp; 900755 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36897 | &nbsp;&nbsp;&nbsp;&nbsp; 1276267 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 5321 | &nbsp;&nbsp;&nbsp;&nbsp; 306117 |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21639 | &nbsp;&nbsp;&nbsp;&nbsp; 1300937 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42384 | &nbsp;&nbsp;&nbsp;&nbsp; 5746423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18407331 |
| **Biotechnology 1.8%** | **Biotechnology 1.8%** | **Biotechnology 1.8%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54556 | &nbsp;&nbsp;&nbsp;&nbsp; 10643876 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16602 | &nbsp;&nbsp;&nbsp;&nbsp; 4829854 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4524 | &nbsp;&nbsp;&nbsp;&nbsp; 547766 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38514 | &nbsp;&nbsp;&nbsp;&nbsp; 4103281 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4964 | &nbsp;&nbsp;&nbsp;&nbsp; 311044 |
| Moderna, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10465 | &nbsp;&nbsp;&nbsp;&nbsp; 298671 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3251 | &nbsp;&nbsp;&nbsp;&nbsp; 1946569 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26724453 |
| **Broadline Retail 3.7%** | **Broadline Retail 3.7%** | **Broadline Retail 3.7%** |
| Amazon.com, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53754926 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54763899 |
| **Building Products 0.5%** | **Building Products 0.5%** | **Building Products 0.5%** |
| A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247960 |
| Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373891 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425524 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560748 |
| Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711644 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541283 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397056 |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914828 |
| **Capital Markets 3.1%** | **Capital Markets 3.1%** | **Capital Markets 3.1%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400342 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783413 |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113256 |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979148 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717523 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4286768 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085563 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507859 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179721 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280025 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982475 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192861 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20862 | &nbsp;&nbsp;$2383901 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 258152 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4784 | &nbsp;&nbsp;&nbsp;&nbsp; 2167726 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 38240 | &nbsp;&nbsp;&nbsp;&nbsp; 4413661 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 1308264 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12789 | &nbsp;&nbsp;&nbsp;&nbsp; 974650 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6056 | &nbsp;&nbsp;&nbsp;&nbsp; 569143 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5699 | &nbsp;&nbsp;&nbsp;&nbsp; 780991 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9735 | &nbsp;&nbsp;&nbsp;&nbsp; 4867987 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8915 | &nbsp;&nbsp;&nbsp;&nbsp; 785411 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6880 | &nbsp;&nbsp;&nbsp;&nbsp; 609224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46628064 |
| **Chemicals 1.3%** | **Chemicals 1.3%** | **Chemicals 1.3%** |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6875 | &nbsp;&nbsp;&nbsp;&nbsp; 1863744 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3633 | &nbsp;&nbsp;&nbsp;&nbsp; 212712 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5378 | &nbsp;&nbsp;&nbsp;&nbsp; 421474 |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313320 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665363 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852525 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273812 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958137 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619913 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669279 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466262 |
| Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298406 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780526 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18922380 |
| **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243808 |
| Copart, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653730 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572955 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495831 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732964 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9333222 |
| **Communications Equipment 0.9%** | **Communications Equipment 0.9%** | **Communications Equipment 0.9%** |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626305 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7105466 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471767 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371626 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12849779 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Construction & Engineering 0.1%** | **Construction & Engineering 0.1%** | **Construction & Engineering 0.1%** |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4562 | &nbsp;&nbsp;$1335252 |
| **Construction Materials 0.1%** | **Construction Materials 0.1%** | **Construction Materials 0.1%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1889 | &nbsp;&nbsp;&nbsp;&nbsp; 989798 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4081 | &nbsp;&nbsp;&nbsp;&nbsp; 1070569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060367 |
| **Consumer Finance 0.6%** | **Consumer Finance 0.6%** | **Consumer Finance 0.6%** |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 17151 | &nbsp;&nbsp;&nbsp;&nbsp; 4569198 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11780 | &nbsp;&nbsp;&nbsp;&nbsp; 2123463 |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 7757 | &nbsp;&nbsp;&nbsp;&nbsp; 1416971 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 12014 | &nbsp;&nbsp;&nbsp;&nbsp; 624127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733759 |
| **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13718 | &nbsp;&nbsp;&nbsp;&nbsp; 13642551 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6796 | &nbsp;&nbsp;&nbsp;&nbsp; 636717 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6247 | &nbsp;&nbsp;&nbsp;&nbsp; 510817 |
| Kroger Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 20573 | &nbsp;&nbsp;&nbsp;&nbsp; 1485576 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079497 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369272 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243150 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13037335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32004915 |
| **Containers & Packaging 0.2%** | **Containers & Packaging 0.2%** | **Containers & Packaging 0.2%** |
| Amcor plc (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410927 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424866 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478991 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744310 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511541 |
| Smurfit WestRock plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212659 |
| **Distributors 0.1%** | **Distributors 0.1%** | **Distributors 0.1%** |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505112 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306979 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156824 |
| **Diversified Telecommunication Services 0.8%** | **Diversified Telecommunication Services 0.8%** | **Diversified Telecommunication Services 0.8%** |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144718 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876704 |
| **Electric Utilities 1.6%** | **Electric Utilities 1.6%** | **Electric Utilities 1.6%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484047 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785226 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160218 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI S&P 500 Index Fund

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 23981 | &nbsp;&nbsp;$2926162 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp; 11964 | &nbsp;&nbsp;&nbsp;&nbsp; 640194 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13252 | &nbsp;&nbsp;&nbsp;&nbsp; 1102169 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7107 | &nbsp;&nbsp;&nbsp;&nbsp; 491094 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; 11335 | &nbsp;&nbsp;&nbsp;&nbsp; 674206 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 31065 | &nbsp;&nbsp;&nbsp;&nbsp; 1456948 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15851 | &nbsp;&nbsp;&nbsp;&nbsp; 679691 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 63550 | &nbsp;&nbsp;&nbsp;&nbsp; 4250224 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6260 | &nbsp;&nbsp;&nbsp;&nbsp; 685971 |
| PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 67789 | &nbsp;&nbsp;&nbsp;&nbsp; 1119874 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3514 | &nbsp;&nbsp;&nbsp;&nbsp; 334463 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22816 | &nbsp;&nbsp;&nbsp;&nbsp; 832784 |
| Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 33860 | &nbsp;&nbsp;&nbsp;&nbsp; 3111395 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17746 | &nbsp;&nbsp;&nbsp;&nbsp; 1254642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23989308 |
| **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212158 |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595141 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831647 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161611 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210688 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602515 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11479154 |
| **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880008 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661186 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057309 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496106 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776872 |
| TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349624 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671083 |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472015 |
| Zebra Technologies Corp., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8761711 |
| **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083169 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531711 |
| Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054306 |
| **Entertainment 1.6%** | **Entertainment 1.6%** | **Entertainment 1.6%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063364 |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641853 |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14960207 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5073 | &nbsp;&nbsp;$1183632 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp;&nbsp; 335106 |
| Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 55867 | &nbsp;&nbsp;&nbsp;&nbsp; 5081104 |
| Warner Bros Discovery, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68988 | &nbsp;&nbsp;&nbsp;&nbsp; 598126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23863392 |
| **Financial Services 4.9%** | **Financial Services 4.9%** | **Financial Services 4.9%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13814 | &nbsp;&nbsp;&nbsp;&nbsp; 1885335 |
| Berkshire Hathaway, Inc., Class B (a) | &nbsp;&nbsp;&nbsp;&nbsp; 56645 | &nbsp;&nbsp;&nbsp;&nbsp; 30205946 |
| Corpay, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2154 | &nbsp;&nbsp;&nbsp;&nbsp; 700847 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16369 | &nbsp;&nbsp;&nbsp;&nbsp; 1291187 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17582 | &nbsp;&nbsp;&nbsp;&nbsp; 3245110 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7652 | &nbsp;&nbsp;&nbsp;&nbsp; 583924 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2253 | &nbsp;&nbsp;&nbsp;&nbsp; 390738 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 25168 | &nbsp;&nbsp;&nbsp;&nbsp; 13793574 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30571 | &nbsp;&nbsp;&nbsp;&nbsp; 2012794 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 53258 | &nbsp;&nbsp;&nbsp;&nbsp; 18400639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72510094 |
| **Food Products 0.6%** | **Food Products 0.6%** | **Food Products 0.6%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706127 |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324720 |
| Campbell's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221677 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364497 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966396 |
| Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763389 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268861 |
| J M Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382412 |
| Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687736 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784478 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232786 |
| McCormick & Co., Inc. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598255 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723429 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566369 |
| **Gas Utilities 0.1%** | **Gas Utilities 0.1%** | **Gas Utilities 0.1%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787890 |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672832 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320574 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567902 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889944 |
| Uber Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5229843 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708545 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care Equipment & Supplies 2.4%** | **Health Care Equipment & Supplies 2.4%** | **Health Care Equipment & Supplies 2.4%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 53601 | &nbsp;&nbsp;$7008331 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp;&nbsp; 375888 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15779 | &nbsp;&nbsp;&nbsp;&nbsp; 491831 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 8873 | &nbsp;&nbsp;&nbsp;&nbsp; 1837510 |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45546 | &nbsp;&nbsp;&nbsp;&nbsp; 4685317 |
| Cooper Cos., Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6168 | &nbsp;&nbsp;&nbsp;&nbsp; 503741 |
| DexCom, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12074 | &nbsp;&nbsp;&nbsp;&nbsp; 861842 |
| Edwards Lifesciences Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18227 | &nbsp;&nbsp;&nbsp;&nbsp; 1375956 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14132 | &nbsp;&nbsp;&nbsp;&nbsp; 993903 |
| Hologic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6934 | &nbsp;&nbsp;&nbsp;&nbsp; 403559 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2531 | &nbsp;&nbsp;&nbsp;&nbsp; 1095037 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2168 | &nbsp;&nbsp;&nbsp;&nbsp; 546965 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11022 | &nbsp;&nbsp;&nbsp;&nbsp; 5685148 |
| Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 39627 | &nbsp;&nbsp;&nbsp;&nbsp; 3358784 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4539 | &nbsp;&nbsp;&nbsp;&nbsp; 1073882 |
| Solventum Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4271 | &nbsp;&nbsp;&nbsp;&nbsp; 282398 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682311 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968413 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35864780 |
| **Health Care Providers & Services 2.2%** | **Health Care Providers & Services 2.2%** | **Health Care Providers & Services 2.2%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054730 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561102 |
| Centene Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917201 |
| Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877078 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599222 |
| DaVita, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192508 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014297 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906912 |
| Henry Schein, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250329 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977631 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621083 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760636 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560822 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611295 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11701353 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31927581 |
| **Health Care REITs 0.3%** | **Health Care REITs 0.3%** | **Health Care REITs 0.3%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345934 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385683 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946711 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551292 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Hotel & Resort REITs 0.0% ‡** | **Hotel & Resort REITs 0.0% ‡** | **Hotel & Resort REITs 0.0% ‡** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21602 | &nbsp;&nbsp;$305020 |
| **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** |
| Airbnb, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13377 | &nbsp;&nbsp;&nbsp;&nbsp; 1630924 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp;&nbsp; 5216564 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6566 | &nbsp;&nbsp;&nbsp;&nbsp; 177676 |
| Carnival Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 32380 | &nbsp;&nbsp;&nbsp;&nbsp; 593849 |
| Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41885 | &nbsp;&nbsp;&nbsp;&nbsp; 2116030 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3620 | &nbsp;&nbsp;&nbsp;&nbsp; 726317 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp; 523225 |
| DoorDash, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10473 | &nbsp;&nbsp;&nbsp;&nbsp; 2020137 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3811 | &nbsp;&nbsp;&nbsp;&nbsp; 598060 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7435 | &nbsp;&nbsp;&nbsp;&nbsp; 1676444 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10620 | &nbsp;&nbsp;&nbsp;&nbsp; 389435 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 7072 | &nbsp;&nbsp;&nbsp;&nbsp; 1687238 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22146 | &nbsp;&nbsp;&nbsp;&nbsp; 7078969 |
| MGM Resorts International (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6914 | &nbsp;&nbsp;&nbsp;&nbsp; 217514 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217832 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644491 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809995 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222298 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30844393 |
| **Household Durables 0.3%** | **Household Durables 0.3%** | **Household Durables 0.3%** |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107370 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887072 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783730 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172180 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655569 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247764 |
| **Household Products 1.1%** | **Household Products 1.1%** | **Household Products 1.1%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755083 |
| Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541736 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312033 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350745 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11780473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16740070 |
| **Independent Power and Renewable Electricity Producers 0.1%** | **Independent Power and Renewable Electricity Producers 0.1%** | **Independent Power and Renewable Electricity Producers 0.1%** |
| AES Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219730 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582660 |
| **Industrial Conglomerates 0.4%** | **Industrial Conglomerates 0.4%** | **Industrial Conglomerates 0.4%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330632 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI S&P 500 Index Fund

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20095 | &nbsp;&nbsp;$4229998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560630 |
| **Industrial REITs 0.2%** | **Industrial REITs 0.2%** | **Industrial REITs 0.2%** |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28643 | &nbsp;&nbsp;&nbsp;&nbsp; 2927315 |
| **Insurance 2.3%** | **Insurance 2.3%** | **Insurance 2.3%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15296 | &nbsp;&nbsp;&nbsp;&nbsp; 1662369 |
| Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 8189 | &nbsp;&nbsp;&nbsp;&nbsp; 1624616 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18336 | &nbsp;&nbsp;&nbsp;&nbsp; 1494751 |
| Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 6683 | &nbsp;&nbsp;&nbsp;&nbsp; 2371062 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 11585 | &nbsp;&nbsp;&nbsp;&nbsp; 1050528 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp;&nbsp;&nbsp; 2520623 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 305493 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7334 | &nbsp;&nbsp;&nbsp;&nbsp; 811140 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 11516 | &nbsp;&nbsp;&nbsp;&nbsp; 3294497 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4833 | &nbsp;&nbsp;&nbsp;&nbsp; 672802 |
| Erie Indemnity Co., Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; 276496 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476526 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319944 |
| Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090904 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474092 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422184 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348445 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482197 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100621 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123647 |
| Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850759 |
| W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665212 |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33388163 |
| **Interactive Media & Services 6.0%** | **Interactive Media & Services 6.0%** | **Interactive Media & Services 6.0%** |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28625288 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23505064 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230161 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37154124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89514637 |
| **IT Services 1.1%** | **IT Services 1.1%** | **IT Services 1.1%** |
| Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782570 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374133 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124517 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275063 |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999644 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| GoDaddy, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4364 | &nbsp;&nbsp;$821872 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28575 | &nbsp;&nbsp;&nbsp;&nbsp; 6910006 |
| VeriSign, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2514 | &nbsp;&nbsp;&nbsp;&nbsp; 709250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16997055 |
| **Leisure Products 0.0% ‡** | **Leisure Products 0.0% ‡** | **Leisure Products 0.0% ‡** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4052 | &nbsp;&nbsp;&nbsp;&nbsp; 250819 |
| **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8815 | &nbsp;&nbsp;&nbsp;&nbsp; 948494 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4875 | &nbsp;&nbsp;&nbsp;&nbsp; 245456 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 187420 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 19778 | &nbsp;&nbsp;&nbsp;&nbsp; 3942349 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5170 | &nbsp;&nbsp;&nbsp;&nbsp; 801712 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; 691588 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3761 | &nbsp;&nbsp;&nbsp;&nbsp; 351390 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11821 | &nbsp;&nbsp;&nbsp;&nbsp; 5071209 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1835 | &nbsp;&nbsp;&nbsp;&nbsp; 638085 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13350570 |
| **Machinery 1.5%** | **Machinery 1.5%** | **Machinery 1.5%** |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567918 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248526 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628284 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723727 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734811 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407090 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980217 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939104 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317719 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179789 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461943 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407534 |
| Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463267 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508059 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285935 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975427 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22734590 |
| **Media 0.5%** | **Media 0.5%** | **Media 0.5%** |
| Charter Communications, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168918 |
| Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986181 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335186 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Fox Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp; 4077 | &nbsp;&nbsp;$188520 |
| Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 11512 | &nbsp;&nbsp;&nbsp;&nbsp; 289181 |
| News Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp; 11683 | &nbsp;&nbsp;&nbsp;&nbsp; 316843 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp; 3435 | &nbsp;&nbsp;&nbsp;&nbsp; 107928 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6072 | &nbsp;&nbsp;&nbsp;&nbsp; 462444 |
| Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp; 18386 | &nbsp;&nbsp;&nbsp;&nbsp; 215852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7071053 |
| **Metals & Mining 0.3%** | **Metals & Mining 0.3%** | **Metals & Mining 0.3%** |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44411 | &nbsp;&nbsp;&nbsp;&nbsp; 1600128 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 35182 | &nbsp;&nbsp;&nbsp;&nbsp; 1853388 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7257 | &nbsp;&nbsp;&nbsp;&nbsp; 866268 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4376 | &nbsp;&nbsp;&nbsp;&nbsp; 567611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887395 |
| **Multi-Utilities 0.7%** | **Multi-Utilities 0.7%** | **Multi-Utilities 0.7%** |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827761 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781029 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680084 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207214 |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411650 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877485 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567995 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230682 |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453761 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112819 |
| **Office REITs 0.0% ‡** | **Office REITs 0.0% ‡** | **Office REITs 0.0% ‡** |
| BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286594 |
| **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** |
| APA Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177669 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027363 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513912 |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558961 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617353 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762358 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917756 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911674 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675142 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14209665 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102216 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571162 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341946 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20879 | &nbsp;&nbsp;$822841 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19174 | &nbsp;&nbsp;&nbsp;&nbsp; 1575336 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp; 12763 | &nbsp;&nbsp;&nbsp;&nbsp; 1328118 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6739 | &nbsp;&nbsp;&nbsp;&nbsp; 1151695 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp; 750122 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 9784 | &nbsp;&nbsp;&nbsp;&nbsp; 1135825 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 37671 | &nbsp;&nbsp;&nbsp;&nbsp; 2206390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43357504 |
| **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19829 | &nbsp;&nbsp;&nbsp;&nbsp; 825481 |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18315 | &nbsp;&nbsp;&nbsp;&nbsp; 512087 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10163 | &nbsp;&nbsp;&nbsp;&nbsp; 699418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036986 |
| **Personal Care Products 0.1%** | **Personal Care Products 0.1%** | **Personal Care Products 0.1%** |
| Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp; 7237 | &nbsp;&nbsp;&nbsp;&nbsp; 433931 |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 59250 | &nbsp;&nbsp;&nbsp;&nbsp; 1398300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832231 |
| **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148193 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21889433 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11630089 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660510 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274923 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310580 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50078460 |
| **Professional Services 0.7%** | **Professional Services 0.7%** | **Professional Services 0.7%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779744 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876518 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284373 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996818 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468831 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596668 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456929 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329398 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10082900 |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115992 |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081982 |
| **Residential REITs 0.3%** | **Residential REITs 0.3%** | **Residential REITs 0.3%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921812 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375199 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI S&P 500 Index Fund

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp; 10561 | &nbsp;&nbsp;$742016 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp;&nbsp; 554392 |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17606 | &nbsp;&nbsp;&nbsp;&nbsp; 601949 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3613 | &nbsp;&nbsp;&nbsp;&nbsp; 576815 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9304 | &nbsp;&nbsp;&nbsp;&nbsp; 389652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161835 |
| **Retail REITs 0.3%** | **Retail REITs 0.3%** | **Retail REITs 0.3%** |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp; 2383 | &nbsp;&nbsp;&nbsp;&nbsp; 224050 |
| Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20999 | &nbsp;&nbsp;&nbsp;&nbsp; 419560 |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27047 | &nbsp;&nbsp;&nbsp;&nbsp; 1564939 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5044 | &nbsp;&nbsp;&nbsp;&nbsp; 364076 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9478 | &nbsp;&nbsp;&nbsp;&nbsp; 1491648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064273 |
| **Semiconductors & Semiconductor Equipment 9.9%** | **Semiconductors & Semiconductor Equipment 9.9%** | **Semiconductors & Semiconductor Equipment 9.9%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50078 | &nbsp;&nbsp;&nbsp;&nbsp; 4875093 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15331 | &nbsp;&nbsp;&nbsp;&nbsp; 2988318 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785082 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27880434 |
| Enphase Energy, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182551 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416213 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689621 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885948 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843149 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765896 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649542 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876602 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82433596 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447571 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517013 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5074214 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319279 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373499 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147506148 |
| **Software 10.3%** | **Software 10.3%** | **Software 10.3%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044606 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870042 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822117 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523644 |
| Crowdstrike Holdings, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264558 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502208 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039818 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433581 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427616 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 229736 | &nbsp;&nbsp;$90805451 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 50133 | &nbsp;&nbsp;&nbsp;&nbsp; 7054716 |
| Palantir Technologies, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 63346 | &nbsp;&nbsp;&nbsp;&nbsp; 7502700 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20461 | &nbsp;&nbsp;&nbsp;&nbsp; 3824775 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3718 | &nbsp;&nbsp;&nbsp;&nbsp; 576178 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp; 1856105 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29575 | &nbsp;&nbsp;&nbsp;&nbsp; 7947098 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6366 | &nbsp;&nbsp;&nbsp;&nbsp; 6079594 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4777 | &nbsp;&nbsp;&nbsp;&nbsp; 2192691 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1323 | &nbsp;&nbsp;&nbsp;&nbsp; 718786 |
| Workday, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6613 | &nbsp;&nbsp;&nbsp;&nbsp; 1620185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153106469 |
| **Specialized REITs 1.0%** | **Specialized REITs 1.0%** | **Specialized REITs 1.0%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14441 | &nbsp;&nbsp;&nbsp;&nbsp; 3255146 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13431 | &nbsp;&nbsp;&nbsp;&nbsp; 1420463 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9779 | &nbsp;&nbsp;&nbsp;&nbsp; 1569921 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589136 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959852 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814024 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463094 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808818 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043148 |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14504582 |
| **Specialty Retail 1.9%** | **Specialty Retail 1.9%** | **Specialty Retail 1.9%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952789 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400940 |
| CarMax, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307377 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11066322 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901122 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513395 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417244 |
| TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470343 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835686 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566952 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28019774 |
| **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** |
| Apple, Inc. (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98649939 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884658 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658354 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741044 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563810 |
| Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595518 |
| Super Micro Computer, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495837 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Western Digital Corp. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 10749 | &nbsp;&nbsp;$471451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103060611 |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 519793 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3462 | &nbsp;&nbsp;&nbsp;&nbsp; 937406 |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 36504 | &nbsp;&nbsp;&nbsp;&nbsp; 2058825 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp;&nbsp; 277588 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6397 | &nbsp;&nbsp;&nbsp;&nbsp; 451948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245560 |
| **Tobacco 0.8%** | **Tobacco 0.8%** | **Tobacco 0.8%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 52376 | &nbsp;&nbsp;&nbsp;&nbsp; 3098041 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48051 | &nbsp;&nbsp;&nbsp;&nbsp; 8234019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11332060 |
| **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp; 17721 | &nbsp;&nbsp;&nbsp;&nbsp; 1434869 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2018 | &nbsp;&nbsp;&nbsp;&nbsp; 1274266 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112440 |
| **Water Utilities 0.1%** | **Water Utilities 0.1%** | **Water Utilities 0.1%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885441 |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |
| T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659552 |
| Total Common Stocks (d)<br> (Cost $284,689,550) |  | &nbsp;&nbsp;&nbsp;&nbsp;1458375158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Rights** |  |
| **Rights 0.0% ‡** | **Rights 0.0% ‡** | **Rights 0.0% ‡** |
| **Health Care Equipment & Supplies 0.0% ‡** | **Health Care Equipment & Supplies 0.0% ‡** | **Health Care Equipment & Supplies 0.0% ‡** |
| ABIOMED, Inc., CVR (a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 |
| Total Rights<br> (Cost $1,506) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investments 1.8%** | **Short-Term Investments 1.8%** | **Short-Term Investments 1.8%** |
| **Affiliated Investment Company 0.0% ‡** | **Affiliated Investment Company 0.0% ‡** | **Affiliated Investment Company 0.0% ‡** |
| NYLI U.S. Government Liquidity Fund, 4.167% (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Unaffiliated Investment Company 0.0% ‡** | **Unaffiliated Investment Company 0.0% ‡** | **Unaffiliated Investment Company 0.0% ‡** |
| Invesco Government & Agency Portfolio, 4.367% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599371 | &nbsp;&nbsp;$599371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** |  |
| **U.S. Treasury Debt 1.8%** | **U.S. Treasury Debt 1.8%** | **U.S. Treasury Debt 1.8%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.213%, due 6/24/25 (c)(h) | &nbsp;&nbsp;&nbsp;$26100000 | &nbsp;&nbsp;&nbsp;&nbsp; 25934591 |
| Total Short-Term Investments<br> (Cost $26,555,831) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26553762 |
| Total Investments<br> (Cost $311,246,887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1484930427 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233874 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1485164301 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $1,009,704; the total market value of collateral held by the Fund was $1,113,844. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $514,473. The Fund received cash collateral with a value of $599,371. (See Note 2(H)) |
| (c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
| (d) | The combined market value of common stocks and notional value of Standard & Poor's 500 Index futures contracts represents 99.9% of the Fund's net assets. |
| (e) | Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,507, which represented less than one-tenth of a percent of the Fund's net assets. |
| (f) | Current yield as of April 30, 2025. |
| (g) | Represents a security purchased with cash collateral received for securities on loan. |
| (h) | Interest rate shown represents yield to maturity. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI S&P 500 Index Fund

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$104 | &nbsp;&nbsp;$11238 | &nbsp;&nbsp;$(11322) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20 | &nbsp;&nbsp;$3 | &nbsp;&nbsp;$— | &nbsp;&nbsp;20 |

---

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>1</sup>** |
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;92 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $25310685 | &nbsp;&nbsp; $25700200 | &nbsp;&nbsp; $389515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

Abbreviation(s): <br> REIT—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1458375158 | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1458375158 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1507 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1507 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 19800 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 599371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 599371 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Debt | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25934591 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 25934591 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619171 | &nbsp;&nbsp;&nbsp;&nbsp;25934591 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26553762 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;1458994329 | &nbsp;&nbsp;&nbsp;&nbsp;25936098 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1484930427 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 389515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 389515 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$1459383844 | &nbsp;&nbsp;$25936098 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1485319942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $311,227,087) including securities on loan of $1,009,704 | $1484910627 |
| Investment in affiliated investment companies, at value<br> (identified cost $19,800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313811 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820744 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14984 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;1487156765 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599371 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770906 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234993 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184654 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152518 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35314 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992464 |
| Net assets | $1485164301 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $24896 |
| Additional paid-in-capital | &nbsp;&nbsp;&nbsp;&nbsp;309203023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;309227919 |
| Total distributable earnings (loss) | &nbsp;&nbsp;1175936382 |
| Net assets | $1485164301 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $1150723455 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19382056 |
| Net asset value per share outstanding | $59.37 |
| Maximum sales charge (1.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Maximum offering price per share outstanding | $60.27 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $35329309 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596058 |
| Net asset value per share outstanding | $59.27 |
| Maximum sales charge (1.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Maximum offering price per share outstanding | $59.87 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $296865661 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879452 |
| Net asset value and offering price per share outstanding | $60.84 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $2245876 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37969 |
| Net asset value and offering price per share outstanding | $59.15 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI S&P 500 Index Fund

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $2,366) | $10223181 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469541 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;10699752 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1219897 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1474645 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47180 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515381 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70419 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45188 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23302 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18563 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17265 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;3529096 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;3511468 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7188284 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;1221683 |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;(1374653) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153078) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(37586186) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371815 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(37214371) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(37367449) |
| Net increase (decrease) in net assets resulting from operations | $(30179165) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $7188284 | &nbsp;&nbsp;$13742794 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62121436 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(37214371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335388271 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(30179165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411252501 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(59150658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36105584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1906143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1832133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(15338110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12194148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18981) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(76478381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50150846) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;151550084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175312978 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75231518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49375768 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(120737933) | &nbsp;&nbsp;&nbsp;&nbsp;(228592409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;106043669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3903663) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357197992 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;1485778178 | &nbsp;&nbsp;&nbsp;&nbsp;1128580186 |
| End of period | $1485164301 | &nbsp;&nbsp;$1485778178 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI S&P 500 Index Fund

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$63.63 | &nbsp;&nbsp;&nbsp;&nbsp;$48.33 | &nbsp;&nbsp;&nbsp;&nbsp;$48.54 | &nbsp;&nbsp;&nbsp;&nbsp;$59.77 | &nbsp;&nbsp;&nbsp;&nbsp;$45.82 | &nbsp;&nbsp;&nbsp;&nbsp;$49.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$59.37 | &nbsp;&nbsp;&nbsp;&nbsp;$63.63 | &nbsp;&nbsp;&nbsp;&nbsp;$48.33 | &nbsp;&nbsp;&nbsp;&nbsp;$48.54 | &nbsp;&nbsp;&nbsp;&nbsp;$59.77 | &nbsp;&nbsp;&nbsp;&nbsp;$45.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.03)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1150723 | &nbsp;&nbsp;&nbsp;&nbsp;$1150284 | &nbsp;&nbsp;&nbsp;&nbsp;$819687 | &nbsp;&nbsp;&nbsp;&nbsp;$763996 | &nbsp;&nbsp;&nbsp;&nbsp;$894565 | &nbsp;&nbsp;&nbsp;&nbsp;$602036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Less than 0.5%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$63.44 | &nbsp;&nbsp;&nbsp;&nbsp;$48.18 | &nbsp;&nbsp;&nbsp;&nbsp;$48.39 | &nbsp;&nbsp;&nbsp;&nbsp;$59.55 | &nbsp;&nbsp;&nbsp;&nbsp;$45.68 | &nbsp;&nbsp;&nbsp;&nbsp;$49.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$59.27 | &nbsp;&nbsp;&nbsp;&nbsp;$63.44 | &nbsp;&nbsp;&nbsp;&nbsp;$48.18 | &nbsp;&nbsp;&nbsp;&nbsp;$48.39 | &nbsp;&nbsp;&nbsp;&nbsp;$59.55 | &nbsp;&nbsp;&nbsp;&nbsp;$45.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.18)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$35329 | &nbsp;&nbsp;&nbsp;&nbsp;$39200 | &nbsp;&nbsp;&nbsp;&nbsp;$43009 | &nbsp;&nbsp;&nbsp;&nbsp;$45102 | &nbsp;&nbsp;&nbsp;&nbsp;$58363 | &nbsp;&nbsp;&nbsp;&nbsp;$55546 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Less than 0.5%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$65.19 | &nbsp;&nbsp;&nbsp;&nbsp;$49.45 | &nbsp;&nbsp;&nbsp;&nbsp;$49.58 | &nbsp;&nbsp;&nbsp;&nbsp;$60.97 | &nbsp;&nbsp;&nbsp;&nbsp;$46.66 | &nbsp;&nbsp;&nbsp;&nbsp;$50.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$60.84 | &nbsp;&nbsp;&nbsp;&nbsp;$65.19 | &nbsp;&nbsp;&nbsp;&nbsp;$49.45 | &nbsp;&nbsp;&nbsp;&nbsp;$49.58 | &nbsp;&nbsp;&nbsp;&nbsp;$60.97 | &nbsp;&nbsp;&nbsp;&nbsp;$46.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$296866 | &nbsp;&nbsp;&nbsp;&nbsp;$294626 | &nbsp;&nbsp;&nbsp;&nbsp;$265489 | &nbsp;&nbsp;&nbsp;&nbsp;$273022 | &nbsp;&nbsp;&nbsp;&nbsp;$483174 | &nbsp;&nbsp;&nbsp;&nbsp;$436446 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Less than 0.5%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI S&P 500 Index Fund

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$63.37 | &nbsp;&nbsp;&nbsp;&nbsp;$48.19 | &nbsp;&nbsp;&nbsp;&nbsp;$48.43 | &nbsp;&nbsp;&nbsp;&nbsp;$59.73 | &nbsp;&nbsp;&nbsp;&nbsp;$45.65 | &nbsp;&nbsp;&nbsp;&nbsp;$48.83\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$59.15 | &nbsp;&nbsp;&nbsp;&nbsp;$63.37 | &nbsp;&nbsp;&nbsp;&nbsp;$48.19 | &nbsp;&nbsp;&nbsp;&nbsp;$48.43 | &nbsp;&nbsp;&nbsp;&nbsp;$59.73 | &nbsp;&nbsp;&nbsp;&nbsp;$45.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.51)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$2246 | &nbsp;&nbsp;&nbsp;&nbsp;$1668 | &nbsp;&nbsp;&nbsp;&nbsp;$395 | &nbsp;&nbsp;&nbsp;&nbsp;$185 | &nbsp;&nbsp;&nbsp;&nbsp;$68 | &nbsp;&nbsp;&nbsp;&nbsp;$23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | Expense waiver/reimbursement less than 0.01%. |
| (e) | Less than 0.5%. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI S&P 500 Index Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;January 2, 2004 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class I | &nbsp;&nbsp;January 2, 1991 |
| SIMPLE Class | &nbsp;&nbsp;August 31, 2020 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class I and SIMPLE Class shares are offered at NAV without a sales charge. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class A, Investor Class and SIMPLE Class shares are subject to a distribution and/or service fee. Class I shares are not subject to a distribution and/or service fee.

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

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which

18 NYLI S&P 500 Index Fund

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market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant

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Notes to Financial Statements (Unaudited) (continued)

exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust's written liquidity risk management program and related procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made

using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with the Fund's procedures described above. The liquidity of the Fund's investments was determined as of April 30, 2025, and can change at any time.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

20 NYLI S&P 500 Index Fund

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(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk

assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(I) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security.

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Notes to Financial Statements (Unaudited) (continued)

Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Fund could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Fund is exposed to risk until the sale or exercise of each right or warrant is completed.

(J) Debt Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

(K) Large Transaction Risks. From time to time, the Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund's transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(L) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(M) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to provide an efficient means of maintaining liquidity while remaining fully invested in the market. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Equity<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $389515 | $389515 |
| Total Fair Value | $389515 | $389515 |

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&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Equity<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $(1374653) | $(1374653) |
| Total Net Realized Gain (Loss) | $(1374653) | $(1374653) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Equity<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $371815 | $371815 |
| Total Net Change in Unrealized Appreciation (Depreciation) | $371815 | $371815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Long | $22479169 |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. The Manager is responsible for the day-to-day portfolio management of the Fund.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.16% up to $2.5 billion and 0.15% in excess of $2.5 billion. During the six-month period ended April 30, 2025, the effective management fee rate was

22 NYLI S&P 500 Index Fund

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0.16% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class A shares do not exceed 0.60% of the Fund's average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points, to the other share classes of the Fund. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

Additionally, New York Life Investments has agreed to further voluntarily waive fees and/or reimburse expenses of the appropriate class of the Fund so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase and sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Investor Class and SIMPLE Class shares of the Fund do not exceed 0.70% and 0.95%, respectively, of the Fund's average daily net assets. These voluntary waivers or reimbursements may be discontinued at any time without notice.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $1,219,897 and waived fees and/or reimbursed expenses in the amount of $17,628 and did not pay the Subadvisor any fees.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the SIMPLE Class Plan, SIMPLE Class shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $180,587 and $2,623, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A shares during the six-month period ended April 30, 2025, of $7,833.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$356868 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65768 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92408 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small

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Notes to Financial Statements (Unaudited) (continued)

account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class I | &nbsp;&nbsp;$5658928 | &nbsp;&nbsp;1.9% |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40990 | &nbsp;&nbsp;1.8 |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $312947746 | $1185867530 | $(13884849) | $1171982681 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$14104318 |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;36046528 |
| Total | &nbsp;&nbsp;$50150846 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with

an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $29,623 and $4,073, respectively.

24 NYLI S&P 500 Index Fund

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#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1791862 | &nbsp;&nbsp;$111470053 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58027474 |
| Shares redeemed | &nbsp;&nbsp;(1447500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90322561) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;1243037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79174966 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082789 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260373) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1304763 | &nbsp;&nbsp;$82997382 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;2415219 | &nbsp;&nbsp;$140005722 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35412768 |
| Shares redeemed | &nbsp;&nbsp;(2284313) | &nbsp;&nbsp;&nbsp;&nbsp;(131248913) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44169577 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17281257 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956962) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1115964 | &nbsp;&nbsp;$60493872 |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47141 | &nbsp;&nbsp;$2907148 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904443 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2026784) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784807 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4082789) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21871) | &nbsp;&nbsp;$(1297982) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87823 | &nbsp;&nbsp;$5014798 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829507 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5692162) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152143 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(299927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17281257) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(274665) | &nbsp;&nbsp;$(16121481) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569976 | &nbsp;&nbsp;$36520133 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15216131 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(444498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28366543) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23369721 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260373 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359875 | &nbsp;&nbsp;$23630094 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501599 | &nbsp;&nbsp;$29235892 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114512 |
| Shares redeemed | &nbsp;&nbsp;(1602748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91582711) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(865824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50232307) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949329 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(849020) | &nbsp;&nbsp;$(49282978) |
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10699 | &nbsp;&nbsp;$652750 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83470 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22045) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11641 | &nbsp;&nbsp;$714175 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18887 | &nbsp;&nbsp;$1056566 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18981 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68623) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18129 | &nbsp;&nbsp;$1006924 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be

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Notes to Financial Statements (Unaudited) (continued)

applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Other Matters
As of the date of this report, the Fund faces a heightened level of risk associated with current uncertainty, volatility and state of economies, financial markets, a high interest rate environment, and labor and health conditions around the world. Events such as war, acts of terrorism, recessions, rapid inflation, the imposition of economic sanctions, earthquakes, hurricanes, epidemics and pandemics and other unforeseen natural or human disasters may have broad adverse social, political and economic effects on the global economy, which could negatively impact the value of the Fund's investments. Developments that disrupt global economies and financial markets may magnify factors that affect the Fund's performance.

#### Note 12–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

[**Table of Contents**](#JOB_NYLI__3b5a23d3-2c73-4d15-b17c-a105e1c56714_TOC)

#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI WMC Small Companies Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img9c7db6361.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_bd82175d-9324-4567-9805-86cdf2bbdb26_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_bd82175d-9324-4567-9805-86cdf2bbdb26_5) | &nbsp;&nbsp;7 |
| [Notes to Financial Statements](#xx_d75f4c6a-fdfe-4cc1-87b5-1f24c0c524d2_1) | &nbsp;&nbsp;14 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_fbe7d390-0e6b-4dd2-b873-a78836befbc6_1) | &nbsp;&nbsp;22 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_fbe7d390-0e6b-4dd2-b873-a78836befbc6_1) | &nbsp;&nbsp;22 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_fbe7d390-0e6b-4dd2-b873-a78836befbc6_1) | &nbsp;&nbsp;22 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_d57ce98d-c789-44e7-99b5-f8500af6fe13_1) | &nbsp;&nbsp;23 |

---

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 96.7%** | **Common Stocks 96.7%** | **Common Stocks 96.7%** |
| **Aerospace & Defense 1.2%** | **Aerospace & Defense 1.2%** | **Aerospace & Defense 1.2%** |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 66005 | &nbsp;&nbsp;$3199262 |
| **Automobile Components 1.5%** | **Automobile Components 1.5%** | **Automobile Components 1.5%** |
| Goodyear Tire & Rubber Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 348846 | &nbsp;&nbsp;&nbsp;&nbsp; 3795444 |
| **Banks 9.8%** | **Banks 9.8%** | **Banks 9.8%** |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 59109 | &nbsp;&nbsp;&nbsp;&nbsp; 3613924 |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 95549 | &nbsp;&nbsp;&nbsp;&nbsp; 2502906 |
| Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 218984 | &nbsp;&nbsp;&nbsp;&nbsp; 4508880 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 46831 | &nbsp;&nbsp;&nbsp;&nbsp; 3179825 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 116779 | &nbsp;&nbsp;&nbsp;&nbsp; 2914804 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 103833 | &nbsp;&nbsp;&nbsp;&nbsp; 2866829 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 127003 | &nbsp;&nbsp;&nbsp;&nbsp; 2956630 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 57565 | &nbsp;&nbsp;&nbsp;&nbsp; 2967476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25511274 |
| **Biotechnology 8.8%** | **Biotechnology 8.8%** | **Biotechnology 8.8%** |
| 89bio, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15630 | &nbsp;&nbsp;&nbsp;&nbsp; 125353 |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16094 | &nbsp;&nbsp;&nbsp;&nbsp; 234972 |
| ADMA Biologics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743369 |
| Agios Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229088 |
| Akero Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462394 |
| Alkermes plc (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613348 |
| Amicus Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301056 |
| Apogee Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209006 |
| Arcellx, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392623 |
| Arcutis Biotherapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221622 |
| Ardelyx, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178984 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229421 |
| Aurinia Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147603 |
| Avidity Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517862 |
| Beam Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253310 |
| BioCryst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243596 |
| Biohaven Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276788 |
| Blueprint Medicines Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757170 |
| Bridgebio Pharma, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719595 |
| CareDx, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121317 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369621 |
| Celldex Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180909 |
| CG oncology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212745 |
| Crinetics Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434103 |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621566 |
| Denali Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289777 |
| Disc Medicine, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153301 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203768 |
| Dyne Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137424 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Geron Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 81633 | &nbsp;&nbsp;$115103 |
| Halozyme Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16278 | &nbsp;&nbsp;&nbsp;&nbsp; 999795 |
| Ideaya Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12325 | &nbsp;&nbsp;&nbsp;&nbsp; 248102 |
| Immunovant, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 7844 | &nbsp;&nbsp;&nbsp;&nbsp; 126681 |
| Insmed, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22752 | &nbsp;&nbsp;&nbsp;&nbsp; 1638144 |
| Iovance Biotherapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 38881 | &nbsp;&nbsp;&nbsp;&nbsp; 139583 |
| Janux Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4370 | &nbsp;&nbsp;&nbsp;&nbsp; 145084 |
| Kiniksa Pharmaceuticals International plc (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4993 | &nbsp;&nbsp;&nbsp;&nbsp; 134661 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3341 | &nbsp;&nbsp;&nbsp;&nbsp; 567569 |
| Kymera Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6623 | &nbsp;&nbsp;&nbsp;&nbsp; 226970 |
| Madrigal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2371 | &nbsp;&nbsp;&nbsp;&nbsp; 791701 |
| MannKind Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35610 | &nbsp;&nbsp;&nbsp;&nbsp; 179474 |
| MiMedx Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16086 | &nbsp;&nbsp;&nbsp;&nbsp; 110672 |
| Mirum Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5297 | &nbsp;&nbsp;&nbsp;&nbsp; 230155 |
| Novavax, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp; 21855 | &nbsp;&nbsp;&nbsp;&nbsp; 145773 |
| Nurix Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10374 | &nbsp;&nbsp;&nbsp;&nbsp; 119612 |
| Nuvalent, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356273 |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369951 |
| PTC Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515196 |
| Recursion Pharmaceuticals, Inc., Class A (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194839 |
| Revolution Medicines, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936331 |
| Rhythm Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485861 |
| Scholar Rock Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364544 |
| Soleno Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249209 |
| SpringWorks Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439572 |
| Summit Therapeutics, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303695 |
| Syndax Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159555 |
| TG Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855679 |
| Travere Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252675 |
| Twist Bioscience Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312691 |
| Vaxcyte, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621394 |
| Vera Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148096 |
| Veracyte, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326563 |
| Vericel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250210 |
| Viridian Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22779783 |
| **Building Products 1.4%** | **Building Products 1.4%** | **Building Products 1.4%** |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546909 |
| **Commercial Services & Supplies 3.0%** | **Commercial Services & Supplies 3.0%** | **Commercial Services & Supplies 3.0%** |
| Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248679 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759748 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Consumer Finance 2.5%** | **Consumer Finance 2.5%** | **Consumer Finance 2.5%** |
| Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70063 | &nbsp;&nbsp;$6431083 |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |
| Grocery Outlet Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 275288 | &nbsp;&nbsp;&nbsp;&nbsp; 4622086 |
| **Containers & Packaging 1.2%** | **Containers & Packaging 1.2%** | **Containers & Packaging 1.2%** |
| Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 61853 | &nbsp;&nbsp;&nbsp;&nbsp; 3246045 |
| **Diversified Consumer Services 2.3%** | **Diversified Consumer Services 2.3%** | **Diversified Consumer Services 2.3%** |
| Laureate Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 304832 | &nbsp;&nbsp;&nbsp;&nbsp; 6117978 |
| **Electronic Equipment, Instruments & Components 3.3%** | **Electronic Equipment, Instruments & Components 3.3%** | **Electronic Equipment, Instruments & Components 3.3%** |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 254892 | &nbsp;&nbsp;&nbsp;&nbsp; 5102938 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 277604 | &nbsp;&nbsp;&nbsp;&nbsp; 3606076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8709014 |
| **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 452345 | &nbsp;&nbsp;&nbsp;&nbsp; 2754781 |
| Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 44974 | &nbsp;&nbsp;&nbsp;&nbsp; 1627609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382390 |
| **Financial Services 7.0%** | **Financial Services 7.0%** | **Financial Services 7.0%** |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559374 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111082 |
| Remitly Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003318 |
| Repay Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573740 |
| Shift4 Payments, Inc., Class A (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18094486 |
| **Food Products 1.7%** | **Food Products 1.7%** | **Food Products 1.7%** |
| Freshpet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386741 |
| Hain Celestial Group, Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450636 |
| **Gas Utilities 1.8%** | **Gas Utilities 1.8%** | **Gas Utilities 1.8%** |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588370 |
| **Ground Transportation 1.9%** | **Ground Transportation 1.9%** | **Ground Transportation 1.9%** |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834282 |
| **Health Care Equipment & Supplies 4.6%** | **Health Care Equipment & Supplies 4.6%** | **Health Care Equipment & Supplies 4.6%** |
| Artivion, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768347 |
| Lantheus Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090436 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| SI-BONE, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 154899 | &nbsp;&nbsp;$2114371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973154 |
| **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** |
| Progyny, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 191182 | &nbsp;&nbsp;&nbsp;&nbsp; 4366597 |
| **Health Care REITs 1.7%** | **Health Care REITs 1.7%** | **Health Care REITs 1.7%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 149850 | &nbsp;&nbsp;&nbsp;&nbsp; 4386110 |
| **Household Durables 2.5%** | **Household Durables 2.5%** | **Household Durables 2.5%** |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75853 | &nbsp;&nbsp;&nbsp;&nbsp; 6561284 |
| **IT Services 1.2%** | **IT Services 1.2%** | **IT Services 1.2%** |
| Grid Dynamics Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 214197 | &nbsp;&nbsp;&nbsp;&nbsp; 3033030 |
| **Machinery 4.5%** | **Machinery 4.5%** | **Machinery 4.5%** |
| Blue Bird Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 119794 | &nbsp;&nbsp;&nbsp;&nbsp; 4177217 |
| Greenbrier Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 82730 | &nbsp;&nbsp;&nbsp;&nbsp; 3509406 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113305 | &nbsp;&nbsp;&nbsp;&nbsp; 3983804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11670427 |
| **Media 2.0%** | **Media 2.0%** | **Media 2.0%** |
| Magnite, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5203230 |
| **Metals & Mining 2.8%** | **Metals & Mining 2.8%** | **Metals & Mining 2.8%** |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056339 |
| Ramaco Resources, Inc., Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036005 |
| Ramaco Resources, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171967 |
| **Oil, Gas & Consumable Fuels 1.4%** | **Oil, Gas & Consumable Fuels 1.4%** | **Oil, Gas & Consumable Fuels 1.4%** |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623714 |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |
| Amneal Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158899 |
| Amphastar Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120366 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176129 |
| Axsome Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544831 |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115916 |
| Corcept Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782414 |
| Edgewise Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179432 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149767 |
| Innoviva, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136082 |
| Ligand Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270585 |
| Liquidia Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118871 |
| Ocular Therapeutix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184501 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163498 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI WMC Small Companies Fund

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6544 | &nbsp;&nbsp;$531569 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6613 | &nbsp;&nbsp;&nbsp;&nbsp; 214790 |
| Tarsus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5016 | &nbsp;&nbsp;&nbsp;&nbsp; 260381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108031 |
| **Professional Services 4.3%** | **Professional Services 4.3%** | **Professional Services 4.3%** |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48750 | &nbsp;&nbsp;&nbsp;&nbsp; 3264300 |
| Verra Mobility Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 173959 | &nbsp;&nbsp;&nbsp;&nbsp; 3792306 |
| WNS Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70345 | &nbsp;&nbsp;&nbsp;&nbsp; 4257280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11313886 |
| **Real Estate Management & Development 1.2%** | **Real Estate Management & Development 1.2%** | **Real Estate Management & Development 1.2%** |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 100703 | &nbsp;&nbsp;&nbsp;&nbsp; 3061371 |
| **Residential REITs 1.6%** | **Residential REITs 1.6%** | **Residential REITs 1.6%** |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 217054 | &nbsp;&nbsp;&nbsp;&nbsp; 4217359 |
| **Retail REITs 1.6%** | **Retail REITs 1.6%** | **Retail REITs 1.6%** |
| Macerich Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 283821 | &nbsp;&nbsp;&nbsp;&nbsp; 4160816 |
| **Semiconductors & Semiconductor Equipment 2.4%** | **Semiconductors & Semiconductor Equipment 2.4%** | **Semiconductors & Semiconductor Equipment 2.4%** |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837322 |
| Tower Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375893 |
| **Software 6.1%** | **Software 6.1%** | **Software 6.1%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158332 |
| Docebo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083719 |
| RingCentral, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279530 |
| SEMrush Holdings, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783845 |
| Verint Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15793089 |
| **Specialty Retail 1.2%** | **Specialty Retail 1.2%** | **Specialty Retail 1.2%** |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123803 |
| **Trading Companies & Distributors 3.4%** | **Trading Companies & Distributors 3.4%** | **Trading Companies & Distributors 3.4%** |
| MRC Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665046 |
| Xometry, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8746743 |
| Total Common Stocks<br> (Cost $251,914,830) |  | &nbsp;&nbsp;&nbsp;&nbsp;250959294 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Exchange-Traded Fund 2.8%** | **Exchange-Traded Fund 2.8%** | **Exchange-Traded Fund 2.8%** |
| iShares Russell 2000 ETF (b) | &nbsp;&nbsp;&nbsp;&nbsp; 37282 | &nbsp;&nbsp;$7264771 |
| Total Exchange-Traded Fund<br> (Cost $7,428,528) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264771 |
| **Short-Term Investments 3.2%** | **Short-Term Investments 3.2%** | **Short-Term Investments 3.2%** |
| **Affiliated Investment Company 1.4%** | **Affiliated Investment Company 1.4%** | **Affiliated Investment Company 1.4%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (c) | &nbsp;&nbsp;&nbsp;&nbsp;3562943 | &nbsp;&nbsp;&nbsp;&nbsp; 3562943 |
| **Unaffiliated Investment Companies 1.8%** | **Unaffiliated Investment Companies 1.8%** | **Unaffiliated Investment Companies 1.8%** |
| BlackRock Liquidity FedFund, 4.349% (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| Invesco Government & Agency Portfolio, 4.367% (c)(d) | &nbsp;&nbsp;&nbsp;&nbsp;4507814 | &nbsp;&nbsp;&nbsp;&nbsp; 4507814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757814 |
| Total Short-Term Investments<br> (Cost $8,320,757) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320757 |
| Total Investments<br> (Cost $267,664,115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.7% | &nbsp;&nbsp;&nbsp;&nbsp;266544822 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7021919) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$259522903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of April 30, 2025, the aggregate market value of securities on loan was $8,682,493; the total market value of collateral held by the Fund was $9,277,342. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,519,528. The Fund received cash collateral with a value of $4,757,814. (See Note 2(G)) |
| (c) | Current yield as of April 30, 2025. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$3276 | &nbsp;&nbsp;$45247 | &nbsp;&nbsp;$(44960) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3563 | &nbsp;&nbsp;$62 | &nbsp;&nbsp;$— | &nbsp;&nbsp;3563 |

---

Abbreviation(s): <br> ETF—Exchange-Traded Fund <br> REIT—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $250959294 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $250959294 |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7264771 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7264771 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3562943 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3562943 |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 4757814 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4757814 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320757 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320757 |
| Total Investments in Securities | &nbsp;&nbsp;$266544822 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$266544822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI WMC Small Companies Fund

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $264,101,172) including securities on loan of $8,682,493 | $262981879 |
| Investment in affiliated investment companies, at value<br> (identified cost $3,562,943) | &nbsp;&nbsp;&nbsp;&nbsp;3562943 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;1367360 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107071 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28482 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;268105950 |
| **Liabilities** | **Liabilities** |
| Cash collateral received for securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;4757814 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;3499878 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166367 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53691 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31843 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30964 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28805 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;8583047 |
| Net assets | $259522903 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $11456 |
| Additional paid-in-capital | &nbsp;&nbsp;289839605 |
|  | &nbsp;&nbsp;289851061 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(30328158) |
| Net assets | $259522903 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $111518711 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5010188 |
| Net asset value per share outstanding | $22.26 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Maximum offering price per share outstanding | $23.56 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $28302729 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1318727 |
| Net asset value per share outstanding | $21.46 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Maximum offering price per share outstanding | $22.59 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $872255 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51563 |
| Net asset value and offering price per share outstanding | $16.92 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $118829208 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5075106 |
| Net asset value and offering price per share outstanding | $23.41 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $2,811) | $1716912 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132875 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;1912138 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1164410 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159293 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41342 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5861 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166695 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41431 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37068 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14342 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8306 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;1648716 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;1625406 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286732 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;9862793 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments | &nbsp;&nbsp;(29754419) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(19891626) |
| Net increase (decrease) in net assets resulting from operations | $(19604894) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI WMC Small Companies Fund

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $286732 | &nbsp;&nbsp;$644539 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;9862793 | &nbsp;&nbsp;&nbsp;&nbsp;21646395 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(29754419) | &nbsp;&nbsp;&nbsp;&nbsp;56904864 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(19604894) | &nbsp;&nbsp;&nbsp;&nbsp;79195798 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(745503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539027) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;16690607 | &nbsp;&nbsp;&nbsp;&nbsp;49988795 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529340 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(37130115) | &nbsp;&nbsp;&nbsp;&nbsp;(56535827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(19707209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6017692) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(40057606) | &nbsp;&nbsp;&nbsp;&nbsp;72639079 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;299580509 | &nbsp;&nbsp;&nbsp;&nbsp;226941430 |
| End of period | $259522903 | &nbsp;&nbsp;$299580509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$24.21 | &nbsp;&nbsp;&nbsp;&nbsp;$17.82 | &nbsp;&nbsp;&nbsp;&nbsp;$21.32 | &nbsp;&nbsp;&nbsp;&nbsp;$32.63 | &nbsp;&nbsp;&nbsp;&nbsp;$22.62 | &nbsp;&nbsp;&nbsp;&nbsp;$24.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.26 | &nbsp;&nbsp;&nbsp;&nbsp;$24.21 | &nbsp;&nbsp;&nbsp;&nbsp;$17.82 | &nbsp;&nbsp;&nbsp;&nbsp;$21.32 | &nbsp;&nbsp;&nbsp;&nbsp;$32.63 | &nbsp;&nbsp;&nbsp;&nbsp;$22.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.91)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$111519 | &nbsp;&nbsp;&nbsp;&nbsp;$125698 | &nbsp;&nbsp;&nbsp;&nbsp;$103460 | &nbsp;&nbsp;&nbsp;&nbsp;$135890 | &nbsp;&nbsp;&nbsp;&nbsp;$178454 | &nbsp;&nbsp;&nbsp;&nbsp;$115403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI WMC Small Companies Fund

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.34 | &nbsp;&nbsp;&nbsp;&nbsp;$17.20 | &nbsp;&nbsp;&nbsp;&nbsp;$20.60 | &nbsp;&nbsp;&nbsp;&nbsp;$31.86 | &nbsp;&nbsp;&nbsp;&nbsp;$22.14 | &nbsp;&nbsp;&nbsp;&nbsp;$24.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$21.46 | &nbsp;&nbsp;&nbsp;&nbsp;$23.34 | &nbsp;&nbsp;&nbsp;&nbsp;$17.20 | &nbsp;&nbsp;&nbsp;&nbsp;$20.60 | &nbsp;&nbsp;&nbsp;&nbsp;$31.86 | &nbsp;&nbsp;&nbsp;&nbsp;$22.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.92)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$28303 | &nbsp;&nbsp;&nbsp;&nbsp;$33885 | &nbsp;&nbsp;&nbsp;&nbsp;$28292 | &nbsp;&nbsp;&nbsp;&nbsp;$35985 | &nbsp;&nbsp;&nbsp;&nbsp;$45382 | &nbsp;&nbsp;&nbsp;&nbsp;$41547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.47 | &nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;$16.46 | &nbsp;&nbsp;&nbsp;&nbsp;$27.19 | &nbsp;&nbsp;&nbsp;&nbsp;$19.03 | &nbsp;&nbsp;&nbsp;&nbsp;$20.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.92 | &nbsp;&nbsp;&nbsp;&nbsp;$18.47 | &nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;$16.46 | &nbsp;&nbsp;&nbsp;&nbsp;$27.19 | &nbsp;&nbsp;&nbsp;&nbsp;$19.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.88%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$872 | &nbsp;&nbsp;&nbsp;&nbsp;$1211 | &nbsp;&nbsp;&nbsp;&nbsp;$1280 | &nbsp;&nbsp;&nbsp;&nbsp;$2415 | &nbsp;&nbsp;&nbsp;&nbsp;$4129 | &nbsp;&nbsp;&nbsp;&nbsp;$3201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI WMC Small Companies Fund

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$25.49 | &nbsp;&nbsp;&nbsp;&nbsp;$18.76 | &nbsp;&nbsp;&nbsp;&nbsp;$22.43 | &nbsp;&nbsp;&nbsp;&nbsp;$33.85 | &nbsp;&nbsp;&nbsp;&nbsp;$23.40 | &nbsp;&nbsp;&nbsp;&nbsp;$25.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$23.41 | &nbsp;&nbsp;&nbsp;&nbsp;$25.49 | &nbsp;&nbsp;&nbsp;&nbsp;$18.76 | &nbsp;&nbsp;&nbsp;&nbsp;$22.43 | &nbsp;&nbsp;&nbsp;&nbsp;$33.85 | &nbsp;&nbsp;&nbsp;&nbsp;$23.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.78)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$118829 | &nbsp;&nbsp;&nbsp;&nbsp;$138559 | &nbsp;&nbsp;&nbsp;&nbsp;$92498 | &nbsp;&nbsp;&nbsp;&nbsp;$151035 | &nbsp;&nbsp;&nbsp;&nbsp;$169281 | &nbsp;&nbsp;&nbsp;&nbsp;$127115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI WMC Small Companies Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;January 2, 2004 |
| Investor Class | &nbsp;&nbsp;February 28, 2008 |
| Class C | &nbsp;&nbsp;December 30, 2002 |
| Class I | &nbsp;&nbsp;January 12, 1987 |

---

Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek long-term growth of capital.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which

14 NYLI WMC Small Companies Fund

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market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant

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Notes to Financial Statements (Unaudited) (continued)

exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Exchange-traded funds ("ETFs") are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing

authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

16 NYLI WMC Small Companies Fund

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(G) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(H) Large Transaction Risks. From time to time, the Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund's transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Wellington Management Company LLP ("Wellington" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and Wellington, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund's average daily net assets as follows: 0.80% up to $1 billion, 0.775% from $1 billion to $2 billion and 0.75% in excess of $2 billion. During the six-month period ended April 30, 2025, the effective management fee rate was 0.80% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $1,164,410 and waived fees and/or reimbursed expenses in the amount of $23,310 and paid the Subadvisor fees in the amount of $545,818.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life

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Notes to Financial Statements (Unaudited) (continued)

Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $7,887 and $1,413, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class C shares during the six-month period ended April 30, 2025, of $91.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the

aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$41382 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;80330 | &nbsp;&nbsp;&nbsp;&nbsp;(22452) |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $268335744 | $34759344 | $(36550266) | $(1790922) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $38,651,755, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$29416 | &nbsp;&nbsp;$9236 |

---

18 NYLI WMC Small Companies Fund

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During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$539027 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $95,011 and $113,910, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127196 | &nbsp;&nbsp;$3193830 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219772 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(413427) | &nbsp;&nbsp;&nbsp;&nbsp;(10264129) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(278133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6850527) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416969 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(181855) | &nbsp;&nbsp;$(4433558) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205658 | &nbsp;&nbsp;$4599068 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171163 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(957905) | &nbsp;&nbsp;&nbsp;&nbsp;(21233369) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(743572) | &nbsp;&nbsp;&nbsp;&nbsp;(16463138) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964673 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22554) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(613350) | &nbsp;&nbsp;$(13521019) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22364 | &nbsp;&nbsp;$531799 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1700136) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168337) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157362 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2190453) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(132972) | &nbsp;&nbsp;$(3201428) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29978 | &nbsp;&nbsp;$649975 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(133242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2879120) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(103264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2229145) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321195 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(104518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2301505) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(192944) | &nbsp;&nbsp;$(4209455) |

---

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Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;$3212 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11724) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8512) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241396) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12333) | &nbsp;&nbsp;$(249908) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | &nbsp;&nbsp;$39473 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187636) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148163) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676463) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48054) | &nbsp;&nbsp;$(824626) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631 | &nbsp;&nbsp;$87564 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200083) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112519) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142482) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14007) | &nbsp;&nbsp;$(255001) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311 | &nbsp;&nbsp;$179539 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575476) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395937) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84567) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27766) | &nbsp;&nbsp;$(480504) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510304 | &nbsp;&nbsp;$12874202 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512527 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(889501) | &nbsp;&nbsp;&nbsp;&nbsp;(24954043) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(361233) | &nbsp;&nbsp;$(11567314) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1820844 | &nbsp;&nbsp;$44504542 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357973 |
| Shares redeemed | &nbsp;&nbsp;(1333544) | &nbsp;&nbsp;&nbsp;&nbsp;(31142394) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13720121 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11499 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2298) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504952 | &nbsp;&nbsp;$13729322 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R1<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$156 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58625) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2519) | &nbsp;&nbsp;$(58469) |
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$21 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106778) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4845) | &nbsp;&nbsp;$(106709) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;$16177 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352429) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336252) |
| Shares converted from Class R3 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209980) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25878) | &nbsp;&nbsp;$(546232) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

20 NYLI WMC Small Companies Fund

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#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

[**Table of Contents**](#JOB_NYLI__b8dc39da-866a-4787-af1c-dc9c054caf1e_TOC)

#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI U.S. Government Liquidity Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imgc2a237ec1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_9690f18f-2f2c-4b6d-908a-b2213171daa9_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_9690f18f-2f2c-4b6d-908a-b2213171daa9_2) | &nbsp;&nbsp;4 |
| [Notes to Financial Statements](#xx_2d495715-cc9a-49ab-8da1-e433cadac80c_1) | &nbsp;&nbsp;8 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_65019908-0b64-4c67-bfec-04d42d24829a_1) | &nbsp;&nbsp;13 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_65019908-0b64-4c67-bfec-04d42d24829a_1) | &nbsp;&nbsp;13 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_65019908-0b64-4c67-bfec-04d42d24829a_1) | &nbsp;&nbsp;13 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_a177f92e-de06-41dc-870f-d75ffeb7129a_1) | &nbsp;&nbsp;14 |

---

------

[**Table of Contents**](#JOB_NYLI__a2971626-eb2d-4c16-ba3b-1f5a73583854_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Short-Term Investments 100.0%** | **Short-Term Investments 100.0%** | **Short-Term Investments 100.0%** |
| **U.S. Treasury Debt 100.0%** | **U.S. Treasury Debt 100.0%** | **U.S. Treasury Debt 100.0%** |
| U.S. Treasury Bills (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.228%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;$37055000 | &nbsp;&nbsp;$37055000 |
| &nbsp;&nbsp;&nbsp;4.232%, due 6/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49100000 | &nbsp;&nbsp;&nbsp;&nbsp; 48830474 |
| &nbsp;&nbsp;&nbsp;4.237%, due 5/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10750000 | &nbsp;&nbsp;&nbsp;&nbsp; 10734905 |
| &nbsp;&nbsp;&nbsp;4.237%, due 5/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111000000 | &nbsp;&nbsp;&nbsp;&nbsp;110635859 |
| &nbsp;&nbsp;&nbsp;4.241%, due 5/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155350000 | &nbsp;&nbsp;&nbsp;&nbsp;155004533 |
| &nbsp;&nbsp;&nbsp;4.244%, due 7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61400000 | &nbsp;&nbsp;&nbsp;&nbsp; 60798423 |
| &nbsp;&nbsp;&nbsp;4.249%, due 5/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30400000 | &nbsp;&nbsp;&nbsp;&nbsp; 30382178 |
| &nbsp;&nbsp;&nbsp;4.254%, due 6/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396436 |
| &nbsp;&nbsp;&nbsp;4.26%, due 5/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133834000 | &nbsp;&nbsp;&nbsp;&nbsp;133424822 |
| &nbsp;&nbsp;&nbsp;4.262%, due 8/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32108947 |
| &nbsp;&nbsp;&nbsp;4.263%, due 5/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227800000 | &nbsp;&nbsp;&nbsp;&nbsp;227612601 |
| &nbsp;&nbsp;&nbsp;4.286%, due 8/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50425204 |
| Total Short-Term Investments<br> (Cost $905,409,382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;905409382 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76565) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$905332817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Interest rate shown represents yield to maturity. |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Debt | &nbsp;&nbsp;$— | &nbsp;&nbsp; $905409382 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $905409382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a2971626-eb2d-4c16-ba3b-1f5a73583854_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (amortized cost $905,409,382) | $905409382 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41885 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;905465400 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89375 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36349 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132583 |
| Net assets | $905332817 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $905232 |
| Additional paid-in-capital | &nbsp;&nbsp;904424396 |
|  | &nbsp;&nbsp;905329628 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189 |
| Net assets | $905332817 |

---

---

| | |
|:---|:---|
| **Class I** |  |
| Net assets applicable to outstanding shares | $905332817 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;905231537 |
| Net asset value per share outstanding | $1.00 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI U.S. Government Liquidity Fund

------

[**Table of Contents**](#JOB_NYLI__a2971626-eb2d-4c16-ba3b-1f5a73583854_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $21513276 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585162 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59176 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11170 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10240 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677416 |
| Net investment income (loss) | &nbsp;&nbsp;20835860 |
| **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157 |
| Net increase (decrease) in net assets resulting from operations | $20845017 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a2971626-eb2d-4c16-ba3b-1f5a73583854_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $20835860 | &nbsp;&nbsp;$52988626 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20975 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20845017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53009601 |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20835860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52988625) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;6168468528 | &nbsp;&nbsp;&nbsp;&nbsp;12424490903 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20374337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52355905 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;(6476336527) | &nbsp;&nbsp;&nbsp;&nbsp;(12292872038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(287493662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183974770 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(287484505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183995746 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;&nbsp;1192817322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008821576 |
| End of period | $905332817 | &nbsp;&nbsp;$1192817322 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI U.S. Government Liquidity Fund

------

[**Table of Contents**](#JOB_NYLI__a2971626-eb2d-4c16-ba3b-1f5a73583854_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$905333 | &nbsp;&nbsp;&nbsp;&nbsp;$1192817 | &nbsp;&nbsp;&nbsp;&nbsp;$1008822 | &nbsp;&nbsp;&nbsp;&nbsp;$1335657 | &nbsp;&nbsp;&nbsp;&nbsp;$2520059 | &nbsp;&nbsp;&nbsp;&nbsp;$639101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a2971626-eb2d-4c16-ba3b-1f5a73583854_TOC)

Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI U.S. Government Liquidity Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class I | &nbsp;&nbsp;July 2, 2018 |

---

Shares of the Fund are offered and are redeemed at a price equal to their net asset value ("NAV") per share. No sales or redemption charge is applicable to the purchase or redemption of the Fund's shares.

The Fund's investment objective is to seek a high level of current income while preserving capital and maintaining liquidity.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Valuation of Shares. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share by using the amortized cost method of valuation, it cannot guarantee it will do so. In addition, as a "government money market fund," the Board of Trustees of the Trust ("Board") has determined that the Fund is not subject to the imposition of liquidity fees. The Board has reserved its ability to change this determination with respect to the imposition of liquidity fees, but such change would become effective only after shareholders are provided with specific advance notice of the change. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

(B) Securities Valuation. Securities are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate per the requirements of Rule 2a-7 under the 1940 Act. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

8 NYLI U.S. Government Liquidity Fund

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The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

Securities valued at amortized cost are not obtained from a quoted price in an active market and are generally categorized as Level 2 in the hierarchy. The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of April 30, 2025, the aggregate value by input level of the Fund's assets and liabilities is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on

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Notes to Financial Statements (Unaudited) (continued)

the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(C) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued daily and discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest rate for short-term investments.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses) are allocated to

separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred.The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Debt Securities Risk. The Fund's investments may include securities such as variable rate notes and floaters. If expectations about changes in interest rates, or assessments of an issuer's credit worthiness or market conditions are incorrect, investments in these types of securities could lose money for the Fund. The ability of issuers of debt securities, including the U.S. government, held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager pursuant to a Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. NYL Investors LLC ("NYL Investors" or "Subadvisor"), a registered investment adviser and a direct, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

10 NYLI U.S. Government Liquidity Fund

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Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.12% of the Fund's average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) for Class I shares do not exceed 0.15% of average daily net assets. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

New York Life Investments may voluntarily waive fees or reimburse expenses of the Fund to the extent it deems appropriate to enhance the yield of the Fund's during periods when expenses have a significant impact on the yield of the Fund, as applicable, because of low interest rates. This expense limitation policy is voluntary and in addition to any contractual arrangements that may be in place with respect to the Fund and described in the Fund's prospectus.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $585,162 and paid the Subadvisor fees in the amount of $292,569.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or

small account fees. This agreement will remain in effect until February 28, 2026 and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, the Fund did not record any transfer agent expenses.

#### Note 4-Federal Income Tax
The amortized cost also represents the aggregate cost for federal income tax purposes.

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $61,363, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$61 | &nbsp;&nbsp;$— |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$52988625 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 6–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class I (at $1 per share)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** |
| Six-month period ended April 30, 2025: |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168468527 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20374337 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(6476336527) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287493663) |
| Year ended October 31, 2024: |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;12424490903 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52355905 |
| Shares redeemed | &nbsp;&nbsp;(12292872038) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183974770 |

---

#### Note 7–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 8–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

12 NYLI U.S. Government Liquidity Fund

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

[**Table of Contents**](#JOB_NYLI__a2971626-eb2d-4c16-ba3b-1f5a73583854_TOC)

#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI PineStone International Equity Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img76b19a4c1.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_7b83ac27-a09e-4e1f-a3b7-de7c46cb2678_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_7b83ac27-a09e-4e1f-a3b7-de7c46cb2678_5) | &nbsp;&nbsp;7 |
| [Notes to Financial Statements](#xx_0adfe57a-5075-414e-8413-3492de84a12c_1) | &nbsp;&nbsp;15 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_42be9f72-22ae-4c71-ae3b-07e69be5c113_1) | &nbsp;&nbsp;24 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_42be9f72-22ae-4c71-ae3b-07e69be5c113_1) | &nbsp;&nbsp;24 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_42be9f72-22ae-4c71-ae3b-07e69be5c113_1) | &nbsp;&nbsp;24 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_748a30ef-9d29-4841-9180-8be89b3f0b6b_1) | &nbsp;&nbsp;25 |

---

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 98.3%** | **Common Stocks 98.3%** | **Common Stocks 98.3%** |
| **Australia 1.5%** | **Australia 1.5%** | **Australia 1.5%** |
| Commonwealth Bank of Australia (Banks) | &nbsp;&nbsp;&nbsp;&nbsp; 113464 | &nbsp;&nbsp;$12139876 |
| **Canada 2.6%** | **Canada 2.6%** | **Canada 2.6%** |
| Canadian National Railway Co. (Ground Transportation) | &nbsp;&nbsp;&nbsp;&nbsp; 225209 | &nbsp;&nbsp;&nbsp;&nbsp; 21804735 |
| **Denmark 3.7%** | **Denmark 3.7%** | **Denmark 3.7%** |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 460305 | &nbsp;&nbsp;&nbsp;&nbsp; 30664557 |
| **France 16.7%** | **France 16.7%** | **France 16.7%** |
| Air Liquide SA (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 145070 | &nbsp;&nbsp;&nbsp;&nbsp; 29842356 |
| Air Liquide SA, Loyalty Shares (Chemicals) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 66712 | &nbsp;&nbsp;&nbsp;&nbsp; 13723328 |
| EssilorLuxottica SA (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp; 132346 | &nbsp;&nbsp;&nbsp;&nbsp; 38004903 |
| L'Oreal SA (Personal Care Products) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49230 | &nbsp;&nbsp;&nbsp;&nbsp; 21602905 |
| L'Oreal SA, Loyalty Shares (Registered) (Personal Care Products) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp;&nbsp; 4212632 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 55202 | &nbsp;&nbsp;&nbsp;&nbsp; 30461989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;137848113 |
| **Germany 6.1%** | **Germany 6.1%** | **Germany 6.1%** |
| Rational AG (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 15129 | &nbsp;&nbsp;&nbsp;&nbsp; 12893853 |
| SAP SE (Software) | &nbsp;&nbsp;&nbsp;&nbsp; 130010 | &nbsp;&nbsp;&nbsp;&nbsp; 37602292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50496145 |
| **India 2.0%** | **India 2.0%** | **India 2.0%** |
| HDFC Bank Ltd., ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203909 |
| **Japan 6.8%** | **Japan 6.8%** | **Japan 6.8%** |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38017146 |
| Shimano, Inc. (Leisure Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178989 |
| Unicharm Corp. (Household Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8765178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55961313 |
| **Netherlands 3.9%** | **Netherlands 3.9%** | **Netherlands 3.9%** |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32184045 |
| **Spain 3.3%** | **Spain 3.3%** | **Spain 3.3%** |
| Amadeus IT Group SA (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27548511 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Switzerland 9.8%** | **Switzerland 9.8%** | **Switzerland 9.8%** |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 191015 | &nbsp;&nbsp;$33607720 |
| Geberit AG (Registered) (Building Products) | &nbsp;&nbsp;&nbsp;&nbsp; 27644 | &nbsp;&nbsp;&nbsp;&nbsp; 19221139 |
| Schindler Holding AG (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 77232 | &nbsp;&nbsp;&nbsp;&nbsp; 28144077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80972936 |
| **Taiwan 6.5%** | **Taiwan 6.5%** | **Taiwan 6.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 319734 | &nbsp;&nbsp;&nbsp;&nbsp; 53296461 |
| **United Kingdom 22.0%** | **United Kingdom 22.0%** | **United Kingdom 22.0%** |
| Ashtead Group plc (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp; 229439 | &nbsp;&nbsp;&nbsp;&nbsp; 12333560 |
| Diageo plc (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 674011 | &nbsp;&nbsp;&nbsp;&nbsp; 18812643 |
| Howden Joinery Group plc (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp;1630613 | &nbsp;&nbsp;&nbsp;&nbsp; 16792912 |
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp; 322238 | &nbsp;&nbsp;&nbsp;&nbsp; 34478376 |
| Intertek Group plc (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp; 275618 | &nbsp;&nbsp;&nbsp;&nbsp; 16863802 |
| London Stock Exchange Group plc (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 344880 | &nbsp;&nbsp;&nbsp;&nbsp; 53499186 |
| Spirax Group plc (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp; 124741 | &nbsp;&nbsp;&nbsp;&nbsp; 9839499 |
| Unilever plc (Personal Care Products) | &nbsp;&nbsp;&nbsp;&nbsp; 289592 | &nbsp;&nbsp;&nbsp;&nbsp; 18402265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;181022243 |
| **United States 13.4%** | **United States 13.4%** | **United States 13.4%** |
| Alcon AG (Health Care Equipment & Supplies) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23531039 |
| Aon plc, Class A (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19260485 |
| Nestle SA (Registered) (Food Products) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39988431 |
| S&P Global, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27194219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;109974174 |
| Total Common Stocks<br> (Cost $700,070,949) |  | &nbsp;&nbsp;&nbsp;&nbsp;810117018 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-Term Investment 0.8%** | **Short-Term Investment 0.8%** | **Short-Term Investment 0.8%** |
| **Affiliated Investment Company 0.8%** | **Affiliated Investment Company 0.8%** | **Affiliated Investment Company 0.8%** |
| **United States 0.8%** | **United States 0.8%** | **United States 0.8%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (b) | &nbsp;&nbsp;&nbsp;&nbsp;6360416 | &nbsp;&nbsp;$6360416 |
| Total Short-Term Investment<br> (Cost $6,360,416) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360416 |
| Total Investments<br> (Cost $706,431,365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1% | &nbsp;&nbsp;&nbsp;&nbsp;816477434 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406694 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$823884128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | Current yield as of April 30, 2025. |

---

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$8248 | &nbsp;&nbsp;$194866 | &nbsp;&nbsp;$(196754) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6360 | &nbsp;&nbsp;$169 | &nbsp;&nbsp;$— | &nbsp;&nbsp;6360 |

---

Abbreviation(s): <br> ADR—American Depositary Receipt

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI PineStone International Equity Fund

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12139876 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $12139876 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30664557 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 30664557 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp; 24247010 | &nbsp;&nbsp;&nbsp;&nbsp; 113601103 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 137848113 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50496145 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 50496145 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55961313 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 55961313 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32184045 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 32184045 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27548511 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 27548511 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80972936 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 80972936 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181022243 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 181022243 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp; 46454704 | &nbsp;&nbsp;&nbsp;&nbsp; 63519470 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 109974174 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 91305105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 91305105 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;162006819 | &nbsp;&nbsp;&nbsp;&nbsp;648110199 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;810117018 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 6360416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 6360416 |
| Total Investments in Securities | &nbsp;&nbsp;$168367235 | &nbsp;&nbsp;$648110199 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$816477434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The table below sets forth the diversification of the Fund's investments by industry.

#### Industry Diversification

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent** |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;$28343785 | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18812643 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19221139 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80693405 | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43565684 | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38017146 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39988431 | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21804735 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61535942 | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62026887 | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8765178 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19260485 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178989 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50877429 | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44217802 | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30664557 | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16863802 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85480506 | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37602292 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64069709 | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29126472 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810117018 | &nbsp;&nbsp;&nbsp;&nbsp;98.3 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360416 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406694 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$823884128 | &nbsp;&nbsp;100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI PineStone International Equity Fund

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $700,070,949) | $810117018 |
| Investment in affiliated investment companies, at value<br> (identified cost $6,360,416) | &nbsp;&nbsp;&nbsp;&nbsp;6360416 |
| Cash denominated in foreign currencies<br> (identified cost $11,031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10941 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;4941087 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;4029758 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551199 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;826277923 |
| **Liabilities** | **Liabilities** |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971316 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838945 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456001 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90860 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18854 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2393795 |
| Net assets | $823884128 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $48828 |
| Additional paid-in-capital | &nbsp;&nbsp;735796217 |
|  | &nbsp;&nbsp;735845045 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;88039083 |
| Net assets | $823884128 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $79557632 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;4738753 |
| Net asset value per share outstanding | $16.79 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Maximum offering price per share outstanding | $17.77 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $13148052 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784138 |
| Net asset value per share outstanding | $16.77 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Maximum offering price per share outstanding | $17.65 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $786707 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47400 |
| Net asset value and offering price per share outstanding | $16.60 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $357851555 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;21236578 |
| Net asset value and offering price per share outstanding | $16.85 |
| **Class P** |  |
| Net assets applicable to outstanding shares | $29198 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 |
| Net asset value and offering price per share outstanding | $16.84 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $372510984 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;22019568 |
| Net asset value and offering price per share outstanding | $16.92 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $709,656) | $6274197 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;169281 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;6446429 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;3000868 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;249585 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96487 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16638 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87171 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61544 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43654 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;3584446 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;(309731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;3274715 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;3171714 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;3976411 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(171862) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;3804549 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(1615140) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;118556 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(1496584) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2307965 |
| Net increase (decrease) in net assets resulting from operations | $5479679 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI PineStone International Equity Fund

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3171714 | &nbsp;&nbsp;$3577473 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177025 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1496584) | &nbsp;&nbsp;&nbsp;&nbsp;84986763 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5479679 | &nbsp;&nbsp;&nbsp;&nbsp;90741261 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(2233680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1414397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512622) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(3962155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1584814) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;291185082 | &nbsp;&nbsp;&nbsp;&nbsp;256493363 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544332 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;(106241371) | &nbsp;&nbsp;&nbsp;&nbsp;(70050824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;188579851 | &nbsp;&nbsp;&nbsp;&nbsp;187986871 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;190097375 | &nbsp;&nbsp;&nbsp;&nbsp;277143318 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;&nbsp;633786753 | &nbsp;&nbsp;&nbsp;&nbsp;356643435 |
| End of period | $823884128 | &nbsp;&nbsp;$633786753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.82 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | &nbsp;&nbsp;&nbsp;&nbsp;$14.51 | &nbsp;&nbsp;&nbsp;&nbsp;$14.70 | &nbsp;&nbsp;&nbsp;&nbsp;$14.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.92 | &nbsp;&nbsp;&nbsp;&nbsp;$10.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.79 | &nbsp;&nbsp;&nbsp;&nbsp;$16.82 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | &nbsp;&nbsp;&nbsp;&nbsp;$14.51 | &nbsp;&nbsp;&nbsp;&nbsp;$14.70 | &nbsp;&nbsp;&nbsp;&nbsp;$14.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.03%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.38% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.48)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$79558 | &nbsp;&nbsp;&nbsp;&nbsp;$79325 | &nbsp;&nbsp;&nbsp;&nbsp;$56733 | &nbsp;&nbsp;&nbsp;&nbsp;$5162 | &nbsp;&nbsp;&nbsp;&nbsp;$2260 | &nbsp;&nbsp;&nbsp;&nbsp;$1516 | &nbsp;&nbsp;&nbsp;&nbsp;$324 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI PineStone International Equity Fund

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.76 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$14.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.77 | &nbsp;&nbsp;&nbsp;&nbsp;$16.76 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.29)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$13148 | &nbsp;&nbsp;&nbsp;&nbsp;$13841 | &nbsp;&nbsp;&nbsp;&nbsp;$12660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;&nbsp;$13.47 | &nbsp;&nbsp;&nbsp;&nbsp;$14.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.60 | &nbsp;&nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;&nbsp;$13.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.43)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$787 | &nbsp;&nbsp;&nbsp;&nbsp;$871 | &nbsp;&nbsp;&nbsp;&nbsp;$739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.90 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$14.53 | &nbsp;&nbsp;&nbsp;&nbsp;$14.70 | &nbsp;&nbsp;&nbsp;&nbsp;$14.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.92 | &nbsp;&nbsp;&nbsp;&nbsp;$10.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.85 | &nbsp;&nbsp;&nbsp;&nbsp;$16.90 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$14.53 | &nbsp;&nbsp;&nbsp;&nbsp;$14.70 | &nbsp;&nbsp;&nbsp;&nbsp;$14.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.40%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.73)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.43% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.23)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$357852 | &nbsp;&nbsp;&nbsp;&nbsp;$335817 | &nbsp;&nbsp;&nbsp;&nbsp;$190764 | &nbsp;&nbsp;&nbsp;&nbsp;$196962 | &nbsp;&nbsp;&nbsp;&nbsp;$217664 | &nbsp;&nbsp;&nbsp;&nbsp;$160421 | &nbsp;&nbsp;&nbsp;&nbsp;$79543 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI PineStone International Equity Fund

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.89 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$14.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.84 | &nbsp;&nbsp;&nbsp;&nbsp;$16.89 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.15)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;&nbsp;$23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.97 | &nbsp;&nbsp;&nbsp;&nbsp;$13.59 | &nbsp;&nbsp;&nbsp;&nbsp;$14.60 | &nbsp;&nbsp;&nbsp;&nbsp;$14.77 | &nbsp;&nbsp;&nbsp;&nbsp;$14.12 | &nbsp;&nbsp;&nbsp;&nbsp;$9.96 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.92 | &nbsp;&nbsp;&nbsp;&nbsp;$16.97 | &nbsp;&nbsp;&nbsp;&nbsp;$13.59 | &nbsp;&nbsp;&nbsp;&nbsp;$14.60 | &nbsp;&nbsp;&nbsp;&nbsp;$14.77 | &nbsp;&nbsp;&nbsp;&nbsp;$14.12 | &nbsp;&nbsp;&nbsp;&nbsp;$9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.48%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.66)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.65% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.07)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$372511 | &nbsp;&nbsp;&nbsp;&nbsp;$203904 | &nbsp;&nbsp;&nbsp;&nbsp;$94796 | &nbsp;&nbsp;&nbsp;&nbsp;$39343 | &nbsp;&nbsp;&nbsp;&nbsp;$43451 | &nbsp;&nbsp;&nbsp;&nbsp;$41229 | &nbsp;&nbsp;&nbsp;&nbsp;$45405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI PineStone International Equity Fund

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI PineStone International Equity Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Fiera Capital International Equity Fund (the "Predecessor Fund"), which was a series of a different registered investment company for which Fiera Capital, Inc. served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization on August 28, 2023. Upon completion of the reorganization, the Class A and Class I shares of the Fund assumed the performance, financial and other information of the corresponding shares of the Predecessor Fund. All information provided for periods prior to August 28, 2023, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;September 29, 2017 |
| Investor Class | &nbsp;&nbsp;August 28, 2023 |
| Class C | &nbsp;&nbsp;August 28, 2023 |
| Class I | &nbsp;&nbsp;September 29, 2017 |
| Class P | &nbsp;&nbsp;August 28, 2023 |
| Class R6 | &nbsp;&nbsp;September 29, 2017 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Class P shares are generally only available to investors that have a relationship with PineStone Asset Management Inc. and are invested directly with the Fund. An investment minimum of $5,000,000 applies for Class P and no subsequent investment minimum. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under

the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Investor Class shares. Class I, Class R6 and Class P shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek capital appreciation.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available;

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Notes to Financial Statements (Unaudited) (continued)

periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The

inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

16 NYLI PineStone International Equity Fund

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Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by

independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the

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Notes to Financial Statements (Unaudited) (continued)

market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least annually and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain

18 NYLI PineStone International Equity Fund

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a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(J) Foreign Securities Risk. The Fund invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(K) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The

Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. PineStone Asset Management Inc. ("PineStone" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and PineStone, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.80% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 1.20%; Investor Class, 1.54%; Class C, 2.29%; Class I, 0.85%; Class P, 0.85%; and Class R6, 0.80%. This agreement will remain in effect until February 28, 2028, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $3,000,868 and waived fees and/or reimbursed certain class specific expenses in the amount of $309,731 and paid the Subadvisor fees in the amount of $1,425,412.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

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Notes to Financial Statements (Unaudited) (continued)

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. During the six-month period ended April 30, 2025, the Fund was advised that the Distributor did not retain any initial sales changes or CDSCs on repurchases of any shares within the Fund.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the six-month period ended April 30, 2025, of $632 and $70, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2028, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$35383 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39121 | &nbsp;&nbsp;&nbsp;&nbsp;(5458) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;166722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small

account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Investor Class | &nbsp;&nbsp;$28874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;28513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Class P | &nbsp;&nbsp;&nbsp;&nbsp;29197 | &nbsp;&nbsp;100.0 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $710623245 | $134246799 | $(28392610) | $105854189 |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $24,759,334 is subject to a limitation. This limitation is due to Internal Revenue Code Sections 381-384. Capital loss carryforwards, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund subject to the limitation described above.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$24759 | &nbsp;&nbsp;$— |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$1584814 |

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20 NYLI PineStone International Equity Fund

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#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $238,661 and $55,118, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495744 | &nbsp;&nbsp;$8187132 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309749 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(513258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8558402) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61521) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377108 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616 | &nbsp;&nbsp;$315587 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1152466 | &nbsp;&nbsp;$19082267 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214828 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(716458) | &nbsp;&nbsp;&nbsp;&nbsp;(11585246) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7711849 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004481 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4386) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511415 | &nbsp;&nbsp;$8711944 |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13519 | &nbsp;&nbsp;$222540 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672772) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450232) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25791 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267937) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41627) | &nbsp;&nbsp;$(692378) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24531 | &nbsp;&nbsp;$399131 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1369657) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930926) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56697 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(986961) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(112647) | &nbsp;&nbsp;$(1861190) |

---

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Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7291 | &nbsp;&nbsp;$120556 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106788) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13768 |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93891) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4913) | &nbsp;&nbsp;$(80123) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15406 | &nbsp;&nbsp;$260439 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219141) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41673 |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69831) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2509) | &nbsp;&nbsp;$(28158) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;4605252 | &nbsp;&nbsp;$77054218 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230553 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(3365948) | &nbsp;&nbsp;&nbsp;&nbsp;(55200174) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;1371760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24084597 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179242) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1361267 | &nbsp;&nbsp;$23905355 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;8453755 | &nbsp;&nbsp;$143289439 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805283 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(2333147) | &nbsp;&nbsp;&nbsp;&nbsp;(37625026) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;6175278 | &nbsp;&nbsp;&nbsp;&nbsp;106469696 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(402352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6154639) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;5772926 | &nbsp;&nbsp;$100315057 |
| &nbsp;&nbsp;**Class P** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$197 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$197 |
| Year ended October 31, 2024: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$120 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$120 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R1<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;$2233 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164327) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9743) | &nbsp;&nbsp;$(161495) |
| &nbsp;&nbsp;**Class R2<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$1107 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207026) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12559) | &nbsp;&nbsp;$(205661) |
| &nbsp;&nbsp;**Class R3<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;$10673 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763050) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46429) | &nbsp;&nbsp;$(750696) |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;12486487 | &nbsp;&nbsp;$205600636 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095641 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(2558176) | &nbsp;&nbsp;&nbsp;&nbsp;(41703235) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;9993103 | &nbsp;&nbsp;&nbsp;&nbsp;164993042 |
| Shares converted into Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173000 |
| Shares converted from Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34829) |
| Net increase (decrease) | &nbsp;&nbsp;10001046 | &nbsp;&nbsp;$165131213 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;5683866 | &nbsp;&nbsp;$93448074 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481588 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(1075218) | &nbsp;&nbsp;&nbsp;&nbsp;(18117351) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;4641232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75812311 |
| Shares converted into Class R6 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154639 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;5042271 | &nbsp;&nbsp;$81966950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate

22 NYLI PineStone International Equity Fund

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reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

------

[**Table of Contents**](#JOB_NYLI__8ef40e38-0834-407c-9f2d-0205ec4f32c4_TOC)

#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI PineStone U.S. Equity Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img92fa3d301.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_517a3bc4-bd88-4dd5-b47e-a9f28c9b6004_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_517a3bc4-bd88-4dd5-b47e-a9f28c9b6004_3) | &nbsp;&nbsp;5 |
| [Notes to Financial Statements](#xx_c414f53f-f060-4ef9-83db-eec99224cf11_1) | &nbsp;&nbsp;13 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_df3057af-722a-4dc8-9acb-86e060cd5fc7_1) | &nbsp;&nbsp;20 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_df3057af-722a-4dc8-9acb-86e060cd5fc7_1) | &nbsp;&nbsp;20 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_df3057af-722a-4dc8-9acb-86e060cd5fc7_1) | &nbsp;&nbsp;20 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_dd0779c0-d055-4dc7-a429-0b7a6cac7fb5_1) | &nbsp;&nbsp;21 |

---

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 99.3%** | **Common Stocks 99.3%** | **Common Stocks 99.3%** |
| **Beverages 3.0%** | **Beverages 3.0%** | **Beverages 3.0%** |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 121409 | &nbsp;&nbsp;$16460632 |
| **Building Products 2.6%** | **Building Products 2.6%** | **Building Products 2.6%** |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 225434 | &nbsp;&nbsp;&nbsp;&nbsp; 14098642 |
| **Capital Markets 16.8%** | **Capital Markets 16.8%** | **Capital Markets 16.8%** |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 89370 | &nbsp;&nbsp;&nbsp;&nbsp; 24762640 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30997 | &nbsp;&nbsp;&nbsp;&nbsp; 13397523 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 82267 | &nbsp;&nbsp;&nbsp;&nbsp; 37276823 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29034 | &nbsp;&nbsp;&nbsp;&nbsp; 15826724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91263710 |
| **Chemicals 7.2%** | **Chemicals 7.2%** | **Chemicals 7.2%** |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp; 41488 | &nbsp;&nbsp;&nbsp;&nbsp; 18803606 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 57342 | &nbsp;&nbsp;&nbsp;&nbsp; 20237139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39040745 |
| **Commercial Services & Supplies 3.0%** | **Commercial Services & Supplies 3.0%** | **Commercial Services & Supplies 3.0%** |
| Copart, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 264700 | &nbsp;&nbsp;&nbsp;&nbsp; 16154641 |
| **Financial Services 5.7%** | **Financial Services 5.7%** | **Financial Services 5.7%** |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31242708 |
| **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921946 |
| **Health Care Providers & Services 3.8%** | **Health Care Providers & Services 3.8%** | **Health Care Providers & Services 3.8%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20544433 |
| **Hotels, Restaurants & Leisure 2.8%** | **Hotels, Restaurants & Leisure 2.8%** | **Hotels, Restaurants & Leisure 2.8%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15016968 |
| **Household Products 1.7%** | **Household Products 1.7%** | **Household Products 1.7%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9454361 |
| **Interactive Media & Services 8.0%** | **Interactive Media & Services 8.0%** | **Interactive Media & Services 8.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43593617 |
| **Life Sciences Tools & Services 2.4%** | **Life Sciences Tools & Services 2.4%** | **Life Sciences Tools & Services 2.4%** |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200128 |
| **Machinery 4.9%** | **Machinery 4.9%** | **Machinery 4.9%** |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12592586 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 147258 | &nbsp;&nbsp;$14176528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26769114 |
| **Pharmaceuticals 3.0%** | **Pharmaceuticals 3.0%** | **Pharmaceuticals 3.0%** |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 105677 | &nbsp;&nbsp;&nbsp;&nbsp; 16518372 |
| **Semiconductors & Semiconductor Equipment 2.9%** | **Semiconductors & Semiconductor Equipment 2.9%** | **Semiconductors & Semiconductor Equipment 2.9%** |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 80128 | &nbsp;&nbsp;&nbsp;&nbsp; 15618550 |
| **Software 14.5%** | **Software 14.5%** | **Software 14.5%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25014 | &nbsp;&nbsp;&nbsp;&nbsp; 9379750 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 127377 | &nbsp;&nbsp;&nbsp;&nbsp; 50347033 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 136043 | &nbsp;&nbsp;&nbsp;&nbsp; 19143971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78870754 |
| **Specialty Retail 14.6%** | **Specialty Retail 14.6%** | **Specialty Retail 14.6%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10401 | &nbsp;&nbsp;&nbsp;&nbsp; 39134803 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 81367 | &nbsp;&nbsp;&nbsp;&nbsp; 18190407 |
| TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 170311 | &nbsp;&nbsp;&nbsp;&nbsp; 21915619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79240829 |
| **Textiles, Apparel & Luxury Goods 1.3%** | **Textiles, Apparel & Luxury Goods 1.3%** | **Textiles, Apparel & Luxury Goods 1.3%** |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7317110 |
| Total Common Stocks<br> (Cost $468,697,039) |  | &nbsp;&nbsp;&nbsp;&nbsp;540327260 |
| **Short-Term Investment 0.6%** | **Short-Term Investment 0.6%** | **Short-Term Investment 0.6%** |
| **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** | **Affiliated Investment Company 0.6%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (b) | &nbsp;&nbsp;&nbsp;&nbsp;2980867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980867 |
| Total Short-Term Investment<br> (Cost $2,980,867) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980867 |
| Total Investments<br> (Cost $471,677,906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;543308127 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567777 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$543875904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$1526 | &nbsp;&nbsp;$34935 | &nbsp;&nbsp;$(33480) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2981 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;$— | &nbsp;&nbsp;2981 |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $540327260 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $540327260 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 2980867 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2980867 |
| Total Investments in Securities | &nbsp;&nbsp;$543308127 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$543308127 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI PineStone U.S. Equity Fund

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $468,697,039) | $540327260 |
| Investment in affiliated investment companies, at value<br> (identified cost $2,980,867) | &nbsp;&nbsp;&nbsp;&nbsp;2980867 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523428 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245117 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;544155480 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239851 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19959 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10823 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279576 |
| Net assets | $543875904 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $29564 |
| Additional paid-in-capital | &nbsp;&nbsp;469305644 |
|  | &nbsp;&nbsp;469335208 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;74540696 |
| Net assets | $543875904 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $4206685 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229527 |
| Net asset value per share outstanding | $18.33 |
| Maximum sales charge (5.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Maximum offering price per share outstanding | $19.29 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $59057 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 |
| Net asset value and offering price per share outstanding | $18.13 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $190916785 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;10378097 |
| Net asset value and offering price per share outstanding | $18.40 |
| **Class P** |  |
| Net assets applicable to outstanding shares | $101165879 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5498145 |
| Net asset value and offering price per share outstanding | $18.40 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $247527498 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;13454503 |
| Net asset value and offering price per share outstanding | $18.40 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated | $3679079 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41296 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;3720381 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1557288 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136754 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52679 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37533 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13567 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;1825072 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1895309 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;3172359 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments | &nbsp;&nbsp;(19962067) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(16789708) |
| Net increase (decrease) in net assets resulting from operations | $(14894399) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI PineStone U.S. Equity Fund

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1895309 | &nbsp;&nbsp;$2391925 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3172359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5229034 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(19962067) | &nbsp;&nbsp;&nbsp;&nbsp;67884201 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(14894399) | &nbsp;&nbsp;&nbsp;&nbsp;75505160 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(3054578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | &nbsp;&nbsp;&nbsp;&nbsp;(1545166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(4243315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(627056) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(8890058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(998187) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;41642256 | &nbsp;&nbsp;&nbsp;&nbsp;346639157 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;7585397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902352 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(45432363) | &nbsp;&nbsp;&nbsp;&nbsp;(61381895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;3795290 | &nbsp;&nbsp;&nbsp;&nbsp;286159614 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(19989167) | &nbsp;&nbsp;&nbsp;&nbsp;360666587 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;563865071 | &nbsp;&nbsp;&nbsp;&nbsp;203198484 |
| End of period | $543875904 | &nbsp;&nbsp;$563865071 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30,<br> 2019<sup>^</sup> through<br> March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$19.11 | &nbsp;&nbsp;&nbsp;&nbsp;$15.54 | &nbsp;&nbsp;&nbsp;&nbsp;$15.16 | &nbsp;&nbsp;&nbsp;&nbsp;$15.92 | &nbsp;&nbsp;&nbsp;&nbsp;$13.93 | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.33 | &nbsp;&nbsp;&nbsp;&nbsp;$19.11 | &nbsp;&nbsp;&nbsp;&nbsp;$15.54 | &nbsp;&nbsp;&nbsp;&nbsp;$15.16 | &nbsp;&nbsp;&nbsp;&nbsp;$15.92 | &nbsp;&nbsp;&nbsp;&nbsp;$13.93 | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.34%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.20% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.04% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.96)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$4207 | &nbsp;&nbsp;&nbsp;&nbsp;$3437 | &nbsp;&nbsp;&nbsp;&nbsp;$769 | &nbsp;&nbsp;&nbsp;&nbsp;$17 | &nbsp;&nbsp;&nbsp;&nbsp;$16 | &nbsp;&nbsp;&nbsp;&nbsp;$14 | &nbsp;&nbsp;&nbsp;&nbsp;$9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI PineStone U.S. Equity Fund

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.92 | &nbsp;&nbsp;&nbsp;&nbsp;$15.51 | &nbsp;&nbsp;&nbsp;&nbsp;$16.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.13 | &nbsp;&nbsp;&nbsp;&nbsp;$18.92 | &nbsp;&nbsp;&nbsp;&nbsp;$15.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.96)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**September 30,<br> 2019^ through<br> March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;$15.57 | &nbsp;&nbsp;&nbsp;&nbsp;$15.17 | &nbsp;&nbsp;&nbsp;&nbsp;$15.94 | &nbsp;&nbsp;&nbsp;&nbsp;$13.95 | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.40 | &nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;$15.57 | &nbsp;&nbsp;&nbsp;&nbsp;$15.17 | &nbsp;&nbsp;&nbsp;&nbsp;$15.94 | &nbsp;&nbsp;&nbsp;&nbsp;$13.95 | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.75)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.74%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.48% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.91)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$190917 | &nbsp;&nbsp;&nbsp;&nbsp;$198445 | &nbsp;&nbsp;&nbsp;&nbsp;$96988 | &nbsp;&nbsp;&nbsp;&nbsp;$89251 | &nbsp;&nbsp;&nbsp;&nbsp;$97068 | &nbsp;&nbsp;&nbsp;&nbsp;$81645 | &nbsp;&nbsp;&nbsp;&nbsp;$43299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI PineStone U.S. Equity Fund

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28,<br> 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;$15.58 | &nbsp;&nbsp;&nbsp;&nbsp;$16.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.40 | &nbsp;&nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;&nbsp;$15.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.71)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$101166 | &nbsp;&nbsp;&nbsp;&nbsp;$97236 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__80ab6b2a-130b-4ed8-a9fe-9100ba3a9783_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$19.19 | &nbsp;&nbsp;&nbsp;&nbsp;$15.57 | &nbsp;&nbsp;&nbsp;&nbsp;$16.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.40 | &nbsp;&nbsp;&nbsp;&nbsp;$19.19 | &nbsp;&nbsp;&nbsp;&nbsp;$15.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.77)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$247527 | &nbsp;&nbsp;&nbsp;&nbsp;$264686 | &nbsp;&nbsp;&nbsp;&nbsp;$105394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI PineStone U.S. Equity Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI PineStone U.S. Equity Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund"), which was a series of a different registered investment company for which Fiera Capital, Inc. served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization on August 28, 2023. Upon completion of the reorganization, the Class A and Class I shares of the Fund assumed the performance, financial and other information of the corresponding shares of the Predecessor Fund. All information provided for periods prior to August 28, 2023, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;September 30, 2019 |
| Class C | &nbsp;&nbsp;August 28, 2023 |
| Class I | &nbsp;&nbsp;September 30, 2019 |
| Class P | &nbsp;&nbsp;August 28, 2023 |
| Class R6 | &nbsp;&nbsp;August 28, 2023 |

---

Class A shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A shares at the end of the calendar quarter eight years after the date they were purchased. Class P shares are generally only available to investors that have a relationship with PineStone Asset Management Inc. and are invested directly with the Fund. An investment minimum of $5,000,000 for Class P shares applies and no subsequent investment minimum. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same

voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A shares. Class I, Class R6 and Class P shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek long-term capital appreciation.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring

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Notes to Financial Statements (Unaudited) (continued)

appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which

14 NYLI PineStone U.S. Equity Fund

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there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax

liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least annually and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

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Notes to Financial Statements (Unaudited) (continued)

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

(H) Large Transaction Risks. From time to time, the Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund's transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve

future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. PineStone Asset Management Inc. ("PineStone" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and PineStone, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.55% of the Fund's average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 0.99%; Class C, 1.89%; Class I, 0.74%; Class R6, 0.73% and Class P, 0.74%. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $1,557,288 and paid the Subadvisor fees in the amount of $778,644.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations.

16 NYLI PineStone U.S. Equity Fund

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For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A Plan, the Distributor receives a monthly fee from the Class A shares at an annual rate of 0.25% of the average daily net assets of the Class A shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I, Class R6 and Class P shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A shares during the six-month period ended April 30, 2025, were $2,587.

During the six-month period ended April 30, 2025, the Fund was also advised that the Distributor did not retain any CDSCs on redemptions of any shares within the Fund.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses

incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$2497 | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;126889 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$28352 | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;28217 | &nbsp;&nbsp;47.8 |
| Class P | &nbsp;&nbsp;&nbsp;&nbsp;28796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;28796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $477082675 | $82109947 | $(15884495) | $66225452 |

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Notes to Financial Statements (Unaudited) (continued)

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$752334 |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;245853 |
| Total | &nbsp;&nbsp;$998187 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month

period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $34,002 and $37,953, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55811 | &nbsp;&nbsp;$1062445 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46385 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162763) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49689 | &nbsp;&nbsp;$946067 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141777 | &nbsp;&nbsp;$2483155 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213748) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130325 | &nbsp;&nbsp;$2273469 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;$614 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;$614 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;$53900 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25249) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;$28733 |

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18 NYLI PineStone U.S. Equity Fund

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973259 | &nbsp;&nbsp;$18493940 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618193 |
| Shares redeemed | &nbsp;&nbsp;(1064853) | &nbsp;&nbsp;&nbsp;&nbsp;(20604989) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40172 | &nbsp;&nbsp;$507144 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;5032163 | &nbsp;&nbsp;$90703281 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271130 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(938235) | &nbsp;&nbsp;&nbsp;&nbsp;(17239103) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;4110028 | &nbsp;&nbsp;$73735308 |
| &nbsp;&nbsp;**Class P** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755351 | &nbsp;&nbsp;$14342742 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756998 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(360608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6969459) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432841 | &nbsp;&nbsp;$8130281 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;5192825 | &nbsp;&nbsp;$94841799 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(129063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2491650) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;5063768 | &nbsp;&nbsp;$92350245 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390133 | &nbsp;&nbsp;$7743129 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163207 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(935707) | &nbsp;&nbsp;&nbsp;&nbsp;(17695152) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(336052) | &nbsp;&nbsp;$(5788816) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;9210115 | &nbsp;&nbsp;$158557022 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626982 |
| Shares redeemed | &nbsp;&nbsp;(2225101) | &nbsp;&nbsp;&nbsp;&nbsp;(41412145) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;7022268 | &nbsp;&nbsp;$117771859 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative

threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI PineStone Global Equity Fund

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### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img8b1cf98f1.jpg)

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**Table of Contents**

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_e414a307-65b2-4731-b6ce-89110c4f1b6e_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_e414a307-65b2-4731-b6ce-89110c4f1b6e_4) | &nbsp;&nbsp;6 |
| [Notes to Financial Statements](#xx_5452e13d-a1cd-4ca4-9c13-d33fa470c5c5_1) | &nbsp;&nbsp;14 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_9d15bbc1-8859-420c-9f68-edd5c68574bd_1) | &nbsp;&nbsp;22 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_9d15bbc1-8859-420c-9f68-edd5c68574bd_1) | &nbsp;&nbsp;22 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_9d15bbc1-8859-420c-9f68-edd5c68574bd_1) | &nbsp;&nbsp;22 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_3bbadec9-7aa9-4790-b028-d25a3556d190_1) | &nbsp;&nbsp;23 |

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 99.0%** | **Common Stocks 99.0%** | **Common Stocks 99.0%** |
| **Denmark 1.9%** | **Denmark 1.9%** | **Denmark 1.9%** |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp;11968 | &nbsp;&nbsp;$797283 |
| **France 3.1%** | **France 3.1%** | **France 3.1%** |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 2361 | &nbsp;&nbsp;&nbsp;&nbsp; 1302865 |
| **India 1.9%** | **India 1.9%** | **India 1.9%** |
| HDFC Bank Ltd., ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp; 827576 |
| **Japan 3.4%** | **Japan 3.4%** | **Japan 3.4%** |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp; 3467 | &nbsp;&nbsp;&nbsp;&nbsp; 1456092 |
| **Netherlands 3.0%** | **Netherlands 3.0%** | **Netherlands 3.0%** |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp; 1941 | &nbsp;&nbsp;&nbsp;&nbsp; 1299358 |
| **Switzerland 5.2%** | **Switzerland 5.2%** | **Switzerland 5.2%** |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | &nbsp;&nbsp;&nbsp;&nbsp; 7994 | &nbsp;&nbsp;&nbsp;&nbsp; 1406487 |
| Geberit AG (Registered) (Building Products) | &nbsp;&nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp;&nbsp; 817684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224171 |
| **Taiwan 6.3%** | **Taiwan 6.3%** | **Taiwan 6.3%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;16091 | &nbsp;&nbsp;&nbsp;&nbsp; 2682209 |
| **United Kingdom 5.8%** | **United Kingdom 5.8%** | **United Kingdom 5.8%** |
| Diageo plc (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp;27979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780935 |
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | &nbsp;&nbsp;&nbsp;&nbsp;12471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334355 |
| Intertek Group plc (Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467473 |
| **United States 68.4%** | **United States 68.4%** | **United States 68.4%** |
| Alphabet, Inc., Class A (Interactive Media & Services) | &nbsp;&nbsp;&nbsp;&nbsp;16686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649737 |
| AutoZone, Inc. (Specialty Retail) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313999 |
| Carrier Global Corp. (Building Products) | &nbsp;&nbsp;&nbsp;&nbsp;16768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048671 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CME Group, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 7279 | &nbsp;&nbsp;$2016865 |
| Copart, Inc. (Commercial Services & Supplies) (a) | &nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp; 787287 |
| Graco, Inc. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;10732 | &nbsp;&nbsp;&nbsp;&nbsp; 875838 |
| Johnson & Johnson (Pharmaceuticals) | &nbsp;&nbsp;&nbsp;&nbsp; 6154 | &nbsp;&nbsp;&nbsp;&nbsp; 961932 |
| Mastercard, Inc., Class A (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp;&nbsp; 2181279 |
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp;&nbsp; 837186 |
| Microsoft Corp. (Software) | &nbsp;&nbsp;&nbsp;&nbsp; 6881 | &nbsp;&nbsp;&nbsp;&nbsp; 2719784 |
| Moody's Corp. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 4630 | &nbsp;&nbsp;&nbsp;&nbsp; 2097945 |
| MSCI, Inc. (Capital Markets) | &nbsp;&nbsp;&nbsp;&nbsp; 2674 | &nbsp;&nbsp;&nbsp;&nbsp; 1457624 |
| Nestle SA (Registered) (Food Products) | &nbsp;&nbsp;&nbsp;&nbsp;14066 | &nbsp;&nbsp;&nbsp;&nbsp; 1497081 |
| Oracle Corp. (Software) | &nbsp;&nbsp;&nbsp;&nbsp;10627 | &nbsp;&nbsp;&nbsp;&nbsp; 1495431 |
| Otis Worldwide Corp. (Machinery) | &nbsp;&nbsp;&nbsp;&nbsp;11962 | &nbsp;&nbsp;&nbsp;&nbsp; 1151582 |
| PepsiCo, Inc. (Beverages) | &nbsp;&nbsp;&nbsp;&nbsp; 6677 | &nbsp;&nbsp;&nbsp;&nbsp; 905268 |
| Sherwin-Williams Co. (The) (Chemicals) | &nbsp;&nbsp;&nbsp;&nbsp; 4080 | &nbsp;&nbsp;&nbsp;&nbsp; 1439914 |
| TJX Cos., Inc. (The) (Specialty Retail) | &nbsp;&nbsp;&nbsp;&nbsp;12513 | &nbsp;&nbsp;&nbsp;&nbsp; 1610173 |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | &nbsp;&nbsp;&nbsp;&nbsp; 2833 | &nbsp;&nbsp;&nbsp;&nbsp; 1165609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29213205 |
| Total Common Stocks<br> (Cost $34,321,219) |  | &nbsp;&nbsp;&nbsp;&nbsp;42270232 |
| **Short-Term Investment 0.1%** | **Short-Term Investment 0.1%** | **Short-Term Investment 0.1%** |
| **Affiliated Investment Company 0.1%** | **Affiliated Investment Company 0.1%** | **Affiliated Investment Company 0.1%** |
| **United States 0.1%** | **United States 0.1%** | **United States 0.1%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (b) | &nbsp;&nbsp;&nbsp;&nbsp;35098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35098 |
| Total Short-Term Investment<br> (Cost $35,098) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35098 |
| Total Investments<br> (Cost $34,356,317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1% | &nbsp;&nbsp;&nbsp;&nbsp;42305330 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393046 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$42698376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22470 | &nbsp;&nbsp;$(22435) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$— | &nbsp;&nbsp;35 |

---

Abbreviation(s): <br> ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp; $— | &nbsp;&nbsp; $797283 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $797283 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1302865 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1302865 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1456092 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1456092 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1299358 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1299358 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2224171 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2224171 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2467473 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 2467473 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp; 27716124 | &nbsp;&nbsp;&nbsp;&nbsp; 1497081 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 29213205 |
| &nbsp;&nbsp;&nbsp;All Other Countries | &nbsp;&nbsp;&nbsp;&nbsp; 3509785 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3509785 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;31225909 | &nbsp;&nbsp;&nbsp;&nbsp;11044323 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42270232 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 35098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 35098 |
| Total Investments in Securities | &nbsp;&nbsp;$31261007 | &nbsp;&nbsp;$11044323 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$42305330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI PineStone Global Equity Fund

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

The table below sets forth the diversification of the Fund's investments by industry.

#### Industry Diversification

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Percent <sup>†</sup><sup>^</sup>** |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;$827576 | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686203 | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866355 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572434 | &nbsp;&nbsp;&nbsp;&nbsp;13.1 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439914 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787287 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456092 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181279 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497081 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165609 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334355 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649737 | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837186 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027420 | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759215 | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352183 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981567 | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215215 | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924172 | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709352 | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42270232 | &nbsp;&nbsp;&nbsp;&nbsp;99.0 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35098 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393046 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$42698376 | &nbsp;&nbsp;100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

† Percentages indicated are based on Fund net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

^ Industry and country classifications may be different than those used for compliance monitoring purposes.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in unaffiliated securities, at value<br> (identified cost $34,321,219) | $42270232 |
| Investment in affiliated investment companies, at value<br> (identified cost $35,098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35098 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216285 |
| Cash denominated in foreign currencies<br> (identified cost $19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139512 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;42711448 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9888 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13072 |
| Net assets | $42698376 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $2266 |
| Additional paid-in-capital | &nbsp;&nbsp;33788494 |
|  | &nbsp;&nbsp;33790760 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;8907616 |
| Net assets | $42698376 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $1037116 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55331 |
| Net asset value per share outstanding | $18.74 |
| Maximum sales charge (5.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Maximum offering price per share outstanding | $19.83 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $42275 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281 |
| Net asset value and offering price per share outstanding<sup>(a)</sup> | $18.54 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $36421200 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1932640 |
| Net asset value and offering price per share outstanding | $18.85 |
| **Class P** |  |
| Net assets applicable to outstanding shares | $5156413 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273262 |
| Net asset value and offering price per share outstanding | $18.87 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $41372 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 |
| Net asset value and offering price per share outstanding<sup>(a)</sup> | $18.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The difference between the calculated and stated NAV was caused by rounding.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI PineStone Global Equity Fund

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends-unaffiliated (net of foreign tax withholding of $21,270) | $269852 |
| &nbsp;&nbsp;&nbsp;Dividends-affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377 |
| &nbsp;&nbsp;&nbsp;Securities lending, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;275235 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;126708 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39477 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28811 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14898 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;220759 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;136030 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;139205 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;958839 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;960677 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(2418551) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(2413943) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(1453266) |
| Net increase (decrease) in net assets resulting from operations | $(1314061) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $139205 | &nbsp;&nbsp;$136092 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960677 | &nbsp;&nbsp;&nbsp;&nbsp;2369822 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(2413943) | &nbsp;&nbsp;&nbsp;&nbsp;3267880 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(1314061) | &nbsp;&nbsp;&nbsp;&nbsp;5773794 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;(1523643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(1591049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146203) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;21948057 | &nbsp;&nbsp;&nbsp;&nbsp;4869975 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1442333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124320 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(3486449) | &nbsp;&nbsp;&nbsp;&nbsp;(7548504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;19903941 | &nbsp;&nbsp;&nbsp;&nbsp;(2554209) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;16998831 | &nbsp;&nbsp;&nbsp;&nbsp;3073382 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;25699545 | &nbsp;&nbsp;&nbsp;&nbsp;22626163 |
| End of period | $42698376 | &nbsp;&nbsp;$25699545 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI PineStone Global Equity Fund

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.37 | &nbsp;&nbsp;&nbsp;&nbsp;$16.47 | &nbsp;&nbsp;&nbsp;&nbsp;$16.87 | &nbsp;&nbsp;&nbsp;&nbsp;$18.23 | &nbsp;&nbsp;&nbsp;&nbsp;$17.05 | &nbsp;&nbsp;&nbsp;&nbsp;$11.63 | &nbsp;&nbsp;&nbsp;&nbsp;$12.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.74 | &nbsp;&nbsp;&nbsp;&nbsp;$20.37 | &nbsp;&nbsp;&nbsp;&nbsp;$16.47 | &nbsp;&nbsp;&nbsp;&nbsp;$16.87 | &nbsp;&nbsp;&nbsp;&nbsp;$18.23 | &nbsp;&nbsp;&nbsp;&nbsp;$17.05 | &nbsp;&nbsp;&nbsp;&nbsp;$11.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.34)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.19%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.37% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.26)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1037 | &nbsp;&nbsp;&nbsp;&nbsp;$1005 | &nbsp;&nbsp;&nbsp;&nbsp;$1117 | &nbsp;&nbsp;&nbsp;&nbsp;$1104 | &nbsp;&nbsp;&nbsp;&nbsp;$1157 | &nbsp;&nbsp;&nbsp;&nbsp;$996 | &nbsp;&nbsp;&nbsp;&nbsp;$340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.21 | &nbsp;&nbsp;&nbsp;&nbsp;$16.45 | &nbsp;&nbsp;&nbsp;&nbsp;$17.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.54 | &nbsp;&nbsp;&nbsp;&nbsp;$20.21 | &nbsp;&nbsp;&nbsp;&nbsp;$16.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.48)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;&nbsp;$43 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI PineStone Global Equity Fund

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.50 | &nbsp;&nbsp;&nbsp;&nbsp;$16.56 | &nbsp;&nbsp;&nbsp;&nbsp;$16.93 | &nbsp;&nbsp;&nbsp;&nbsp;$18.29 | &nbsp;&nbsp;&nbsp;&nbsp;$17.11 | &nbsp;&nbsp;&nbsp;&nbsp;$11.66 | &nbsp;&nbsp;&nbsp;&nbsp;$12.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.85 | &nbsp;&nbsp;&nbsp;&nbsp;$20.50 | &nbsp;&nbsp;&nbsp;&nbsp;$16.56 | &nbsp;&nbsp;&nbsp;&nbsp;$16.93 | &nbsp;&nbsp;&nbsp;&nbsp;$18.29 | &nbsp;&nbsp;&nbsp;&nbsp;$17.11 | &nbsp;&nbsp;&nbsp;&nbsp;$11.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.21)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.53%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92)% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.78% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.97)% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% (f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% (f)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%††(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$36421 | &nbsp;&nbsp;&nbsp;&nbsp;$24582 | &nbsp;&nbsp;&nbsp;&nbsp;$21438 | &nbsp;&nbsp;&nbsp;&nbsp;$27257 | &nbsp;&nbsp;&nbsp;&nbsp;$31172 | &nbsp;&nbsp;&nbsp;&nbsp;$26361 | &nbsp;&nbsp;&nbsp;&nbsp;$15613 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | Based on net asset value as of end of period date. |
| (e) | Not annualized for periods less than one year. |
| (f) | The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios. |
| (g) | Annualized, with the exception of non-recurring organizational costs. |
| (h) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28,<br> 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.51 | &nbsp;&nbsp;&nbsp;&nbsp;$16.56 | &nbsp;&nbsp;&nbsp;&nbsp;$17.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.87 | &nbsp;&nbsp;&nbsp;&nbsp;$20.51 | &nbsp;&nbsp;&nbsp;&nbsp;$16.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.33)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$5156 | &nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI PineStone Global Equity Fund

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Financial Highlights selected per share data and ratios

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 28, 2023^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.50 | &nbsp;&nbsp;&nbsp;&nbsp;$16.56 | &nbsp;&nbsp;&nbsp;&nbsp;$17.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.85 | &nbsp;&nbsp;&nbsp;&nbsp;$20.50 | &nbsp;&nbsp;&nbsp;&nbsp;$16.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.24)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.33)%(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$41 | &nbsp;&nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fe704024-cdc6-454b-b354-b0db3e647d29_TOC)

Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI PineStone Global Equity Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Fiera Capital Global Equity Fund (the "Predecessor Fund"), which was a series of a different registered investment company for which Fiera Capital, Inc. served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization on August 28, 2023. Upon completion of the reorganization, the Class A and Class I shares of the Fund assumed the performance, financial and other information of the corresponding shares of the Predecessor Fund. All information provided for periods prior to August 28, 2023, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

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| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;April 28, 2017 |
| Class C | &nbsp;&nbsp;August 28, 2023 |
| Class I | &nbsp;&nbsp;April 28, 2017 |
| Class P | &nbsp;&nbsp;August 28, 2023 |
| Class R6 | &nbsp;&nbsp;August 28, 2023 |

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Class A shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A shares at the end of the calendar quarter eight years after the date they were purchased. Class P shares are generally only available to investors that have a relationship with PineStone Asset Management Inc. and are invested directly with the Fund. An investment minimum of $5,000,000 for Class P shares applies and no subsequent investment minimum. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same

voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A shares. Class I, Class R6 and Class P shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek capital appreciation.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring

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appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

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| | |
|:---|:---|
| • Broker/dealer quotes | &nbsp;&nbsp;• Benchmark securities |
| • Two-sided markets | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Bids/offers | &nbsp;&nbsp;• Monthly payment information |
| • Industry and economic events | &nbsp;&nbsp;• Reported trades |

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An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which

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Notes to Financial Statements (Unaudited) (continued)

there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund's NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Valuation Designee may, pursuant to the Valuation Procedures, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.

If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter

assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund's net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes

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in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least annually and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(H) Foreign Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between

the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund's books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the Fund engages in securities lending, the Fund will lend through its custodian, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agreement between the Fund and JPMorgan, and indemnify the Fund in the event that any borrower of any securities loaned fails to return any of the loaned securities when due pursuant to the terms of the applicable securities lending agreement. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or certain of its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. Non-cash collateral held at year end is segregated and cannot be transferred by the Fund. The Fund bears the risk of delay in recovery of the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive distributions (including, but not limited to, interest and dividends) on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations.

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Notes to Financial Statements (Unaudited) (continued)

(J) Foreign Securities Risk. The Fund invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments that may affect the value of investments in foreign securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(K) Large Transaction Risks. From time to time, the Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund's transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(L) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility

of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. PineStone Asset Management Inc. ("PineStone" or the "Subadvisor"), a registered investment adviser, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and PineStone, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.80% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 1.10%; Class C, 2.00%; Class I, 0.85%; Class P, 0.85% and Class R6, 0.84%. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $126,708 and waived fees and/or reimbursed expenses in the amount of $84,729 and paid the Subadvisor fees in the amount of $63,356.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

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Pursuant to the Class A Plan, the Distributor receives a monthly fee from the Class A shares at an annual rate of 0.25% of the average daily net assets of the Class A shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I, Class R6 and Class P shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A shares during the six-month period ended April 30, 2025, were $38.

During the six-month period ended April 30, 2025, the Fund was also advised that the Distributor did not retain any CDSCs on redemptions of any shares within the Fund.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$159 | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;— |

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(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than

$1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

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| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$28554 | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;28177 | &nbsp;&nbsp;66.7 |
| Class P | &nbsp;&nbsp;&nbsp;&nbsp;28728 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;28714 | &nbsp;&nbsp;69.4 |

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#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $34508872 | $8546231 | $(749773) | $7796458 |

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During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$146203 |

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#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount

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Notes to Financial Statements (Unaudited) (continued)

payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $22,398 and $4,212, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8061 | &nbsp;&nbsp;$153352 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60567 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97970) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;$115949 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50275 | &nbsp;&nbsp;$982254 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(22016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430559) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556906 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(47018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(943182) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(18466) | &nbsp;&nbsp;$(386276) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;$2552 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;$2552 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;$13099 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;$13153 |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;837016 | &nbsp;&nbsp;$16792078 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374927 |
| Shares redeemed | &nbsp;&nbsp;(172202) | &nbsp;&nbsp;&nbsp;&nbsp;(3388366) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;733355 | &nbsp;&nbsp;$14778639 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;195261 | &nbsp;&nbsp;$3706409 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118764 |
| Shares redeemed | &nbsp;&nbsp;(344178) | &nbsp;&nbsp;&nbsp;&nbsp;(6956383) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(142264) | &nbsp;&nbsp;&nbsp;&nbsp;(3131210) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943182 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(95479) | &nbsp;&nbsp;$(2188028) |

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20 NYLI PineStone Global Equity Fund

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class P** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;271740 | &nbsp;&nbsp;$5000001 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;271830 | &nbsp;&nbsp;$5001815 |
| Year ended October 31, 2024: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$139 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$139 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;$2626 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;$4986 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8423 | &nbsp;&nbsp;$168213 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161562) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;$6803 |

---

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI MacKay Strategic Muni Allocation Fund

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### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img8f5910f11.jpg)

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**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_f0df287b-a6d9-459f-b3d8-feb 55982f5fc_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_f0df287b-a6d9-459f-b3d8-feb 55982f5fc_48) | &nbsp;&nbsp;50 |
| [Notes to Financial Statements](#xx_dc595522-13ab-472d-b6ca-8762ac28220c_1) | &nbsp;&nbsp;59 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_f192ad64-e23d-4246-83e3-f82e009c5a5d_1) | &nbsp;&nbsp;69 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_f192ad64-e23d-4246-83e3-f82e009c5a5d_1) | &nbsp;&nbsp;69 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_f192ad64-e23d-4246-83e3-f82e009c5a5d_1) | &nbsp;&nbsp;69 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_0408aaa3-d5f2-4286-a9c3-56c7f13248c6_1) | &nbsp;&nbsp;70 |

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 98.5%** | **Municipal Bonds 98.5%** | **Municipal Bonds 98.5%** |
| **Long-Term Municipal Bonds 96.9%** | **Long-Term Municipal Bonds 96.9%** | **Long-Term Municipal Bonds 96.9%** |
| **Alabama 5.0%** | **Alabama 5.0%** | **Alabama 5.0%** |
| Alabama Federal Aid Highway Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/36 | &nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;$841794 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114218 |
| Alabama Housing Finance Authority, ECG Dry Creek LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500426 |
| Alabama Housing Finance Authority, Single-Family Mortgage, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615255 |
| Alabama Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610270 |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.97%, due 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547270 |
| Black Belt Energy Gas District, Gas Project No.4, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481340 |
| Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/52 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559114 |
| Black Belt Energy Gas District, Gas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637832 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.27%, due 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678874 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689845 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890654 |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7745747 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Alabama (continued)** | **Alabama (continued)** | **Alabama (continued)** |
| Black Belt Energy Gas District, Gas Project, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/55 (a) | &nbsp;&nbsp;&nbsp;$3110000 | &nbsp;&nbsp;$3298047 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1668375 |
| Black Belt Energy Gas District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1682695 |
| Energy Southeast, A Cooperative District Energy Supply, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204715 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706771 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660233 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973284 |
| Prichard Water Works & Sewer Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 11/1/28 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133250 |
| Southeast Alabama Gas Supply District (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7839766 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054951 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868001 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12621083 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005858 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934617 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077031 |
| Southeast Energy Authority A Cooperative District, Project No. 4, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685153 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Alabama (continued)** | **Alabama (continued)** | **Alabama (continued)** |
| Southeast Energy Authority A Cooperative District, Project No. 3, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/53 (a) | &nbsp;&nbsp;&nbsp;$1600000 | &nbsp;&nbsp;$1696704 |
| State of Alabama, Docks Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023807 |
| Town of Pike Road, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 896030 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/44 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89407889 |
| **Alaska 0.3%** | **Alaska 0.3%** | **Alaska 0.3%** |
| Alaska Municipal Bond Bank Authority, Unlimited General Obligation (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series 3 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143850 |
| &nbsp;&nbsp;&nbsp;Series 3 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257788 |
| &nbsp;&nbsp;&nbsp;Series 3 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321578 |
| &nbsp;&nbsp;&nbsp;Series 3 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109245 |
| **Arizona 2.6%** | **Arizona 2.6%** | **Arizona 2.6%** |
| Arizona Industrial Development Authority, Ball Charter Schools Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44192 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740510 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823360 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Arizona Industrial Development Authority, Cottonwood Ranch Apartments LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/42 (a) | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3069679 |
| Arizona Industrial Development Authority, Glendale Senior Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026290 |
| Chandler Industrial Development Authority, Intel Corp. Project, Revenue Bonds (a)(d) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2188560 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508061 |
| City of Goodyear, Water & Sewer, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379387 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927369 |
| City of Lake Havasu City, Wastewater System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253064 |
| City of Mesa, Utility System, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140329 |
| City of Mesa, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606380 |
| City of Tucson, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415574 |
| Glendale Industrial Development Authority, Royal Oaks Life Care Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603796 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Great Hearts Academies Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565623 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Industrial Development Authority of the City of Phoenix Arizona (The), Great Hearts Arizona Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;$1335000 | &nbsp;&nbsp;$1289566 |
| Industrial Development Authority of the County of Yavapai (The), Arizona Agribusiness and Equine Center, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/34 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 743087 |
| Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753204 |
| Maricopa County Industrial Development Authority, Banner Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199734 |
| Maricopa County Industrial Development Authority, Waste Management, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/1/31 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974103 |
| Maricopa County Industrial Development Authority, Banner Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040250 |
| Maricopa County Union High School District No. 210, Phoenix, Project of 2023, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116092 |
| Salt River Project Agricultural Improvement & Power District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786122 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609691 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Tucson Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/56 | &nbsp;&nbsp;&nbsp;$1170000 | &nbsp;&nbsp;$1252372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46056395 |
| **Arkansas 0.2%** | **Arkansas 0.2%** | **Arkansas 0.2%** |
| Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 9/1/49 (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016619 |
| Bentonville School District No. 6, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047090 |
| City of Batesville, Sales & Use Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511857 |
| Little Rock School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092619 |
| **California 8.4%** | **California 8.4%** | **California 8.4%** |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593133 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724584 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7587550 |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577042 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11168583 |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102625 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Enterprise Development Authority, Campbell Hall Episcopal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/1/40 | &nbsp;&nbsp;&nbsp;$655000 | &nbsp;&nbsp;$594526 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409015 |
| California Infrastructure & Economic Development Bank, J Paul Getty Trust (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/47 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022967 |
| California Infrastructure & Economic Development Bank, Roseville Sustainable Energy Partner LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674357 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/29 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420806 |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 10/1/41 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500651 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/31 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263882 |
| California Municipal Finance Authority, CHF-Davis I LLC - West Village Student Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006677 |
| California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360516 |
| California Municipal Finance Authority, Aldersly Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: California Mortgage Insurance |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500236 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California School Finance Authority, Classical Academies Oceanside Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/27 (e) | &nbsp;&nbsp;&nbsp;$695000 | &nbsp;&nbsp;$693423 |
| California School Finance Authority, Sonoma County Junior College District Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/41 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 208298 |
| California School Finance Authority, Classical Academies Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189158 |
| California State Public Works Board, Various Capital Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595181 |
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 9/2/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249990 |
| California Statewide Communities Development Authority, Kaiser Foundation Hospitals, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series M |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/38 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071608 |
| California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022515 |
| Central Valley Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828365 |
| City of Beaumont, Community Facilities District No. 2021-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412971 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Corona, Community Facilities District No. 2018-2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/29 | &nbsp;&nbsp;&nbsp;$100000 | &nbsp;&nbsp;$105366 |
| City of Los Angeles, Department of Airports, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/41 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7229445 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5760000 | &nbsp;&nbsp;&nbsp;&nbsp; 6232098 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/15/42 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474819 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/15/44 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279835 |
| City of San Mateo, Community Facilities District No. 2008-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088495 |
| Clovis Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254363 |
| County of Los Angeles Community Facilities District No. 2021-01, Improvement Area No. 1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103814 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185350 |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184942 |
| Foothill-De Anza Community College District, Election of 1999, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: NATL-RE FGIC |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914401 |
| Hercules Redevelopment Agency Successor Agency, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541021 |
| Kern Community College District, Election of 2016, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664580 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;$590000 | &nbsp;&nbsp;$607950 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1435849 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046501 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151151 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093001 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280507 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578976 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977063 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406965 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157977 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568728 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851082 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698715 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512285 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122820 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729520 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708182 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5360658 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214248 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556164 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475496 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432970 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;$310000 | &nbsp;&nbsp;$318367 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 519625 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 225878 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511149 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289082 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279101 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368829 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640041 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215041 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319432 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544275 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863386 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538290 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565408 |
| Los Angeles Unified School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002721 |
| Madera Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93925 |
| Northern California Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296529 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Oakland Unified School District, Election of 2020, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/46 | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$481804 |
| San Diego County Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4731742 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/38 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072902 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392516 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108301 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111472 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500392 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000238 |
| San Joaquin Valley Clean Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099035 |
| Santa Clara Unified School District, Election of 2018, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698579 |
| Saratoga Union School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847717 |
| Southern California Public Power Authority, Apex Power Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767426 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;$1240000 | &nbsp;&nbsp;$1333027 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067133 |
| State of California, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254077 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144483 |
| University of California, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series CA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152394097 |
| **Colorado 3.1%** | **Colorado 3.1%** | **Colorado 3.1%** |
| Adams 12 Five Star Schools, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6576824 |
| Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486199 |
| Arista Metropolitan District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572434 |
| Arkansas River Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021914 |
| Baseline Metropolitan District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243909 |
| Canyons Metropolitan District No. 5, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790261 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503282 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| City & County of Denver, Airport System, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2533951 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868986 |
| City & County of Denver, Pledged Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006440 |
| Colorado Bridge & Tunnel Enterprise, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053288 |
| Colorado Educational & Cultural Facilities Authority, Liberty Common School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387181 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406903 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350521 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305584 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971115 |
| Colorado Health Facilities Authority, Aberdeen Ridge, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240826 |
| Colorado Health Facilities Authority, SCL Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423556 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226179 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/35 | &nbsp;&nbsp;&nbsp;$180000 | &nbsp;&nbsp;$187572 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548010 |
| Colorado Health Facilities Authority, Intermountain Healthcare, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691071 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292073 |
| Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/59 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060825 |
| Colorado Housing and Finance Authority, Fitz Affordable Owner LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: FNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.48%, due 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460953 |
| Denver City & County School District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628775 |
| E-470 Public Highway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.671%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682428 |
| Fiddlers Business Improvement District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201281 |
| Ground Water Management Subdistrict of Central Colorado, Water Conservancy District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232282 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Gunnison County Housing Authority, Whetstone Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;$1640000 | &nbsp;&nbsp;$1732471 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1489204 |
| Jefferson Center Metropolitan District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 504993 |
| Midtown Clear Creek Metropolitan District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299537 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330258 |
| Ravenna Metropolitan District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465559 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790726 |
| Reata South Metropolitan District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009847 |
| Regional Transportation District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292256 |
| STC Metropolitan District No. 2, Limited General Obligation, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784955 |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045234 |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178285 |
| Sterling Ranch Community Authority Board, Colorado Limited Tax Supported and Special Revenue Senior Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935168 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425567 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| VDW Metropolitan District No. 2, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/45 | &nbsp;&nbsp;&nbsp;$580000 | &nbsp;&nbsp;$519764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55758447 |
| **Connecticut 0.6%** | **Connecticut 0.6%** | **Connecticut 0.6%** |
| City of New Haven, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284190 |
| Connecticut Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789669 |
| Connecticut State Health & Educational Facilities Authority, Yale-New Haven Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267791 |
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230247 |
| State of Connecticut, Transportation Infrastructure, Special Tax, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040179 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631204 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9985991 |
| **Delaware 0.5%** | **Delaware 0.5%** | **Delaware 0.5%** |
| Delaware State Economic Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789113 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020242 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** |
| Delaware State Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/55 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1065781 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740693 |
| Delaware State Housing Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777601 |
| **District of Columbia 0.3%** | **District of Columbia 0.3%** | **District of Columbia 0.3%** |
| District of Columbia Housing Finance Agency, Lisner Senior Independent Owner LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/41 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043385 |
| Metropolitan Washington Airports Authority, Aviation, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054488 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155872 |
| **Florida 4.3%** | **Florida 4.3%** | **Florida 4.3%** |
| Ave Maria Stewardship Community District, Phase 4 Master Improvement Project Area, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290217 |
| &nbsp;&nbsp;&nbsp;4.50%, due 5/1/33 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250324 |
| Capital Projects Finance Authority, PRG - UnionWest Properties LLC, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/39 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914881 |
| Capital Trust Agency, Inc., Advantage Academy of Hillsborough, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481021 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Capital Trust Authority, Mason Classical Academy, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/39 (e) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$970858 |
| CFM Community Development District, Capital Improvement, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90939 |
| City of Gainesville, Utilities System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 645055 |
| City of Hallandale Beach, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929947 |
| City of Palmetto, Renaissance Arts and Education, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100276 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103460 |
| City of West Palm Beach, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539623 |
| Cobblestone Community Development District, Assessment Area Two, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 5/1/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117639 |
| Collier County Educational Facilities Authority, Ave Maria University, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077552 |
| County of Broward, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755414 |
| County of Lee, Airport, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151526 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175612 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456771 |
| County of Miami-Dade, Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925856 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| County of Miami-Dade, Seaport Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/39 (d) | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1966124 |
| County of Miami-Dade, Aviation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/36 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051805 |
| County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238767 |
| East Nassau Stewardship District, PDP No. 4 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496005 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524949 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351498 |
| Florida Municipal Loan Council, Shingle Creek Transit & Utility Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 5/1/31 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269417 |
| Fort Pierce Utilities Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349488 |
| Greater Orlando Aviation Authority, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151015 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6809675 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852360 |
| Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690374 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds (d) (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/44 | &nbsp;&nbsp;&nbsp;$1700000 | &nbsp;&nbsp;$1760044 |
| Hilltop Point Community Development District, Assessment Area One, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99984 |
| Hilltop Point Community Development District, Assessment Area Two, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155138 |
| JEA Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107403 |
| Lakewood Ranch Stewardship District, Azario Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527271 |
| Lee County Industrial Development Authority, Lee Health System, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/33 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004964 |
| Miami Health Facilities Authority, Miami Jewish Health Systems Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556052 |
| Miami-Dade County Housing Finance Authority, Rainbow Village Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, due 3/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579662 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 FNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, due 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969509 |
| Mid-Bay Bridge Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500018 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Palm Beach County Housing Finance Authority, Everglades Townhomes LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/27 (a) | &nbsp;&nbsp;&nbsp;$994000 | &nbsp;&nbsp;$1004783 |
| Palm Coast Park Community Development District, Sawmill Branch Phase 2, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199512 |
| Preston Cove Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97973 |
| Reunion East Community Development District, Series 2021 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91301 |
| Reunion West Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86811 |
| Rolling Hills Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188633 |
| Seminole Improvement District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252938 |
| Southern Groves Community Development District No. 5, 2021 Assessment Area, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396703 |
| Sunbridge Stewardship District, Weslyn Park Project Assessment, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459749 |
| Tampa Bay Water, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686512 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891002 |
| Two Lakes Community Development District, Expansion Area Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425620 |
| &nbsp;&nbsp;&nbsp;3.75%, due 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589246 |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769961 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| V-Dana Community Development District, Assessment Area Two-2025 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 5/1/45 | &nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;$243698 |
| Verano No. 3 Community Development District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19585 |
| Village Community Development District No. 13, Phase III, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, due 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249672 |
| Village Community Development District No. 15, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 5/1/33 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100682 |
| Watergrass Community Development District II, Phase 2, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89139 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193013 |
| Wiregrass II Community Development District, Assessment Area Two, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77125609 |
| **Georgia 3.8%** | **Georgia 3.8%** | **Georgia 3.8%** |
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 7/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624759 |
| Atlanta Urban Residential Finance Authority, Englewood Multi-Family Apartments Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, due 2/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7834033 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| Atlanta Urban Residential Finance Authority, TBG Englewood Senior LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/28 (a) | &nbsp;&nbsp;&nbsp;$1440000 | &nbsp;&nbsp;$1483843 |
| City of Atlanta, Department of Aviation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 476035 |
| Development Authority of Burke County (The), Georgia Power Co., Revenue Bonds, First Series |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 11/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992618 |
| Development Authority of Burke County (The), Oglethorpe Power Corp. Vogtle Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544345 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821011 |
| Main Street Natural Gas, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/52 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988288 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/52 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997855 |
| &nbsp;&nbsp;&nbsp;Series E-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.621%, due 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5007778 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139878 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/53 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8341750 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414918 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20894208 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042580 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| Walton County Water & Sewer Authority, Walton-Hard Labor Creek Reservoir Water Treatment Facility Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/47 | &nbsp;&nbsp;&nbsp;$1700000 | &nbsp;&nbsp;$1792821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69396720 |
| **Guam 0.7%** | **Guam 0.7%** | **Guam 0.7%** |
| Antonio B Won Pat International Airport Authority, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206948 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104961 |
| Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467353 |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695578 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188748 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086384 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382498 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367368 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004488 |
| Territory of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451165 |
| Territory of Guam, Section 30, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015940 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11744058 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hawaii 0.4%** | **Hawaii 0.4%** | **Hawaii 0.4%** |
| Kauai County Community Facilities District No. 2008-1, Kukui'ula Development Project, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/26 | &nbsp;&nbsp;&nbsp;$80000 | &nbsp;&nbsp;$79821 |
| State of Hawaii, Airports System, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4639440 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2911629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7630890 |
| **Idaho 0.1%** | **Idaho 0.1%** | **Idaho 0.1%** |
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808993 |
| Idaho Housing & Finance Association, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.15%, due 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618844 |
| **Illinois 7.2%** | **Illinois 7.2%** | **Illinois 7.2%** |
| Chicago Board of Education, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130334 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064678 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023861 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508435 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500121 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510054 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090757 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381484 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930292 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;$655000 | &nbsp;&nbsp;$657158 |
| &nbsp;&nbsp;&nbsp;Series H |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 484387 |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019221 |
| Chicago Board of Education, Project, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449900 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6652494 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356541 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076484 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070850 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389878 |
| Chicago O'Hare International Airport, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078406 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266041 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351951 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778793 |
| Chicago O'Hare International Airport, TrIPs Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459682 |
| Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307413 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| City of Chicago, City Colleges, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/27 | &nbsp;&nbsp;&nbsp;$850000 | &nbsp;&nbsp;$802959 |
| City of Chicago, Grace Manor LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5032754 |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560897 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891428 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547778 |
| City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454327 |
| City of Chicago Heights, Olympic Village LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) GNMA |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 8/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996034 |
| City of Joliet, Rock Run Crossing Project, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124710 |
| City of Joliet, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057365 |
| City of Marion, STAR Bond District Project Area No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820017 |
| City of Springfield, Electric, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635011 |
| Fox Lake Public Library District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139595 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Illinois Finance Authority, University of Chicago (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/38 | &nbsp;&nbsp;&nbsp;$2350000 | &nbsp;&nbsp;$2247952 |
| Illinois Finance Authority, Centerpoint Joliet Terminal Railroad Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/1/50 (a)(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6091523 |
| Illinois Finance Authority, Carle Foundation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265836 |
| Illinois Finance Authority, Noble Network of Charter Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520757 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513635 |
| Illinois Finance Authority, Clean Water Initiative, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266954 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065421 |
| Illinois Finance Authority, Silver Cross Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307134 |
| Illinois Housing Development Authority, Social Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870844 |
| Illinois Housing Development Authority, Heart of Uptown Apartments Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, due 12/1/67 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6998693 |
| Illinois Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746223 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Illinois Housing Development Authority, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series I, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/1/55 | &nbsp;&nbsp;&nbsp;$2200000 | &nbsp;&nbsp;$2412535 |
| Illinois Housing Development Authority, Island Terrace 4% Preservation Associates LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6065091 |
| Illinois Housing Development Authority, Lakeview Landing LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1340523 |
| Illinois Municipal Electric Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462902 |
| Illinois Sports Facilities Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024123 |
| Illinois State Toll Highway Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385586 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814994 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992164 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002236 |
| Lake County Consolidated High School District No. 120, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887341 |
| Madison County Community Unit School District No. 7, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512325 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576242 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/28 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2060656 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014669 |
| Sales Tax Securitization Corp., Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342668 |
| Sales Tax Securitization Corp., Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498823 |
| Sales Tax Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100956 |
| St. Clair County Community Unit School District No. 187, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133645 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284147 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239691 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375349 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219288 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524557 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257210 |
| State of Illinois, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946744 |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032455 |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524593 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Village of Bradley, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/42 | &nbsp;&nbsp;&nbsp;$700000 | &nbsp;&nbsp;$719065 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 819069 |
| Will County School District No. 114, Manhattan, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 189247 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129225532 |
| **Indiana 1.7%** | **Indiana 1.7%** | **Indiana 1.7%** |
| Avon Community School Building Corp., First Mortgage Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100824 |
| Brownsburg 1999 School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060196 |
| City of Lafayette, Local Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048723 |
| City of Valparaiso, Pratt Paper LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 1/1/34 (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258128 |
| Greater Clark Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475358 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303479 |
| Indiana Finance Authority, Indiana University Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series L |  |  |
| &nbsp;&nbsp;&nbsp;0.70%, due 12/1/46 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637730 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500700 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, due 12/1/38 (d) | &nbsp;&nbsp;&nbsp;$4525000 | &nbsp;&nbsp;$4402107 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 218069 |
| Indiana Finance Authority, Southern Indiana Gas & Electric Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/38 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995952 |
| Indiana Finance Authority, Franciscan Alliance, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719402 |
| Indiana Housing & Community Development Authority, Tower Portfolio Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FHA 223(F) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503482 |
| Indiana Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902218 |
| IPS Multi-School Building Corp., Indianapolis Board of School Commissioners, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974670 |
| Terre Haute Sanitary District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770440 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040670 |
| Tri-Creek 2002 High School Building Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31056189 |
| **Iowa 1.9%** | **Iowa 1.9%** | **Iowa 1.9%** |
| City of Des Moines, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900170 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |
| City of Des Moines, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 6/1/38 | &nbsp;&nbsp;&nbsp;$540000 | &nbsp;&nbsp;$364992 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1862282 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1839561 |
| County of Polk, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896286 |
| County of Polk, Capital Loan Notes, Unlimited General Obligation (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816035 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486182 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032545 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874429 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820208 |
| Hampton-Dumont Community School District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994801 |
| Iowa City Community School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420302 |
| &nbsp;&nbsp;&nbsp;2.50%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751571 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375771 |
| Iowa Finance Authority, Mortgage-Backed Securities Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091568 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518634 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637663 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Iowa (continued)** | **Iowa (continued)** | **Iowa (continued)** |
| State of Iowa Board of Regents, University of Iowa Health Care's Hospital System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/41 | &nbsp;&nbsp;&nbsp;$7413000 | &nbsp;&nbsp;$7146437 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2775510 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1684840 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916289 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699020 |
| Waukee Community School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754266 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34367583 |
| **Kentucky 5.3%** | **Kentucky 5.3%** | **Kentucky 5.3%** |
| Adair County School District Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514564 |
| Anderson County School District Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032170 |
| Beechwood Independent School District Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654775 |
| Bullitt County School District Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719500 |
| City of Ashland, Royal Blue Health LLC Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190442 |
| City of Ashland, Ashland Hospital Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500082 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| City of Bowling Green, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 9/1/44 | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$296535 |
| City of Henderson, Pratt Paper LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 1/1/32 (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 333356 |
| Commonwealth of Kentucky, State Office Building Project, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013743 |
| County of Boyle, Centre College of Kentucky, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026205 |
| County of Warren, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523260 |
| County of Warren, Bowling Green-Warren County Community Hospital Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665049 |
| Fayette County School District Finance Corp., Fayette County School District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009930 |
| Hopkins County School District Finance Corp., School Building, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025193 |
| Jefferson County Kentucky Capital Projects Corp., Administrative Office of the Courts, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051081 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606619 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Jefferson County School District Finance Corp., Jefferson County Board of Education, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$4003090 |
| Jefferson County School District Finance Corp., Kentucky School Facilities Construction Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075670 |
| Kenton County Airport Board, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605236 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347870 |
| Kenton County School District Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959580 |
| Kentucky Bond Development Corp., Lexington Center Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636803 |
| Kentucky Bond Development Corp., Baptist Healthcare System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578697 |
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395457 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145636 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200472 |
| Kentucky Higher Education Student Loan Corp., Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607044 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kentucky Housing Corp., Churchill Park LLLP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, due 5/1/25 (e) | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3000000 |
| Kentucky Municipal Energy Agency, Energy Center I Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098884 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037533 |
| Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588746 |
| Kentucky Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691229 |
| Kentucky Public Energy Authority, Gas Supply, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595850 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657668 |
| Kentucky Public Energy Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15145391 |
| Kentucky Rural Water Finance Corp., Flexible Term Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120062 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125067 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130062 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140057 |
| &nbsp;&nbsp;&nbsp;Series D, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290258 |
| &nbsp;&nbsp;&nbsp;Series D, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245201 |
| &nbsp;&nbsp;&nbsp;Series D, Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315258 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kentucky Rural Water Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/28 | &nbsp;&nbsp;&nbsp;$175000 | &nbsp;&nbsp;$175083 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100041 |
| Kentucky State Property & Building Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 2549134 |
| Kentucky State Property & Building Commission, Project No. 115, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031833 |
| Kentucky State Property & Building Commission, Project No. 117, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510037 |
| Kentucky Turnpike Authority, Revitalization Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952064 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039877 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961009 |
| Lewis County School District Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105847 |
| Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826667 |
| Louisville Regional Airport Authority, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331573 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895282 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas and Electric Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 10/1/33 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$812084 |
| Murray State University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091823 |
| Pulaski County School District Finance Corp., Pulaski County School District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535135 |
| University of Kentucky, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95114072 |
| **Louisiana 0.7%** | **Louisiana 0.7%** | **Louisiana 0.7%** |
| City of New Orleans, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341133 |
| City of Shreveport, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669499 |
| Greater New Orleans Expressway Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505590 |
| Jefferson Davis Parish Road Sales Tax District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918694 |
| Jefferson Parish Consolidated Sewerage District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241582 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| Louisiana Housing Corp., Tivoli Place Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;&nbsp;$6000000 | &nbsp;&nbsp;$6103760 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Christwood Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 11/15/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 245686 |
| New Orleans Aviation Board, Louis Armstrong New Orleans International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027643 |
| **Maine 0.6%** | **Maine 0.6%** | **Maine 0.6%** |
| Maine Health & Higher Educational Facilities Authority, MaineHealth Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468443 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391441 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089728 |
| Maine State Housing Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;1.85%, due 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865792 |
| Maine Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026210 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381325 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Maryland 0.5%** | **Maryland 0.5%** | **Maryland 0.5%** |
| City of Baltimore, Harbor Point Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 6/1/33 | &nbsp;&nbsp;&nbsp;$100000 | &nbsp;&nbsp;$99049 |
| County of Charles, Consolidated Public Improvement, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 770521 |
| County of Frederick, Oakdale Lake Linganore Project, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 357061 |
| Maryland Community Development Administration, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021558 |
| Maryland Department of Housing & Community Development, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834819 |
| Maryland Economic Development Corp., Morgan View & Thurgood Marshall Student Housing, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502933 |
| Maryland Stadium Authority, Baltimore City Public School Construction Financing Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Intercept |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861469 |
| Maryland State Transportation Authority, Passenger Facility Charge, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/29 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330789 |
| Maryland Transportation Authority Passenger Facility Charge, Qualified Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/36 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273131 |
| Montgomery County Housing Opportunities Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: FHA 542(C) |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482748 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| State of Maryland Department of Transportation, BWI International Thurgood Marshall Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/40 (d) | &nbsp;&nbsp;&nbsp;$1275000 | &nbsp;&nbsp;$1367525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9901603 |
| **Massachusetts 0.6%** | **Massachusetts 0.6%** | **Massachusetts 0.6%** |
| Massachusetts Bay Transportation Authority, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 784674 |
| Massachusetts Bay Transportation Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648765 |
| Massachusetts Development Finance Agency, Provident Commonwealth Education Resources, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209260 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504987 |
| Massachusetts Development Finance Agency, Berkshire Retirement Community, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251508 |
| Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465029 |
| Massachusetts Educational Financing Authority, Educational Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 7/1/37 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535086 |
| Massachusetts Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 222, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508157 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Michigan 1.9%** | **Michigan 1.9%** | **Michigan 1.9%** |
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/28 | &nbsp;&nbsp;&nbsp;$240000 | &nbsp;&nbsp;$242241 |
| Charter Township of Emmett, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 930719 |
| City of Detroit, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 290394 |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449317 |
| Ferndale Public Schools, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134886 |
| Gerald R Ford International Airport Authority, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: County Guaranteed |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134745 |
| &nbsp;&nbsp;&nbsp;Insured: County Guaranteed |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123259 |
| Grand Blanc Community Schools, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002889 |
| Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008149 |
| Great Lakes Water Authority, Water Supply System, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003034 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524132 |
| Ida Public Schools, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296841 |
| Michigan Finance Authority, Trinity Health Credit Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series MI-3 |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 12/1/38 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027820 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

24 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Michigan Finance Authority, Trinity Health Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series MI-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/1/44 (a)(e) | &nbsp;&nbsp;&nbsp;$3440000 | &nbsp;&nbsp;$3440562 |
| Michigan Finance Authority, Beaumont Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999062 |
| Michigan Finance Authority, Universal Learning Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287174 |
| Michigan State Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series I |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007405 |
| Michigan State Housing Development Authority, 24 East Ltd. Dividend Housing Association LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 4/1/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764319 |
| Michigan State Housing Development Authority, Traditions of Holland Apartments Ltd. Dividend Housing Association LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031422 |
| Michigan State Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659740 |
| Michigan Strategic Fund, I-75 Improvement Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/31/38 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477373 |
| Michigan Strategic Fund, State of Michigan Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/43 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001722 |
| Richmond Community Schools, School Building and Site, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series I, Insured: Q-SBLF |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750105 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| State of Michigan, Trunk Line, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/44 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2188732 |
| Universal Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968131 |
| Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1475083 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34951515 |
| **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** |
| City of Independence, Global Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236506 |
| City of Minneapolis, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204570 |
| Minneapolis-St Paul Metropolitan Airports Commission, Private Activity, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/35 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060356 |
| Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/33 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194250 |
| Minnesota Housing Finance Agency, Residential Housing, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970400 |
| &nbsp;&nbsp;&nbsp;Series E, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998302 |
| Minnesota Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, due 7/1/38 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954641 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| Minnesota Housing Finance Agency, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/55 | &nbsp;&nbsp;&nbsp;$2400000 | &nbsp;&nbsp;$2671365 |
| &nbsp;&nbsp;&nbsp;Series U, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; 2596999 |
| Worthington Independent School District No. 518, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19006175 |
| **Mississippi 0.1%** | **Mississippi 0.1%** | **Mississippi 0.1%** |
| Mississippi Home Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045859 |
| **Missouri 1.5%** | **Missouri 1.5%** | **Missouri 1.5%** |
| City of St. Louis, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365632 |
| Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073954 |
| Hickman Mills C-1 School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125261 |
| Kansas City Industrial Development Authority, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/40 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595080 |
| Lees Summit Industrial Development Authority, John Knox Village Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.325%, due 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389212 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Missouri Housing Development Commission, First Place Homeownership Loan Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 5/1/56 | &nbsp;&nbsp;&nbsp;$2400000 | &nbsp;&nbsp;$2581649 |
| Missouri Housing Development Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9515000 | &nbsp;&nbsp;&nbsp;&nbsp; 10529562 |
| Missouri Joint Municipal Electric Utility Commission, Iatan 2 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192777 |
| Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463632 |
| Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, due 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27649308 |
| **Montana 0.0% ‡** | **Montana 0.0% ‡** | **Montana 0.0% ‡** |
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546653 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642293 |
| **Nebraska 0.6%** | **Nebraska 0.6%** | **Nebraska 0.6%** |
| Central Plains Energy Project, Project No. 3, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024560 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041442 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

26 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Nebraska (continued)** | **Nebraska (continued)** | **Nebraska (continued)** |
| Nebraska Investment Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 3/1/31 | &nbsp;&nbsp;&nbsp;$1150000 | &nbsp;&nbsp;$1013326 |
| Nebraska Public Power District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2282414 |
| Omaha Airport Authority, Airport Facilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/43 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332530 |
| Omaha Public Power District, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844721 |
| Omaha Public Power District, Nebraska City Station Unit 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703230 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501182 |
| Omaha School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10858138 |
| **Nevada 0.3%** | **Nevada 0.3%** | **Nevada 0.3%** |
| City of Sparks, Special Improvement District No. 1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423463 |
| County of Washoe, Sierra Pacific Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 3/1/36 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996131 |
| Henderson Local Improvement District No. T-22, Rainbow Canyon Phase II, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301939 |
| Reno-Tahoe Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/39 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767558 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Nevada (continued)** | **Nevada (continued)** | **Nevada (continued)** |
| State of Nevada, Highway Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$845518 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 822542 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 522186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679337 |
| **New Hampshire 1.5%** | **New Hampshire 1.5%** | **New Hampshire 1.5%** |
| New Hampshire Business Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 8/20/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644023 |
| &nbsp;&nbsp;&nbsp;Series 4, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.816%, due 11/20/39 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5821328 |
| &nbsp;&nbsp;&nbsp;Series 1, Class A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.168%, due 1/20/41 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509649 |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 7/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177029 |
| New Hampshire Business Finance Authority, Pennichuck Water Works, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/30 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349760 |
| New Hampshire Business Finance Authority, Sustainable Certificates, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 3, Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.163%, due 10/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314183 |
| New Hampshire Business Finance Authority, Adventist Health Energy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185328 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941921 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340791 |
| New Hampshire Health and Education Facilities Authority Act, Trustees of Dartmouth College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, due 6/1/38 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043538 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New Hampshire (continued)** | **New Hampshire (continued)** | **New Hampshire (continued)** |
| New Hampshire Health and Education Facilities Authority Act, Dartmouth-Hitchcock Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/33 | &nbsp;&nbsp;&nbsp;$2750000 | &nbsp;&nbsp;$2693442 |
| New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corp., Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 512857 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 569277 |
| New Hampshire Housing Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070990 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26434429 |
| **New Jersey 1.7%** | **New Jersey 1.7%** | **New Jersey 1.7%** |
| City of Atlantic City, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226240 |
| Jersey City Municipal Utilities Authority, Water Revenue, Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 |
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/37 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514148 |
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series WW |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505416 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/15/30 (d) | &nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;$250034 |
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/1/45 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 963766 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231344 |
| New Jersey Transportation Trust Fund Authority, State of New Jersey, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897158 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10402600 |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848706 |
| New Jersey Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053057 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30017691 |
| **New Mexico 0.1%** | **New Mexico 0.1%** | **New Mexico 0.1%** |
| City of Farmington, Public Service Co. of New Mexico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 6/1/40 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793668 |
| **New York 5.9%** | **New York 5.9%** | **New York 5.9%** |
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239073 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/35 (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000191 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

28 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| City of New York, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/47 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1560935 |
| &nbsp;&nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1604225 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058423 |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573856 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492393 |
| Hudson Yards Infrastructure Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889273 |
| Long Island Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 9/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359757 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725130 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101764 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507490 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312111 |
| Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735267 |
| New York City Housing Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: HUD Sector 8 FNMA |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, due 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063436 |
| &nbsp;&nbsp;&nbsp;Series F-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 11/1/64 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079452 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F-2A, Insured: FHA 542(C) |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 11/1/62 (a) | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;$497790 |
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series HH |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003756 |
| &nbsp;&nbsp;&nbsp;Series DD-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015138 |
| &nbsp;&nbsp;&nbsp;Series DD-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307701 |
| New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series HH |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465873 |
| &nbsp;&nbsp;&nbsp;Series HH |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536005 |
| New York City Municipal Water Finance Authority, New York City Water & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series CC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571340 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007205 |
| &nbsp;&nbsp;&nbsp;Series F-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754047 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110079 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205184 |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series S-2, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500244 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York City Transitional Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series H-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/42 | &nbsp;&nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2659020 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2596760 |
| &nbsp;&nbsp;&nbsp;Series H-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1148579 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685360 |
| &nbsp;&nbsp;&nbsp;Series H-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943045 |
| New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, due 9/15/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462961 |
| New York Liberty Development Corp., Green Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, due 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277005 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385415 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244614 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201049 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809305 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311594 |
| New York State Dormitory Authority, White Plains Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710780 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York State Dormitory Authority, White Plains Hospital Obligated Group, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1601450 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626220 |
| New York State Dormitory Authority, Sales tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533013 |
| New York State Environmental Facilities Corp., State of New York State Revolving Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288698 |
| New York State Housing Finance Agency, Personal Income Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, due 6/15/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989423 |
| New York State Thruway Authority, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001499 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940037 |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132860 |
| New York Transportation Development Corp., John F. kennedy International Airport Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406989 |
| New York Transportation Development Corp., Delta Air Lines, Inc., Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252535 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812916 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565718 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

30 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 (d) | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$3918841 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/30/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051192 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1772816 |
| Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/36 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871744 |
| Onondaga Civic Development Corp., Syracuse University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542421 |
| Port Authority of New York & New Jersey, Consolidated 234th, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 234 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/38 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637849 |
| State of New York, Mortgage Agency Homeowner Mortgage, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series 189 |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884807 |
| &nbsp;&nbsp;&nbsp;Series 189 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610844 |
| &nbsp;&nbsp;&nbsp;Series 189 |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366642 |
| &nbsp;&nbsp;&nbsp;Series 189 |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890238 |
| Town of Colonie, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893705 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/15/45 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235321 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/40 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1097624 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 644222 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3005000 | &nbsp;&nbsp;&nbsp;&nbsp; 3007673 |
| Utility Debt Securitization Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106150487 |
| **North Carolina 2.1%** | **North Carolina 2.1%** | **North Carolina 2.1%** |
| City of Fayetteville, Public Works Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613291 |
| County of Alamance, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190029 |
| County of Gaston, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384603 |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority, Project Aero, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 12/1/27 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000708 |
| Greater Asheville Regional Airport Authority, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582182 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532734 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521472 |
| North Carolina Department of Transportation, I-77 Hot Lanes Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/37 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125885 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| North Carolina Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 45, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;$1575000 | &nbsp;&nbsp;$1233323 |
| &nbsp;&nbsp;&nbsp;Series 55-C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, due 7/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4905000 | &nbsp;&nbsp;&nbsp;&nbsp; 4886826 |
| &nbsp;&nbsp;&nbsp;Series 38-B |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp;&nbsp; 2394540 |
| &nbsp;&nbsp;&nbsp;Series 50, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005445 |
| &nbsp;&nbsp;&nbsp;Series 54-A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102030 |
| North Carolina Housing Finance Agency, 1998 Trust Agreement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 57-A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553292 |
| North Carolina Medical Care Commission, EveryAge Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964068 |
| North Carolina Medical Care Commission, Penick Village Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158312 |
| North Carolina State Education Assistance Authority, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167189 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471685 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216664 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607590 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/49 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1006257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38718125 |
| **North Dakota 0.3%** | **North Dakota 0.3%** | **North Dakota 0.3%** |
| City of Grand Forks, Altru Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 295982 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744020 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695615 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859795 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077531 |
| North Dakota Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097584 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867688 |
| **Ohio 1.4%** | **Ohio 1.4%** | **Ohio 1.4%** |
| American Municipal Power, Inc., Meldahl Hydroelectric Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852252 |
| American Municipal Power, Inc., Hydroelectric Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011323 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693862 |
| City of Norwood, Rockwood Exchange Project, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630840 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

32 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| City of Toledo, Various Purpose Improvement, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/35 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1094004 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 812938 |
| City of Upper Arlington, Various Purpose, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 708510 |
| Cloverleaf Local School District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779528 |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/43 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393233 |
| Euclid City School District, Classroom Facilities & School Improvement, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012393 |
| Forest Hills Local School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490137 |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 11/1/42 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925523 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246676 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613921 |
| &nbsp;&nbsp;&nbsp;4.25%, due 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948746 |
| &nbsp;&nbsp;&nbsp;4.50%, due 1/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680629 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Ohio Air Quality Development Authority, American Electric Power Co., Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 1/1/29 (d) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$979681 |
| Ohio Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645196 |
| Ohio Water Development Authority, Water Pollution Control, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432062 |
| State of Ohio, Portsmouth Bypass Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/35 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24951898 |
| **Oklahoma 0.4%** | **Oklahoma 0.4%** | **Oklahoma 0.4%** |
| Carter County Public Facilities Authority, Carter County Independent School District No. 19 Ardmore, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097384 |
| Oklahoma Housing Finance Agency, Homeownership Loan Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924486 |
| Oklahoma Turnpike Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631062 |
| **Oregon 1.3%** | **Oregon 1.3%** | **Oregon 1.3%** |
| City of Portland, Sewer System, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039852 |
| County of Clackamas, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727583 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| Multnomah County School District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/15/37 | &nbsp;&nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1741158 |
| Oregon State Lottery, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1376486 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2715388 |
| Port of Portland, Airport, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series 27-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826356 |
| &nbsp;&nbsp;&nbsp;Series 30-A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109164 |
| Salem Hospital Facility Authority, Salem Health Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898187 |
| State of Oregon, Article XI-H Pollution Control, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939927 |
| State of Oregon, Articles XI-M, XI-N, XI-P State Projects, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893920 |
| State of Oregon, Article XI-Q State Projects, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707089 |
| State of Oregon Housing & Community Services Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23187169 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pennsylvania 2.8%** | **Pennsylvania 2.8%** | **Pennsylvania 2.8%** |
| Adams County General Authority, Brethren Home Community Project (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, due 6/1/30 | &nbsp;&nbsp;&nbsp;$2250000 | &nbsp;&nbsp;$2184144 |
| Allegheny County Airport Authority, Pittsburgh International Airport, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1577842 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2673312 |
| Allegheny County Airport Authority, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122488 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584110 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172620 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221416 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140414 |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 5/1/42 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511500 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310257 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309016 |
| Chester County Industrial Development Authority, Collegium Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249556 |
| Chester County Industrial Development Authority, Renaissance Academy Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732331 |
| Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938940 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

34 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Coatesville School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/37 | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5233310 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 921263 |
| County of Allegheny, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C-76 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008925 |
| Cumberland Valley School District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321575 |
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865412 |
| Doylestown Hospital Authority, Doylestown Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260997 |
| Geisinger Authority, Geisinger Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137092 |
| Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260705 |
| Northampton County General Purpose Authority, St. Luke's University Health Network, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406381 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 6/1/41 (a)(d) | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$4999907 |
| Pennsylvania Economic Development Financing Authority, PA Bridges Finco LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003048 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2115989 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 266994 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530887 |
| Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/29 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611453 |
| Pennsylvania Higher Educational Facilities Authority, Bryn Mawr College, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000338 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 137 |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633884 |
| Pennsylvania Housing Finance Agency, Darby Townhouses, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, due 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506357 |
| Pennsylvania Housing Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 145-A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070290 |
| Pennsylvania Turnpike Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174921 |
| Philadelphia Authority for Industrial Development, Frankford Valley Foundation for Literacy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 6/15/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494144 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 (e) | &nbsp;&nbsp;&nbsp;$435000 | &nbsp;&nbsp;$439190 |
| Philadelphia Gas Works Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 14 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1712686 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51010343 |
| **Puerto Rico 3.7%** | **Puerto Rico 3.7%** | **Puerto Rico 3.7%** |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026629 |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20534965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12603335 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525236 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6059081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164536 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581284 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637452 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308725 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384323 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373459 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515969 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024307 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051937 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;$7685000 | &nbsp;&nbsp;$6616546 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020524 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22472000 | &nbsp;&nbsp;&nbsp;&nbsp; 21130064 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66081106 |
| **Rhode Island 2.6%** | **Rhode Island 2.6%** | **Rhode Island 2.6%** |
| City of Providence, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975112 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010264 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996984 |
| Providence Redevelopment Agency, Port Providence Lease, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682565 |
| Rhode Island Health and Educational Building Corp., Town of Smithfield, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series H, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827315 |
| Rhode Island Health and Educational Building Corp., City of Pawtucket, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975450 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815389 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

36 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| Rhode Island Health and Educational Building Corp., City of East Providence, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 5/15/32 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$967030 |
| Rhode Island Health and Educational Building Corp., Town of Coventry, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 797341 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992602 |
| Rhode Island Health and Educational Building Corp., Providence Public Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM State Appropriations |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500197 |
| Rhode Island Health and Educational Building Corp., City of Cranston, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM MUN GOVT GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170153 |
| Rhode Island Health and Educational Building Corp., University of Rhode Island, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877348 |
| Rhode Island Health and Educational Building Corp., Exeter-West Greenwich Regional School District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171812 |
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884661 |
| Rhode Island Health and Educational Building Corp., Higher Education Facility, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502755 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| Rhode Island Health and Educational Building Corp., Town of Johnston, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/34 | &nbsp;&nbsp;&nbsp;$1045000 | &nbsp;&nbsp;$1123861 |
| Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592095 |
| Rhode Island Housing & Mortgage Finance Corp., Multi-Family Development, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 3-B, Insured: FHA |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982365 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40038 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215437 |
| Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 82-A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, due 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377671 |
| &nbsp;&nbsp;&nbsp;Series 80-A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108192 |
| &nbsp;&nbsp;&nbsp;Series 79-A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489470 |
| &nbsp;&nbsp;&nbsp;Series 82-A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263274 |
| Rhode Island Infrastructure Bank, City of Pawtucket Water Supply Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740275 |
| Rhode Island Student Loan Authority, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331213 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280913 |
| State of Rhode Island, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930629 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908662 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| State of Rhode Island, Plantations, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/1/36 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$903285 |
| State of Rhode Island, Eleanor Slater Hospital Project, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008875 |
| Town of Bristol, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042055 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865602 |
| Town of Cumberland, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500312 |
| Town of Hopkinton, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347828 |
| Town of Johnston, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005849 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003099 |
| Town of West Greenwich, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47375815 |
| **South Carolina 1.3%** | **South Carolina 1.3%** | **South Carolina 1.3%** |
| Charleston County Airport District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/43 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267723 |
| Patriots Energy Group Financing Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.801%, due 2/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6159274 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/42 | &nbsp;&nbsp;&nbsp;$1400000 | &nbsp;&nbsp;$1334930 |
| South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Foundation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/62 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1239346 |
| South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 324689 |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702027 |
| South Carolina Public Service Authority, Santee Cooper, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464004 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072419 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508427 |
| South Carolina Public Service Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502809 |
| South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 202 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341959 |
| South Carolina State Housing Finance & Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715525 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

38 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **South Dakota 0.1%** | **South Dakota 0.1%** | **South Dakota 0.1%** |
| South Dakota Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 11/1/55 | &nbsp;&nbsp;&nbsp;$1250000 | &nbsp;&nbsp;$1382538 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509272 |
| **Tennessee 1.7%** | **Tennessee 1.7%** | **Tennessee 1.7%** |
| Chattanooga Health Educational & Housing Facility Board, Erlanger Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909776 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907385 |
| Chattanooga Health Educational & Housing Facility Board, CDFI Phase I LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821613 |
| County of Knox, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939184 |
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509107 |
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies II LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509107 |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, due 12/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029997 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Northview Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 2/1/45 (a) | &nbsp;&nbsp;&nbsp;$8000000 | &nbsp;&nbsp;$8033791 |
| Metropolitan Nashville Airport Authority (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3603844 |
| Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health Care Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392069 |
| Tennessee Housing Development Agency, Residential Finance Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 3-C |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 1/1/56 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31155744 |
| **Texas 8.3%** | **Texas 8.3%** | **Texas 8.3%** |
| Alamito Public Facility Corp., EP Salazar LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010685 |
| Allen Independent School District, School Building Bonds, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006932 |
| Allen Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359700 |
| Arlington Higher Education Finance Corp., Harmony Public Schools, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925300 |
| Arlington Higher Education Finance Corp., Great Hearts America - Texas, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482792 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/41 | &nbsp;&nbsp;&nbsp;$1115000 | &nbsp;&nbsp;$1175403 |
| Barbers Hill Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 971163 |
| Brazos Higher Education Authority, Inc., Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/32 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047902 |
| Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787810 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156201 |
| Central Texas Turnpike System, Revenue Bonds, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267416 |
| Central Texas Turnpike System, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237669 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763194 |
| City of Amarillo, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674012 |
| City of Arlington, Special Tax, Special Tax, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253067 |
| City of Bryan, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904409 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Celina, The Lakes at Mustang Ranch Public Improvement Distric Major Improvement Area & Phases 2-7 Project, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/34 | &nbsp;&nbsp;&nbsp;$400000 | &nbsp;&nbsp;$420652 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 345737 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 729858 |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769869 |
| City of College Station, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769905 |
| City of Corpus Christi, Utility System, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056600 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094440 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103803 |
| City of Dallas, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014509 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140615 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034069 |
| City of Galveston, Wharves & Terminal, Revenue Bonds, First Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888715 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403848 |
| City of Greenville, Waterworks & Sewer System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311316 |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030089 |
| City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386156 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

40 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| City of Houston, Airport System, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/41 (d) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1056991 |
| City of Houston, United Airlines, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/38 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011945 |
| Comal County Water Control & Improvement District No. 6, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454473 |
| County of Denton, Green Meadows Public Improvement District Area No. 1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 12/31/35 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962111 |
| Cypress-Fairbanks Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417035 |
| Dallas College, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573442 |
| Dallas Fort Worth International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229078 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083001 |
| Dallas Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996547 |
| Del Valle Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418801 |
| Denton Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111932 |
| El Paso County Hospital District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018332 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| El Paso County Hospital District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/34 | &nbsp;&nbsp;&nbsp;$780000 | &nbsp;&nbsp;$849225 |
| Fort Bend Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2155319 |
| Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088805 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095738 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062632 |
| Harris County Municipal Utility District No. 423, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310308 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319990 |
| Harris County Municipal Utility District No. 489, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062079 |
| Harris County Toll Road, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319266 |
| Harris County Water Control & Improvement District No. 159, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144085 |
| Headwaters Municipal Utility, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084402 |
| Houston Higher Education Finance Corp., KIPP, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957596 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Leander Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 8/16/30 | &nbsp;&nbsp;&nbsp;$2560000 | &nbsp;&nbsp;$2098343 |
| Lewisville Independent School District, School Building, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 918696 |
| Lovejoy Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717977 |
| Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, due 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405119 |
| &nbsp;&nbsp;&nbsp;4.25%, due 5/1/30 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507642 |
| Mesquite Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532653 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657870 |
| Midlothian Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494626 |
| Nederland Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674323 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514867 |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212746 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127262 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Revenue Bonds (e) (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 8/15/44 | &nbsp;&nbsp;&nbsp;$2590000 | &nbsp;&nbsp;$2311772 |
| New Hope Cultural Education Facilities Finance Corp., Bella Vida Forefront Living Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-3 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989524 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 667028 |
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223647 |
| North East Texas Regional Mobility Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964524 |
| North Texas Tollway Authority, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863767 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078227 |
| Pecos Barstow Toyah Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517858 |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511170 |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506239 |
| Prosper Independent School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192388 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

42 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Sabine-Neches Navigation District, Waterway Project, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 2/15/39 | &nbsp;&nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1584101 |
| State of Texas, College Student Loan, Unlimited General Obligation (d) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4999186 |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987392 |
| State of Texas, Mobility Fund, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5153423 |
| State of Texas, Transportation Commission, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013332 |
| Texas Department of Housing & Community Affairs, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116459 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600128 |
| Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349899 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702433 |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12482762 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497769 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478174 |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/30/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547241 |
| Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078300 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Town of Trophy Club, Public Improvement District No. 1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/32 | &nbsp;&nbsp;&nbsp;$400000 | &nbsp;&nbsp;$415604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149001440 |
| **U.S. Virgin Islands 0.3%** | **U.S. Virgin Islands 0.3%** | **U.S. Virgin Islands 0.3%** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 872486 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537992 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291225 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802223 |
| **Utah 2.7%** | **Utah 2.7%** | **Utah 2.7%** |
| Canyons School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, due 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514102 |
| Central Utah Water Conservancy District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959127 |
| City of Salt Lake City, Airport, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010338 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873657 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034552 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029225 |
| City of Salt Lake City, Public Utilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062106 |
| County of Iron, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048241 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| County of Utah, Intermountain Healthcare, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/46 | &nbsp;&nbsp;&nbsp;$1390000 | &nbsp;&nbsp;$1391228 |
| Intermountain Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3395000 | &nbsp;&nbsp;&nbsp;&nbsp; 3604639 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 933447 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772103 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510141 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181664 |
| Jordan School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995757 |
| State of Utah, Build America Bonds, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.539%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840455 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/1/41 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449496 |
| Utah Charter School Finance Authority, Mountain West Montessori Academy, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 6/15/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851713 |
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231848 |
| Utah Housing Corp., Barcelona Properties LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833648 |
| Utah Housing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640603 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| Utah Housing Corp., Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 1/1/54 | &nbsp;&nbsp;&nbsp;$2630000 | &nbsp;&nbsp;$2855149 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661014 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489890 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 410697 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487986 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664384 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951971 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326543 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644946 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856128 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470813 |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096748 |
| Utah Infrastructure Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48289039 |
| **Virginia 1.3%** | **Virginia 1.3%** | **Virginia 1.3%** |
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Revenue Bonds, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006233 |
| Chesapeake Redevelopment & Housing Authority, ENV-Mill Creek LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FHA 221(D4) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001853 |
| City of Harrisonburg, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, due 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296349 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

44 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| County of Fairfax, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;$1040000 | &nbsp;&nbsp;$1047721 |
| Halifax County Industrial Development Authority, Virginia Electric and Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, due 12/1/41 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008322 |
| Isle Wight County Industrial Development Authority, Riverside Healthcare Association Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022838 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585694 |
| Virginia Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 7/1/55 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488050 |
| Virginia Port Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500473 |
| Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien (d) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450107 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015618 |
| Williamsburg Economic Development Authority, William & Mary Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941292 |
| Winchester Economic Development Authority, Valley Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148335 |
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, due 10/1/40 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22990529 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Washington 0.8%** | **Washington 0.8%** | **Washington 0.8%** |
| County of King, Sewer, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, due 1/1/40 | &nbsp;&nbsp;&nbsp;$655000 | &nbsp;&nbsp;$646440 |
| Franklin County School District No. 1, Pasco, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103494 |
| Port of Seattle, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/49 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028730 |
| Port of Tacoma, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930242 |
| Skagit County Public Hospital District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478894 |
| Snohomish County Public Utility District No. 1, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502167 |
| State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series R-2021A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058244 |
| State of Washington, Various Purpose, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063025 |
| Washington Health Care Facilities Authority, Fred Hutchinson Cancer Center, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793033 |
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989038 |
| Washington State Housing Finance Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.084%, due 3/20/40 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15198800 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **West Virginia 0.2%** | **West Virginia 0.2%** | **West Virginia 0.2%** |
| West Virginia Economic Development Authority, Appalachian Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 3/1/40 (a) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$987676 |
| West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132864 |
| West Virginia Hospital Finance Authority, Vandalia Health, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309562 |
| West Virginia Housing Development Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, due 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493096 |
| **Wisconsin 1.8%** | **Wisconsin 1.8%** | **Wisconsin 1.8%** |
| FHLMC Multifamily VRD Certificates, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series ML-27, Insured: FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.759%, due 8/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926968 |
| Hudson School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485836 |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/1/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106971 |
| &nbsp;&nbsp;&nbsp;5.875%, due 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000701 |
| Public Finance Authority, Pinecrest Academy of Nevada, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189424 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225015 |
| Public Finance Authority, National Gypsum Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/35 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092938 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Finance Authority, WFCS Holdings LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 1/1/35 (e) | &nbsp;&nbsp;&nbsp;$2200000 | &nbsp;&nbsp;$2122484 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (e) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 555285 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 338430 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249589 |
| Public Finance Authority, Campus Real Estate Holding Corp. LLC Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286878 |
| Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370668 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255986 |
| University of Wisconsin Hospitals & Clinics, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/54 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191727 |
| Wisconsin Center District, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series D, Insured: AGM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240038 |
| Wisconsin Health & Educational Facilities Authority, Milwaukee Science Education Consortium, Inc. (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367165 |
| Wisconsin Health & Educational Facilities Authority, Milwaukee Regional Medical Center (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182333 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

46 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Wisconsin Housing & Economic Development Authority, Home Ownership, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/52 | &nbsp;&nbsp;&nbsp;$3120000 | &nbsp;&nbsp;$3033380 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1446787 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035757 |
| Wisconsin Housing & Economic Development Authority, New Hampton Apartment LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585814 |
| Wisconsin Housing & Economic Development Authority Home Ownership, Sustainable Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660397 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32988625 |
| **Wyoming 0.3%** | **Wyoming 0.3%** | **Wyoming 0.3%** |
| County of Campbell, Basin Electric Power Cooperative, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643373 |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155822 |
| Wyoming Community Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787161 |
| Total Long-Term Municipal Bonds<br> (Cost $1,760,723,230) |  | &nbsp;&nbsp;&nbsp;&nbsp;1747819941 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Short-Term Municipal Notes 1.6%** | **Short-Term Municipal Notes 1.6%** | **Short-Term Municipal Notes 1.6%** |
| **California 1.0%** | **California 1.0%** | **California 1.0%** |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-7 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, due 7/1/35 (f) | &nbsp;&nbsp;&nbsp;$17500000 | &nbsp;&nbsp;$17500000 |
| **Georgia 0.6%** | **Georgia 0.6%** | **Georgia 0.6%** |
| Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, due 11/1/52 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| Total Short-Term Municipal Notes<br> (Cost $28,500,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500000 |
| Total Municipal Bonds<br> (Cost $1,789,223,230) |  | &nbsp;&nbsp;&nbsp;&nbsp;1776319941 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 0.2%** | **Short-Term Investment 0.2%** | **Short-Term Investment 0.2%** |
| **Unaffiliated Investment Company 0.2%** | **Unaffiliated Investment Company 0.2%** | **Unaffiliated Investment Company 0.2%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529477 | &nbsp;&nbsp;&nbsp;&nbsp; 3529477 |
| Total Short-Term Investment<br> (Cost $3,529,477) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529477 |
| Total Investments<br> (Cost $1,792,752,707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.7% | &nbsp;&nbsp;&nbsp;&nbsp;1779849418 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23826713 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1803676131 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |
| (b) | Issue in default. |
| (c) | Issue in non-accrual status. |
| (d) | Interest on these securities was subject to alternative minimum tax. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

(e) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(f) Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

(g) Current yield as of April 30, 2025.

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;(310) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(34917876) | &nbsp;&nbsp; $(35567656) | &nbsp;&nbsp; $(649780) |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;(335) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (39497620) | &nbsp;&nbsp;&nbsp;&nbsp; (39069375) | &nbsp;&nbsp;&nbsp;&nbsp; 428245 |
| Net Unrealized Depreciation |  |  |  |  | &nbsp;&nbsp;$(221535) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $2,030,000 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FGIC—Financial Guaranty Insurance Company |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| MTA—Metropolitan Transportation Authority |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| Q-SBLF—Qualified School Board Loan Fund |
| SD CRED PROG—School District Credit Enhancement Program |
| UT CSCE—Utah Charter School Credit Enhancement Program |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

48 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1747819941 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1747819941 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28500000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 28500000 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1776319941 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1776319941 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3529477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3529477 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;3529477 | &nbsp;&nbsp;&nbsp;&nbsp;1776319941 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1779849418 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 428245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 428245 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$3957722 | &nbsp;&nbsp;$1776319941 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1780277663 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(649780) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(649780) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $1,792,752,707) | $1779849418 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22788621 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548607 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629990 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156249 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;1825145078 |
| **Liabilities** | **Liabilities** |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9902 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16766355 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119408 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579266 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120324 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64990 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24757 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15612 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21468947 |
| Net assets | $1803676131 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $194335 |
| Additional paid-in-capital | &nbsp;&nbsp;1858836090 |
|  | &nbsp;&nbsp;1859030425 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(55354294) |
| Net assets | $1803676131 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $205986903 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22165623 |
| Net asset value per share outstanding | $9.29 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.58 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $61284 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603 |
| Net asset value per share outstanding | $9.28 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Maximum offering price per share outstanding | $9.52 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $13485274 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453724 |
| Net asset value and offering price per share outstanding | $9.28 |
| **Class C2** |  |
| Net assets applicable to outstanding shares | $2716214 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292692 |
| Net asset value and offering price per share outstanding | $9.28 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $1437059147 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;154878819 |
| Net asset value and offering price per share outstanding | $9.28 |
| **Class R6** |  |
| Net assets applicable to outstanding shares | $11959900 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289372 |
| Net asset value and offering price per share outstanding | $9.28 |
| **Class Z** |  |
| Net assets applicable to outstanding shares | $132407409 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14247882 |
| Net asset value per share outstanding | $9.29 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.58 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

50 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $34621020 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;3384006 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237542 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33710 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C2 (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class Z (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105165 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360282 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115401 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76201 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71731 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23877 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18782 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;4461840 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;30159180 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;(12274975) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290734 |
| Net realized gain (loss) | &nbsp;&nbsp;(11984241) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(23993088) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221535) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(24214623) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(36198864) |
| Net increase (decrease) in net assets resulting from operations | $(6039684) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $30159180 | &nbsp;&nbsp;$38173137 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(11984241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7794563) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(24214623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36904224 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6039684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67282798 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3265424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4392257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(24666043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34606109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2483385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1554777) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(30811944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40963463) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;626435285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970495147 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in connection with the acquisition of Aquila Churchill Tax-Free Fund of Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138190908 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in connection with the acquisition of Aquila Narragansett Tax-Free Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137747250 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26690776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35834295 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(325653371) | &nbsp;&nbsp;&nbsp;&nbsp;(347856715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;327472690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934410885 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;290621062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960730220 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;1513055069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552324849 |
| End of period | $1803676131 | &nbsp;&nbsp;$1513055069 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

52 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**June 28,<br> 2019<sup>^</sup> through<br> April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$9.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.50 | &nbsp;&nbsp;&nbsp;&nbsp;$10.43 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$9.06 | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.50 | &nbsp;&nbsp;&nbsp;&nbsp;$10.43 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$205987 | &nbsp;&nbsp;&nbsp;&nbsp;$171979 | &nbsp;&nbsp;&nbsp;&nbsp;$63006 | &nbsp;&nbsp;&nbsp;&nbsp;$43203 | &nbsp;&nbsp;&nbsp;&nbsp;$5246 | &nbsp;&nbsp;&nbsp;&nbsp;$454 | &nbsp;&nbsp;&nbsp;&nbsp;$136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,<br> 2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**June 28,<br> 2019^ through<br> April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,<br> 2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.05 | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;$9.49 | &nbsp;&nbsp;&nbsp;&nbsp;$10.41 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.05 | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;$9.49 | &nbsp;&nbsp;&nbsp;&nbsp;$10.41 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;$46 | &nbsp;&nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;&nbsp;$34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

54 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**June 28,<br> 2019^ through<br> April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$13485 | &nbsp;&nbsp;&nbsp;&nbsp;$12758 | &nbsp;&nbsp;&nbsp;&nbsp;$5072 | &nbsp;&nbsp;&nbsp;&nbsp;$3291 | &nbsp;&nbsp;&nbsp;&nbsp;$558 | &nbsp;&nbsp;&nbsp;&nbsp;$113 | &nbsp;&nbsp;&nbsp;&nbsp;$79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**December 13,<br> 2022^ through<br> April 30,<br> 2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C2** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**December 13,<br> 2022^ through<br> April 30,<br> 2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.43\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$2716 | &nbsp;&nbsp;&nbsp;&nbsp;$2139 | &nbsp;&nbsp;&nbsp;&nbsp;$301 | &nbsp;&nbsp;&nbsp;&nbsp;$214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Based on the net asset value of Class C as of December 13, 2022. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

56 NYLI MacKay Strategic Muni Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**June 28,<br> 2019^<br> through<br> April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.43)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1437059 | &nbsp;&nbsp;&nbsp;&nbsp;$1169533 | &nbsp;&nbsp;&nbsp;&nbsp;$483873 | &nbsp;&nbsp;&nbsp;&nbsp;$310246 | &nbsp;&nbsp;&nbsp;&nbsp;$92126 | &nbsp;&nbsp;&nbsp;&nbsp;$61183 | &nbsp;&nbsp;&nbsp;&nbsp;$51059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| ^ | Inception date. |
| †† | Annualized. |
| ‡ | Less than one cent per share. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__fc07e9a0-5985-490c-a764-87824cfd8855_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**May 1,<br> 2023 through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**June 28,<br> 2019^ through<br> April 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023<sup>#</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;$9.04 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.50)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$11960 | &nbsp;&nbsp;&nbsp;&nbsp;$5293 | &nbsp;&nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;&nbsp;$25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from April 30 to October 31. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**July 19,<br> 2024^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 | &nbsp;&nbsp;&nbsp;&nbsp;$9.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$132407 | &nbsp;&nbsp;&nbsp;&nbsp;$151299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

58 NYLI MacKay Strategic Muni Allocation Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Strategic Muni Allocation Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;June 28, 2019 |
| Investor Class | &nbsp;&nbsp;June 28, 2019 |
| Class C | &nbsp;&nbsp;June 28, 2019 |
| Class C2 | &nbsp;&nbsp;December 13, 2022 |
| Class I | &nbsp;&nbsp;June 28, 2019 |
| Class R6 | &nbsp;&nbsp;June 28, 2019 |
| Class Z | &nbsp;&nbsp;July 19, 2024 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. A contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions of Class A and Investor Class shares made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C and Class C2 shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C and Class C2 shares. Class I and Class R6 shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C and Class C2 shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Class Z shares are generally only available to existing holders of Class Z shares of the Fund. An investment minimum of $1,000 for Class Z shares applies and there is no subsequent investment minimum. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C and Class C2 shares are subject to higher distribution and/or service fees than Class A, Class Z and

Investor Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from regular federal income tax.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining

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Notes to Financial Statements (Unaudited) (continued)

appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which

60 NYLI MacKay Strategic Muni Allocation Fund

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there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on

the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from

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Notes to Financial Statements (Unaudited) (continued)

non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a

futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 3.7% of the Fund's net assets, of which none are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum

62 NYLI MacKay Strategic Muni Allocation Fund

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exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage its exposure to the securities markets or to movements in interest rates and currency values.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $428245 | $428245 |
| Total Fair Value | $428245 | $428245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(649780) | $(649780) |
| Total Fair Value | $(649780) | $(649780) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $290734 | $290734 |
| Total Net Realized Gain (Loss) | $290734 | $290734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $(221535) | $(221535) |
| Total Net Change in Unrealized Appreciation (Depreciation) | $(221535) | $(221535) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short | $(54817344) |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.40% of the Fund's average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of daily net assets: Class A, 0.77%, Class R6, 0.50% and Class Z, 0.79%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement, to Investor Class, Class C, Class C2 and Class I shares. This agreement will remain in effect until February 28, 2027, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

------

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Notes to Financial Statements (Unaudited) (continued)

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $3,384,006 and paid the Subadvisor fees in the amount of $1,692,059.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class C2 Plan, Class C2 shares pay the Distributor a monthly distribution fee at an annual rate of 0.40% of the average daily net assets of the Class C2 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C2 shares, for a total 12b-1 fee of 0.65%. Pursuant to the Class Z Plan, Class Z shares pay the Distributor a monthly distribution fee at an annual rate of 0.15% of the average daily net assets of the Class Z shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $4,198 and $23, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Class C and Class Z shares during the six-month period ended April 30, 2025, of $26,114, $2,911 and $713, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$40223 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;282903 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29887 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

64 NYLI MacKay Strategic Muni Allocation Fund

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(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$27286 | &nbsp;&nbsp;&nbsp;&nbsp;0.0%‡ |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;27056 | &nbsp;&nbsp;44.1 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;26667 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Class C2 | &nbsp;&nbsp;&nbsp;&nbsp;26349 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;27688 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $1796179518 | $6697217 | $(23027317) | $(16330100) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $26,189,487 of which $10,364,481 is subject to a limitation. This limitation is due to Internal Revenue Code Sections 381-384. Capital loss carryforwards, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund subject to the limitation described above.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$6548 | &nbsp;&nbsp;$19641 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$1472288 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;39491175 |
| Total | &nbsp;&nbsp;$40963463 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $949,591 and $605,276, respectively.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7509302 | &nbsp;&nbsp;$70631976 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702035 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3766602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35430450) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028687 | &nbsp;&nbsp;$37903561 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;14117435 | &nbsp;&nbsp;$134345184 |
| Shares issued in connection with the acquisition of Aquila Churchill Tax-Free Fund of Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154842 |
| Shares issued in connection with the acquisition of Aquila Narragansett Tax-Free Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65269 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723820 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3984437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37812383) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;11177379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106476732 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26809 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;11180210 | &nbsp;&nbsp;$106503541 |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;$8205 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;$9201 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$2542 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1017) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;$3315 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307501 | &nbsp;&nbsp;$2915881 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166431 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2068061) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105935 | &nbsp;&nbsp;$1014251 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882106 | &nbsp;&nbsp;$8349377 |
| Shares issued in connection with the acquisition of Aquila Churchill Tax-Free Fund of Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928442 |
| Shares issued in connection with the acquisition of Aquila Narragansett Tax-Free Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634152 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251515 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2689264) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7474222 |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26809) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786798 | &nbsp;&nbsp;$7447413 |
| &nbsp;&nbsp;**Class C2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101423 | &nbsp;&nbsp;$948721 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36557 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359504) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66767 | &nbsp;&nbsp;$625774 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199714 | &nbsp;&nbsp;$1897390 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43375 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110888) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192657 | &nbsp;&nbsp;$1829877 |

---

66 NYLI MacKay Strategic Muni Allocation Fund

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;57502350 | &nbsp;&nbsp;$541792026 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21554379 |
| Shares redeemed | &nbsp;&nbsp;(28444606) | &nbsp;&nbsp;&nbsp;&nbsp;(266154692) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;31343153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297191713 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40820 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;31347478 | &nbsp;&nbsp;$297232533 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;86722672 | &nbsp;&nbsp;$818914462 |
| Shares issued in connection with the acquisition of Aquila Churchill Tax-Free Fund of Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35584354 |
| Shares issued in connection with the acquisition of Aquila Narragansett Tax-Free Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62081045 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30464493 |
| Shares redeemed | &nbsp;&nbsp;(30195658) | &nbsp;&nbsp;&nbsp;&nbsp;(285808759) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;70002705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661235595 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196406 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;70023358 | &nbsp;&nbsp;$661432001 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978911 | &nbsp;&nbsp;$9187625 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147144 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2494679) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730110 | &nbsp;&nbsp;$6840090 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697136 | &nbsp;&nbsp;$6628238 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53957 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400203) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556433 | &nbsp;&nbsp;$5281992 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100454 | &nbsp;&nbsp;$950851 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083217 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2024266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19145968) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(1703460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16111900) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40820) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1707781) | &nbsp;&nbsp;$(16152720) |
| Year ended October 31, 2024:<sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37374 | &nbsp;&nbsp;$357954 |
| Shares issued in connection with the acquisition of Aquila Churchill Tax-Free Fund of Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;10027637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95523270 |
| Shares issued in connection with the acquisition of Aquila Narragansett Tax-Free Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74966784 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295345 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2094004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20034201) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;15976272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152109152 |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196406) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;15955663 | &nbsp;&nbsp;$151912746 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The inception of the class was July 19, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

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Notes to Financial Statements (Unaudited) (continued)

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

68 NYLI MacKay Strategic Muni Allocation Fund

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI Asset Allocation Funds

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

---

| |
|:---|
| **NYLI Conservative Allocation Fund** |
| **NYLI Moderate Allocation Fund** |
| **NYLI Growth Allocation Fund** |
| **NYLI Equity Allocation Fund** |

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![](g98271imgb7f0cbe71.jpg)

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**Table of Contents**

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| | |
|:---|:---|
| [NYLI Conservative Allocation Fund](#xx_8335b58f-b2a2-4018-801a-ed08c444ef7c_1) | &nbsp;&nbsp;3 |
| [NYLI Moderate Allocation Fund](#xx_157e4697-c3c5-488b-b536-8636b25eb61d_1) | &nbsp;&nbsp;15 |
| [NYLI Growth Allocation Fund](#xx_6fdb83aa-90fe-4ed0-8aab-22f8ed2a38c4_1) | &nbsp;&nbsp;25 |
| [NYLI Equity Allocation Fund](#xx_cc0a7e5d-ff95-497f-b060-3a08cc36f228_1) | &nbsp;&nbsp;35 |
| [Notes to Financial Statements](#xx_33fe1cb8-048a-4e6b-9938-7e77dfd5a912_1) | &nbsp;&nbsp;46 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_58219e50-cd24-4116-92b1-a56c661890fc_1) | &nbsp;&nbsp;62 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_58219e50-cd24-4116-92b1-a56c661890fc_1) | &nbsp;&nbsp;62 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_58219e50-cd24-4116-92b1-a56c661890fc_1) | &nbsp;&nbsp;62 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_053b7690-7670-4ff7-a5a9-53ea54ffb8e1_1) | &nbsp;&nbsp;63 |

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NYLI Conservative Allocation Fund

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Affiliated Investment Companies 89.9%** | **Affiliated Investment Companies 89.9%** | **Affiliated Investment Companies 89.9%** |
| **Equity Funds 38.2%** | **Equity Funds 38.2%** | **Equity Funds 38.2%** |
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 519294 | &nbsp;&nbsp;$5400452 |
| NYLI Candriam International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 188313 | &nbsp;&nbsp;&nbsp;&nbsp; 5931860 |
| NYLI Candriam U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 226423 | &nbsp;&nbsp;&nbsp;&nbsp; 10192228 |
| NYLI Candriam U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 258461 | &nbsp;&nbsp;&nbsp;&nbsp; 7713355 |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 85830 | &nbsp;&nbsp;&nbsp;&nbsp; 1261433 |
| NYLI Epoch International Choice Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 151403 | &nbsp;&nbsp;&nbsp;&nbsp; 6367437 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 457411 | &nbsp;&nbsp;&nbsp;&nbsp; 9611294 |
| NYLI Fiera SMID Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 513807 | &nbsp;&nbsp;&nbsp;&nbsp; 7857232 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp; 262492 | &nbsp;&nbsp;&nbsp;&nbsp; 7344526 |
| NYLI MacKay Convertible Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 394418 | &nbsp;&nbsp;&nbsp;&nbsp; 7261155 |
| NYLI PineStone International Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 278776 | &nbsp;&nbsp;&nbsp;&nbsp; 4716056 |
| NYLI PineStone U.S. Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 544733 | &nbsp;&nbsp;&nbsp;&nbsp; 10021617 |
| NYLI Winslow Large Cap Growth ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 248838 | &nbsp;&nbsp;&nbsp;&nbsp; 10942104 |
| NYLI WMC Enduring Capital Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 241914 | &nbsp;&nbsp;&nbsp;&nbsp; 9607549 |
| NYLI WMC Growth Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 227523 | &nbsp;&nbsp;&nbsp;&nbsp; 10877296 |
| NYLI WMC International Research Equity Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 758274 | &nbsp;&nbsp;&nbsp;&nbsp; 6384746 |
| NYLI WMC Small Companies Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738115 |
| NYLI WMC Value Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9141172 |
| Total Equity Funds<br> (Cost $112,170,100) |  | &nbsp;&nbsp;&nbsp;&nbsp;137369627 |
| **Fixed Income Funds 51.7%** | **Fixed Income Funds 51.7%** | **Fixed Income Funds 51.7%** |
| NYLI Candriam Emerging Markets Debt Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021057 |
| NYLI Floating Rate Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18066054 |
| NYLI MacKay Core Plus Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38430080 |
| NYLI MacKay High Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872057 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944645 |
| NYLI MacKay Securitized Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29957281 |
| NYLI MacKay Short Duration High Income Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7940750 |
| NYLI MacKay Total Return Bond Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38878152 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30337268 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| NYLI Short Term Bond Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp; 398704 | &nbsp;&nbsp;$3652968 |
| Total Fixed Income Funds<br> (Cost $187,347,325) |  | &nbsp;&nbsp;&nbsp;&nbsp;186100312 |
| Total Affiliated Investment Companies<br> (Cost $299,517,425) |  | &nbsp;&nbsp;&nbsp;&nbsp;323469939 |
| **Short-Term Investment 9.7%** | **Short-Term Investment 9.7%** | **Short-Term Investment 9.7%** |
| **Affiliated Investment Company 9.7%** | **Affiliated Investment Company 9.7%** | **Affiliated Investment Company 9.7%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (b) | &nbsp;&nbsp;&nbsp;&nbsp;34757756 | &nbsp;&nbsp;&nbsp;&nbsp; 34757756 |
| Total Short-Term Investment<br> (Cost $34,757,756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34757756 |
| Total Investments<br> (Cost $334,275,181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;358227695 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445812 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$359673507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of April 30, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI 500 International ETF | &nbsp;&nbsp;$197 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(192) | &nbsp;&nbsp;$46 | &nbsp;&nbsp;$(51) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Candriam Emerging Markets Debt Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| NYLI Candriam International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| NYLI Candriam U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;10869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442) | &nbsp;&nbsp;&nbsp;&nbsp;10192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| NYLI Candriam U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| NYLI CBRE NextGen Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| NYLI Epoch International Choice Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;10008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;(1058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 |
| NYLI Fiera SMID Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8656 | &nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp;(1190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| NYLI Floating Rate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;19442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;(1919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345) | &nbsp;&nbsp;&nbsp;&nbsp;18066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2078 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| NYLI MacKay Convertible Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
| NYLI MacKay Core Plus Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;41101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;(2835) | &nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) | &nbsp;&nbsp;&nbsp;&nbsp;38430 | &nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1827 |
| NYLI MacKay High Income ETF (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1163 |
| NYLI MacKay Securitized Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;31802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;(2335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;29957 | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;1152 |
| NYLI MacKay Short Duration High Income Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;16295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;(8619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
| NYLI MacKay Total Return Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;41050 | &nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;(3667) | &nbsp;&nbsp;&nbsp;&nbsp;(648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;38878 | &nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4235 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;31867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;(2744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;30337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3982 |
| NYLI PineStone International Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 |
| NYLI PineStone U.S. Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;10255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432) | &nbsp;&nbsp;&nbsp;&nbsp;10022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
| NYLI Short Term Bond Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp;&nbsp;&nbsp;—(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;37865 | &nbsp;&nbsp;&nbsp;38107 | &nbsp;&nbsp;&nbsp;(41214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;34758 |
| NYLI Winslow Large Cap Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475 | &nbsp;&nbsp;&nbsp;&nbsp;3174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457) | &nbsp;&nbsp;&nbsp;&nbsp;10942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| NYLI Winslow Large Cap Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;(3155) | &nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;(1775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI WMC Enduring Capital Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| NYLI WMC Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;10961 | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551) | &nbsp;&nbsp;&nbsp;&nbsp;10877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| NYLI WMC International Research Equity Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 |
| NYLI WMC Small Companies Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524 | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;(1604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
| NYLI WMC Value Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
|  | &nbsp;&nbsp;$380843 | &nbsp;&nbsp;$63047 | &nbsp;&nbsp;$(80422) | &nbsp;&nbsp;$1489 | &nbsp;&nbsp;$(6729) | &nbsp;&nbsp;$358228 | &nbsp;&nbsp;$7675 | &nbsp;&nbsp;$2574 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Prior to December 04, 2024, known as NYLI MacKay ESG Core Plus Bond ETF.

(b) Prior to February 14, 2025, known as NYLI MacKay ESG High Income ETF.

(c) Less than $500.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI Conservative Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

#### Swap Contracts
Open OTC total return equity swap contracts as of April 30, 2025 were as follows<sup>1</sup>:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Swap<br> Counterparty** | &nbsp;&nbsp;**Reference Obligation** | &nbsp;&nbsp;**Floating Rate<sup>2</sup>** | &nbsp;&nbsp;**Termination<br> Date(s)** | &nbsp;&nbsp;**Payment<br> Frequency<br> Paid/<br> Received** | &nbsp;&nbsp;**Notional<br> Amount<br> Long/<br> (Short)<br> (000)<sup>3</sup>** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)<sup>4</sup>** |
| Citibank NA | &nbsp;&nbsp;Citi Artificial Intelligence (AI) Basket | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;13014 | &nbsp;&nbsp;$— |
| Citibank NA | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;1 day FEDF plus 0.53% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;6196 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp;1 day FEDF plus 0.70% - 0.72% | &nbsp;&nbsp;3/9/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;11281 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI Emerging Markets ETF | &nbsp;&nbsp;1 day FEDF plus 0.40% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI India ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;5812 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;Russell 2000 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.10% | &nbsp;&nbsp;4/8/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(15336) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P 500 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(36780) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Midcap 400 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.85% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;5831 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Small Cap 600 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.45% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;20664 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;$— |

---

The following table represents the basket holdings underlying the total return swap with Citi Artificial Intelligence (AI) Basket as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;**Unrealized Appreciation/<br> Depreciation** | &nbsp;&nbsp;**Percent of<br> Basket Net Assets** |
| Adobe Inc. | &nbsp;&nbsp;2145 | &nbsp;&nbsp;228586 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.76 |
| Advanced Micro Devices Inc. | &nbsp;&nbsp;2506 | &nbsp;&nbsp;267079 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.05 |
| Airbnb Inc. | &nbsp;&nbsp;2431 | &nbsp;&nbsp;259032 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Alphabet Inc. | &nbsp;&nbsp;2428 | &nbsp;&nbsp;258751 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Amazon.com Inc. | &nbsp;&nbsp;2355 | &nbsp;&nbsp;250984 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.93 |
| Amdocs Ltd. | &nbsp;&nbsp;2496 | &nbsp;&nbsp;265995 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| Amphenol Corp. | &nbsp;&nbsp;3116 | &nbsp;&nbsp;332088 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.55 |
| Applied Materials Inc. | &nbsp;&nbsp;2555 | &nbsp;&nbsp;272299 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.09 |
| AppLovin Corp. | &nbsp;&nbsp;2709 | &nbsp;&nbsp;288694 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.22 |
| Aptiv plc | &nbsp;&nbsp;2262 | &nbsp;&nbsp;240987 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.85 |
| Arista Networks Inc. | &nbsp;&nbsp;2601 | &nbsp;&nbsp;277124 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| BILL Holdings Inc. | &nbsp;&nbsp;2587 | &nbsp;&nbsp;275639 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.12 |
| Boeing Co. (The) | &nbsp;&nbsp;3034 | &nbsp;&nbsp;323356 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.48 |
| Booking Holdings Inc. | &nbsp;&nbsp;2944 | &nbsp;&nbsp;313674 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.41 |
| Cognex Corp. | &nbsp;&nbsp;2112 | &nbsp;&nbsp;225107 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.73 |
| Cognizant Technology Solutions Corp. | &nbsp;&nbsp;2227 | &nbsp;&nbsp;237301 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| DoorDash Inc. | &nbsp;&nbsp;2659 | &nbsp;&nbsp;283329 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.18 |
| eBay Inc. | &nbsp;&nbsp;2597 | &nbsp;&nbsp;276738 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| EPAM Systems Inc. | &nbsp;&nbsp;2066 | &nbsp;&nbsp;220165 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.69 |
| Etsy Inc. | &nbsp;&nbsp;2303 | &nbsp;&nbsp;245360 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.89 |
| ExlService Holdings Inc. | &nbsp;&nbsp;2618 | &nbsp;&nbsp;278948 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.14 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp;2873 | &nbsp;&nbsp;306186 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.35 |
| Fiserv Inc. | &nbsp;&nbsp;2159 | &nbsp;&nbsp;230046 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Globant SA | &nbsp;&nbsp;2211 | &nbsp;&nbsp;235592 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.81 |
| GoDaddy Inc. | &nbsp;&nbsp;2724 | &nbsp;&nbsp;290245 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.23 |
| Honeywell International Inc. | &nbsp;&nbsp;2532 | &nbsp;&nbsp;269818 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.07 |
| HP Inc. | &nbsp;&nbsp;2225 | &nbsp;&nbsp;237078 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| Informatica Inc. | &nbsp;&nbsp;2597 | &nbsp;&nbsp;276741 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp;2409 | &nbsp;&nbsp;256666 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.97 |
| KLA Corp. | &nbsp;&nbsp;2654 | &nbsp;&nbsp;282769 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.17 |
| Marvell Technology Inc. | &nbsp;&nbsp;2167 | &nbsp;&nbsp;230907 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Match Group Inc. | &nbsp;&nbsp;2353 | &nbsp;&nbsp;250689 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.93 |
| Meta Platforms Inc. | &nbsp;&nbsp;2275 | &nbsp;&nbsp;242466 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Micron Technology Inc. | &nbsp;&nbsp;2180 | &nbsp;&nbsp;232275 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.78 |
| MKS Instruments Inc. | &nbsp;&nbsp;2267 | &nbsp;&nbsp;241570 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Nasdaq Inc. | &nbsp;&nbsp;2633 | &nbsp;&nbsp;280589 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.16 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;**Unrealized Appreciation/<br> Depreciation** | &nbsp;&nbsp;**Percent of<br> Basket Net Assets** |
| Northrop Grumman Corp. | &nbsp;&nbsp;2488 | &nbsp;&nbsp;265110 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| nVent Electric plc | &nbsp;&nbsp;2573 | &nbsp;&nbsp;274189 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.11 |
| NVIDIA Corp. | &nbsp;&nbsp;2485 | &nbsp;&nbsp;264850 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| PayPal Holdings Inc. | &nbsp;&nbsp;2420 | &nbsp;&nbsp;257857 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.98 |
| Pegasystems Inc. | &nbsp;&nbsp;3260 | &nbsp;&nbsp;347339 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.67 |
| Pinterest Inc. | &nbsp;&nbsp;2010 | &nbsp;&nbsp;214211 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.65 |
| PTC Inc. | &nbsp;&nbsp;2462 | &nbsp;&nbsp;262329 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.02 |
| Q2 Holdings, Inc. | &nbsp;&nbsp;2685 | &nbsp;&nbsp;286098 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.20 |
| Trade Desk, Inc. (The) | &nbsp;&nbsp;2275 | &nbsp;&nbsp;242469 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.86 |
| Uber Technologies, Inc. | &nbsp;&nbsp;2861 | &nbsp;&nbsp;304871 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.34 |
| Upstart Holdings Inc. | &nbsp;&nbsp;2573 | &nbsp;&nbsp;274207 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.11 |
| Vertiv Holdings Co. | &nbsp;&nbsp;2606 | &nbsp;&nbsp;277707 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Zillow Group Inc. | &nbsp;&nbsp;2422 | &nbsp;&nbsp;258063 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount $2,405,000 was pledged to brokers for OTC swap contracts.

2. Fund pays the floating rate and receives the total return of the reference entity.

3. Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position.

4. Reflects the value at reset date as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Affiliated Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $137369627 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $137369627 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 186100312 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 186100312 |
| Total Affiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;323469939 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;323469939 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 34757756 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 34757756 |
| Total Investments in Securities | &nbsp;&nbsp;$358227695 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$358227695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI Conservative Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in affiliated investment companies, at value<br> (identified cost $334,275,181) | $358227695 |
| Cash collateral on deposit at broker for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;2405000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487150 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53269 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;361254340 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest on OTC swaps contracts | &nbsp;&nbsp;&nbsp;&nbsp;1245732 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162865 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76466 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64699 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20248 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1580833 |
| Net assets | $359673507 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $30990 |
| Additional paid-in-capital | &nbsp;&nbsp;339442043 |
|  | &nbsp;&nbsp;339473033 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;20200474 |
| Net assets | $359673507 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $315650110 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;27190926 |
| Net asset value per share outstanding | $11.61 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Maximum offering price per share outstanding | $11.97 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $28069185 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;2418536 |
| Net asset value per share outstanding | $11.61 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Maximum offering price per share outstanding | $11.91 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $6636656 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582681 |
| Net asset value and offering price per share outstanding | $11.39 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $5392930 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458546 |
| Net asset value and offering price per share outstanding | $11.76 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $3924626 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339214 |
| Net asset value and offering price per share outstanding | $11.57 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend distributions from affiliated investment companies | $7675004 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;406509 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36264 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38647 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9204 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;168764 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43410 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35313 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20480 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19978 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;792862 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;759069 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;6915935 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Affiliated investment company transactions | &nbsp;&nbsp;&nbsp;1488740 |
| &nbsp;&nbsp;&nbsp;Realized capital gain distributions from affiliated investment companies | &nbsp;&nbsp;&nbsp;2574351 |
| &nbsp;&nbsp;&nbsp;Swap transactions | &nbsp;&nbsp;(5982857) |
| Net realized gain (loss) | &nbsp;&nbsp;(1919766) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:<br> Affiliated investments companies | &nbsp;&nbsp;(6729216) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(8648982) |
| Net increase (decrease) in net assets resulting from operations | $(1733047) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI Conservative Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6915935 | &nbsp;&nbsp;$13757465 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1919766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7440023 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(6729216) | &nbsp;&nbsp;&nbsp;&nbsp;43115660 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(1733047) | &nbsp;&nbsp;&nbsp;&nbsp;64313148 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(11361923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9537071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(984230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78480) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(12899914) | &nbsp;&nbsp;&nbsp;&nbsp;(10914838) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;14717416 | &nbsp;&nbsp;&nbsp;&nbsp;26394953 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;12765112 | &nbsp;&nbsp;&nbsp;&nbsp;10800605 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(34143823) | &nbsp;&nbsp;&nbsp;&nbsp;(80741142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(6661295) | &nbsp;&nbsp;&nbsp;&nbsp;(43545584) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(21294256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9852726 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;380967763 | &nbsp;&nbsp;&nbsp;&nbsp;371115037 |
| End of period | $359673507 | &nbsp;&nbsp;$380967763 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.08 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 | &nbsp;&nbsp;&nbsp;&nbsp;$11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.61 | &nbsp;&nbsp;&nbsp;&nbsp;$12.08 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$315650 | &nbsp;&nbsp;&nbsp;&nbsp;$332535 | &nbsp;&nbsp;&nbsp;&nbsp;$312385 | &nbsp;&nbsp;&nbsp;&nbsp;$336711 | &nbsp;&nbsp;&nbsp;&nbsp;$419554 | &nbsp;&nbsp;&nbsp;&nbsp;$355167 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI Conservative Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.08 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 | &nbsp;&nbsp;&nbsp;&nbsp;$11.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.61 | &nbsp;&nbsp;&nbsp;&nbsp;$12.08 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$10.74 | &nbsp;&nbsp;&nbsp;&nbsp;$13.53 | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$28069 | &nbsp;&nbsp;&nbsp;&nbsp;$29765 | &nbsp;&nbsp;&nbsp;&nbsp;$31065 | &nbsp;&nbsp;&nbsp;&nbsp;$33625 | &nbsp;&nbsp;&nbsp;&nbsp;$41154 | &nbsp;&nbsp;&nbsp;&nbsp;$41762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.32 | &nbsp;&nbsp;&nbsp;&nbsp;$10.54 | &nbsp;&nbsp;&nbsp;&nbsp;$13.29 | &nbsp;&nbsp;&nbsp;&nbsp;$12.07 | &nbsp;&nbsp;&nbsp;&nbsp;$11.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.39 | &nbsp;&nbsp;&nbsp;&nbsp;$11.85 | &nbsp;&nbsp;&nbsp;&nbsp;$10.32 | &nbsp;&nbsp;&nbsp;&nbsp;$10.54 | &nbsp;&nbsp;&nbsp;&nbsp;$13.29 | &nbsp;&nbsp;&nbsp;&nbsp;$12.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$6637 | &nbsp;&nbsp;&nbsp;&nbsp;$8872 | &nbsp;&nbsp;&nbsp;&nbsp;$12276 | &nbsp;&nbsp;&nbsp;&nbsp;$18099 | &nbsp;&nbsp;&nbsp;&nbsp;$29825 | &nbsp;&nbsp;&nbsp;&nbsp;$36802 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI Conservative Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 | &nbsp;&nbsp;&nbsp;&nbsp;$10.65 | &nbsp;&nbsp;&nbsp;&nbsp;$10.87 | &nbsp;&nbsp;&nbsp;&nbsp;$13.68 | &nbsp;&nbsp;&nbsp;&nbsp;$12.36 | &nbsp;&nbsp;&nbsp;&nbsp;$12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.76 | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 | &nbsp;&nbsp;&nbsp;&nbsp;$10.65 | &nbsp;&nbsp;&nbsp;&nbsp;$10.87 | &nbsp;&nbsp;&nbsp;&nbsp;$13.68 | &nbsp;&nbsp;&nbsp;&nbsp;$12.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$5393 | &nbsp;&nbsp;&nbsp;&nbsp;$5582 | &nbsp;&nbsp;&nbsp;&nbsp;$7385 | &nbsp;&nbsp;&nbsp;&nbsp;$6412 | &nbsp;&nbsp;&nbsp;&nbsp;$8909 | &nbsp;&nbsp;&nbsp;&nbsp;$7878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.04 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 | &nbsp;&nbsp;&nbsp;&nbsp;$10.71 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 | &nbsp;&nbsp;&nbsp;&nbsp;$12.58\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.57 | &nbsp;&nbsp;&nbsp;&nbsp;$12.04 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 | &nbsp;&nbsp;&nbsp;&nbsp;$10.71 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$3925 | &nbsp;&nbsp;&nbsp;&nbsp;$3472 | &nbsp;&nbsp;&nbsp;&nbsp;$2117 | &nbsp;&nbsp;&nbsp;&nbsp;$1301 | &nbsp;&nbsp;&nbsp;&nbsp;$304 | &nbsp;&nbsp;&nbsp;&nbsp;$27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI Conservative Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

NYLI Moderate Allocation Fund

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Affiliated Investment Companies 90.0%** | **Affiliated Investment Companies 90.0%** | **Affiliated Investment Companies 90.0%** |
| **Equity Funds 58.4%** | **Equity Funds 58.4%** | **Equity Funds 58.4%** |
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1799680 | &nbsp;&nbsp;$18715949 |
| NYLI Candriam International Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 638765 | &nbsp;&nbsp;&nbsp;&nbsp; 20121098 |
| NYLI Candriam U.S. Large Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 805642 | &nbsp;&nbsp;&nbsp;&nbsp; 36265250 |
| NYLI Candriam U.S. Mid Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 748732 | &nbsp;&nbsp;&nbsp;&nbsp; 22344709 |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 179313 | &nbsp;&nbsp;&nbsp;&nbsp; 2635339 |
| NYLI Epoch International Choice Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp; 510293 | &nbsp;&nbsp;&nbsp;&nbsp; 21460934 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1518718 | &nbsp;&nbsp;&nbsp;&nbsp; 31911917 |
| NYLI Fiera SMID Growth Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1486685 | &nbsp;&nbsp;&nbsp;&nbsp; 22734680 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp; 545849 | &nbsp;&nbsp;&nbsp;&nbsp; 15272855 |
| NYLI MacKay Convertible Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 822666 | &nbsp;&nbsp;&nbsp;&nbsp; 15145110 |
| NYLI PineStone International Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 973145 | &nbsp;&nbsp;&nbsp;&nbsp; 16462692 |
| NYLI PineStone U.S. Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1866855 | &nbsp;&nbsp;&nbsp;&nbsp; 34345096 |
| NYLI Winslow Large Cap Growth ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 723957 | &nbsp;&nbsp;&nbsp;&nbsp; 31834416 |
| NYLI Winslow Large Cap Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 728329 | &nbsp;&nbsp;&nbsp;&nbsp; 8264716 |
| NYLI WMC Enduring Capital Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 783922 | &nbsp;&nbsp;&nbsp;&nbsp; 31133224 |
| NYLI WMC Growth Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 830331 | &nbsp;&nbsp;&nbsp;&nbsp; 39695971 |
| NYLI WMC International Research Equity Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21507889 |
| NYLI WMC Small Companies Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16868853 |
| NYLI WMC Value Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30178056 |
| Total Equity Funds<br> (Cost $349,809,529) |  | &nbsp;&nbsp;&nbsp;&nbsp;436898754 |
| **Fixed Income Funds 31.6%** | **Fixed Income Funds 31.6%** | **Fixed Income Funds 31.6%** |
| NYLI Candriam Emerging Markets Debt Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14641661 |
| NYLI Floating Rate Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18803288 |
| NYLI MacKay Core Plus Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48416601 |
| NYLI MacKay High Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518547 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8624569 |
| NYLI MacKay Securitized Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37744437 |
| NYLI MacKay Short Duration High Income Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259414 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| NYLI MacKay Total Return Bond Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5335361 | &nbsp;&nbsp;$48979149 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5016385 | &nbsp;&nbsp;&nbsp;&nbsp; 38219836 |
| NYLI Short Term Bond Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp; 829937 | &nbsp;&nbsp;&nbsp;&nbsp; 7603967 |
| Total Fixed Income Funds<br> (Cost $236,694,818) |  | &nbsp;&nbsp;&nbsp;&nbsp;236811469 |
| Total Affiliated Investment Companies<br> (Cost $586,504,347) |  | &nbsp;&nbsp;&nbsp;&nbsp;673710223 |
| **Short-Term Investment 9.7%** | **Short-Term Investment 9.7%** | **Short-Term Investment 9.7%** |
| **Affiliated Investment Company 9.7%** | **Affiliated Investment Company 9.7%** | **Affiliated Investment Company 9.7%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;72822494 | &nbsp;&nbsp;&nbsp;&nbsp; 72822494 |
| Total Short-Term Investment<br> (Cost $72,822,494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72822494 |
| Total Investments<br> (Cost $659,326,841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;746532717 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074892 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$748607609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of April 30, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI 500 International ETF | &nbsp;&nbsp;$3174 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(3099) | &nbsp;&nbsp;$572 | &nbsp;&nbsp;$(647) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Candriam Emerging Markets Debt Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392) | &nbsp;&nbsp;&nbsp;&nbsp;14642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1923 |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;19847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351) | &nbsp;&nbsp;&nbsp;&nbsp;18716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1800 |
| NYLI Candriam International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;19670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;20121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 |
| NYLI Candriam U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;39203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;(1706) | &nbsp;&nbsp;&nbsp;&nbsp;36265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 |
| NYLI Candriam U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;24692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;(2061) | &nbsp;&nbsp;&nbsp;&nbsp;22345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 |
| NYLI CBRE NextGen Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| NYLI Epoch International Choice Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;20169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;21461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;34543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2160) | &nbsp;&nbsp;&nbsp;&nbsp;(191) | &nbsp;&nbsp;&nbsp;&nbsp;(3516) | &nbsp;&nbsp;&nbsp;&nbsp;31912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;1519 |
| NYLI Fiera SMID Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;25172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;(2467) | &nbsp;&nbsp;&nbsp;&nbsp;22735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;1487 |
| NYLI Floating Rate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;20491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) | &nbsp;&nbsp;&nbsp;&nbsp;18803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2163 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp;15934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp;15273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| NYLI MacKay Convertible Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;16205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799) | &nbsp;&nbsp;&nbsp;&nbsp;15145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 |
| NYLI MacKay Core Plus Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;52436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4761) | &nbsp;&nbsp;&nbsp;&nbsp;(281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;48417 | &nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2302 |
| NYLI MacKay High Income ETF (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1687 |
| NYLI MacKay Securitized Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;40573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;37744 | &nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;1452 |
| NYLI MacKay Short Duration High Income Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;22080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;(17254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
| NYLI MacKay Total Return Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;52374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5778) | &nbsp;&nbsp;&nbsp;&nbsp;(864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;48979 | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5335 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;40659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;38220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5016 |
| NYLI PineStone International Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;16850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;16463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 |
| NYLI PineStone U.S. Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;36453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1771) | &nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;&nbsp;&nbsp;(1452) | &nbsp;&nbsp;&nbsp;&nbsp;34345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;1867 |
| NYLI Short Term Bond Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;82483 | &nbsp;&nbsp;&nbsp;&nbsp;80732 | &nbsp;&nbsp;&nbsp;&nbsp;(90393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;72822 | &nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;72822 |
| NYLI Winslow Large Cap Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;20711 | &nbsp;&nbsp;&nbsp;&nbsp;12395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1272) | &nbsp;&nbsp;&nbsp;&nbsp;31834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 |
| NYLI Winslow Large Cap Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;20897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 | &nbsp;&nbsp;&nbsp;&nbsp;(13357) | &nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp;(6046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 |
| NYLI WMC Enduring Capital Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;31133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 |
| NYLI WMC Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;40362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;(2034) | &nbsp;&nbsp;&nbsp;&nbsp;39696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| NYLI WMC International Research Equity Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;21512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp;21508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2554 |
| NYLI WMC Small Companies Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;19209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;(1505) | &nbsp;&nbsp;&nbsp;&nbsp;16869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
| NYLI WMC Value Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | &nbsp;&nbsp;&nbsp;&nbsp;(2244) | &nbsp;&nbsp;&nbsp;&nbsp;30178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
|  | &nbsp;&nbsp;$803085 | &nbsp;&nbsp;$151586 | &nbsp;&nbsp;$(190881) | &nbsp;&nbsp;$4379 | &nbsp;&nbsp;$(21636) | &nbsp;&nbsp;$746533 | &nbsp;&nbsp;$12561 | &nbsp;&nbsp;$10022 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Prior to December 04, 2024, known as NYLI MacKay ESG Core Plus Bond ETF.

(b) Prior to February 14, 2025, known as NYLI MacKay ESG High Income ETF.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI Moderate Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

#### Swap Contracts
Open OTC total return equity swap contracts as of April 30, 2025 were as follows<sup>1</sup>:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Swap<br> Counterparty** | &nbsp;&nbsp;**Reference Obligation** | &nbsp;&nbsp;**Floating Rate<sup>2</sup>** | &nbsp;&nbsp;**Termination<br> Date(s)** | &nbsp;&nbsp;**Payment<br> Frequency<br> Paid/<br> Received** | &nbsp;&nbsp;**Notional<br> Amount<br> Long/<br> (Short)<br> (000)<sup>3</sup>** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)<sup>4</sup>** |
| Citibank NA | &nbsp;&nbsp;Citi Artificial Intelligence (AI) Basket | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;27608 | &nbsp;&nbsp;$— |
| Citibank NA | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;1 day FEDF plus 0.53% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;11075 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp;1 day FEDF plus 0.70% - 0.72% | &nbsp;&nbsp;3/9/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;23539 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI Emerging Markets ETF | &nbsp;&nbsp;1 day FEDF plus 0.40% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;7790 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI India ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;12262 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;J.P. Morgan IDEX Pure Size Short Index | &nbsp;&nbsp;1 day FEDF plus 0.30% | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;(5718) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;Russell 2000 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.10% | &nbsp;&nbsp;4/8/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(33562) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P 500 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(74370) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Midcap 400 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.85% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;13752 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Small Cap 600 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.45% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;42978 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;$— |

---

The following table represents the basket holdings underlying the total return swap with Citi Artificial Intelligence (AI) Basket as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;**Unrealized Appreciation/<br> Depreciation** | &nbsp;&nbsp;**Percent of<br> Basket Net Assets** |
| Adobe Inc. | &nbsp;&nbsp;4551 | &nbsp;&nbsp;484915 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.76 |
| Advanced Micro Devices Inc. | &nbsp;&nbsp;5317 | &nbsp;&nbsp;566571 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.05 |
| Airbnb Inc. | &nbsp;&nbsp;5157 | &nbsp;&nbsp;549501 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Alphabet Inc. | &nbsp;&nbsp;5151 | &nbsp;&nbsp;548905 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Amazon.com Inc. | &nbsp;&nbsp;4997 | &nbsp;&nbsp;532427 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.93 |
| Amdocs Ltd. | &nbsp;&nbsp;5295 | &nbsp;&nbsp;564273 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| Amphenol Corp. | &nbsp;&nbsp;6611 | &nbsp;&nbsp;704479 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.55 |
| Applied Materials Inc. | &nbsp;&nbsp;5421 | &nbsp;&nbsp;577646 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.09 |
| AppLovin Corp. | &nbsp;&nbsp;5747 | &nbsp;&nbsp;612424 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.22 |
| Aptiv plc | &nbsp;&nbsp;4797 | &nbsp;&nbsp;511221 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.85 |
| Arista Networks Inc. | &nbsp;&nbsp;5517 | &nbsp;&nbsp;587881 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| BILL Holdings Inc. | &nbsp;&nbsp;5487 | &nbsp;&nbsp;584730 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.12 |
| Boeing Co. (The) | &nbsp;&nbsp;6437 | &nbsp;&nbsp;685954 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.48 |
| Booking Holdings Inc. | &nbsp;&nbsp;6245 | &nbsp;&nbsp;665416 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.41 |
| Cognex Corp. | &nbsp;&nbsp;4481 | &nbsp;&nbsp;477534 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.73 |
| Cognizant Technology Solutions Corp. | &nbsp;&nbsp;4724 | &nbsp;&nbsp;503401 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| DoorDash Inc. | &nbsp;&nbsp;5640 | &nbsp;&nbsp;601043 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.18 |
| eBay Inc. | &nbsp;&nbsp;5509 | &nbsp;&nbsp;587061 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| EPAM Systems Inc. | &nbsp;&nbsp;4383 | &nbsp;&nbsp;467049 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.69 |
| Etsy Inc. | &nbsp;&nbsp;4885 | &nbsp;&nbsp;520497 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.89 |
| ExlService Holdings Inc. | &nbsp;&nbsp;5553 | &nbsp;&nbsp;591749 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.14 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp;6095 | &nbsp;&nbsp;649530 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.35 |
| Fiserv Inc. | &nbsp;&nbsp;4580 | &nbsp;&nbsp;488012 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Globant SA | &nbsp;&nbsp;4690 | &nbsp;&nbsp;499777 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.81 |
| GoDaddy Inc. | &nbsp;&nbsp;5778 | &nbsp;&nbsp;615716 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.23 |
| Honeywell International Inc. | &nbsp;&nbsp;5371 | &nbsp;&nbsp;572382 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.07 |
| HP Inc. | &nbsp;&nbsp;4720 | &nbsp;&nbsp;502928 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| Informatica Inc. | &nbsp;&nbsp;5509 | &nbsp;&nbsp;587068 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp;5110 | &nbsp;&nbsp;544483 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.97 |
| KLA Corp. | &nbsp;&nbsp;5629 | &nbsp;&nbsp;599855 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.17 |
| Marvell Technology Inc. | &nbsp;&nbsp;4597 | &nbsp;&nbsp;489837 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Match Group Inc. | &nbsp;&nbsp;4991 | &nbsp;&nbsp;531802 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.93 |
| Meta Platforms Inc. | &nbsp;&nbsp;4827 | &nbsp;&nbsp;514358 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Micron Technology Inc. | &nbsp;&nbsp;4624 | &nbsp;&nbsp;492740 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.78 |
| MKS Instruments Inc. | &nbsp;&nbsp;4809 | &nbsp;&nbsp;512458 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;**Unrealized Appreciation/<br> Depreciation** | &nbsp;&nbsp;**Percent of<br> Basket Net Assets** |
| Nasdaq Inc. | &nbsp;&nbsp;5586 | &nbsp;&nbsp;595231 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.16 |
| Northrop Grumman Corp. | &nbsp;&nbsp;5278 | &nbsp;&nbsp;562395 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| nVent Electric plc | &nbsp;&nbsp;5458 | &nbsp;&nbsp;581655 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.11 |
| NVIDIA Corp. | &nbsp;&nbsp;5273 | &nbsp;&nbsp;561844 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| PayPal Holdings Inc. | &nbsp;&nbsp;5133 | &nbsp;&nbsp;547008 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.98 |
| Pegasystems Inc. | &nbsp;&nbsp;6915 | &nbsp;&nbsp;736831 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.67 |
| Pinterest Inc. | &nbsp;&nbsp;4264 | &nbsp;&nbsp;454418 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.65 |
| PTC Inc. | &nbsp;&nbsp;5222 | &nbsp;&nbsp;556495 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.02 |
| Q2 Holdings, Inc. | &nbsp;&nbsp;5696 | &nbsp;&nbsp;606918 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.20 |
| Trade Desk, Inc. (The) | &nbsp;&nbsp;4827 | &nbsp;&nbsp;514365 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.86 |
| Uber Technologies, Inc. | &nbsp;&nbsp;6069 | &nbsp;&nbsp;646742 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.34 |
| Upstart Holdings Inc. | &nbsp;&nbsp;5459 | &nbsp;&nbsp;581692 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.11 |
| Vertiv Holdings Co. | &nbsp;&nbsp;5528 | &nbsp;&nbsp;589116 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Zillow Group Inc. | &nbsp;&nbsp;5137 | &nbsp;&nbsp;547445 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount $4,647,000 was pledged to brokers for OTC swap contracts.

2. Fund pays the floating rate and receives the total return of the reference entity.

3. Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position.

4. Reflects the value at reset date as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Affiliated Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $436898754 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $436898754 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 236811469 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 236811469 |
| Total Affiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;673710223 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;673710223 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 72822494 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 72822494 |
| Total Investments in Securities | &nbsp;&nbsp;$746532717 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$746532717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI Moderate Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in affiliated investment companies, at value<br> (identified cost $659,326,841) | $746532717 |
| Cash collateral on deposit at broker for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;4647000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717386 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242851 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10364 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;752224886 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest on OTC swaps contracts | &nbsp;&nbsp;&nbsp;&nbsp;2730583 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552753 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156225 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137308 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24025 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;3617277 |
| Net assets | $748607609 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $56261 |
| Additional paid-in-capital | &nbsp;&nbsp;658727109 |
|  | &nbsp;&nbsp;658783370 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;89824239 |
| Net assets | $748607609 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $647843891 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;48701484 |
| Net asset value per share outstanding | $13.30 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Maximum offering price per share outstanding | $13.71 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $71041662 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5322981 |
| Net asset value per share outstanding | $13.35 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Maximum offering price per share outstanding | $13.69 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $8702727 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663745 |
| Net asset value and offering price per share outstanding | $13.11 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $8512834 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634217 |
| Net asset value and offering price per share outstanding | $13.42 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $12506495 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938468 |
| Net asset value and offering price per share outstanding | $13.33 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend distributions from affiliated investment companies | $12560832 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845044 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92309 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49828 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29487 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363526 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51167 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46422 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46092 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24496 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8918 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;1595300 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;1519468 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;11041364 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Affiliated investment company transactions | &nbsp;&nbsp;&nbsp;&nbsp;4379233 |
| &nbsp;&nbsp;&nbsp;Realized capital gain distributions from affiliated investment companies | &nbsp;&nbsp;&nbsp;10021950 |
| &nbsp;&nbsp;&nbsp;Swap transactions | &nbsp;&nbsp;(12114565) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2286618 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:<br> Affiliated investments companies | &nbsp;&nbsp;(21636237) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(19349619) |
| Net increase (decrease) in net assets resulting from operations | $(8308255) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI Moderate Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $11041364 | &nbsp;&nbsp;$20765429 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2286618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32169019 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(21636237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96686661 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(8308255) | &nbsp;&nbsp;&nbsp;&nbsp;149621109 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(43015232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2395326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;(4440411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1931) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(49320429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2590301) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;27911698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57330158 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;49044770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571152 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(73482315) | &nbsp;&nbsp;&nbsp;&nbsp;(120382450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;3474153 | &nbsp;&nbsp;&nbsp;&nbsp;(60481140) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(54154531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86549668 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;802762140 | &nbsp;&nbsp;&nbsp;&nbsp;716212472 |
| End of period | $748607609 | &nbsp;&nbsp;$802762140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.35 | &nbsp;&nbsp;&nbsp;&nbsp;$11.86 | &nbsp;&nbsp;&nbsp;&nbsp;$12.14 | &nbsp;&nbsp;&nbsp;&nbsp;$15.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.41 | &nbsp;&nbsp;&nbsp;&nbsp;$13.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.30 | &nbsp;&nbsp;&nbsp;&nbsp;$14.35 | &nbsp;&nbsp;&nbsp;&nbsp;$11.86 | &nbsp;&nbsp;&nbsp;&nbsp;$12.14 | &nbsp;&nbsp;&nbsp;&nbsp;$15.64 | &nbsp;&nbsp;&nbsp;&nbsp;$13.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.97)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$647844 | &nbsp;&nbsp;&nbsp;&nbsp;$693450 | &nbsp;&nbsp;&nbsp;&nbsp;$599019 | &nbsp;&nbsp;&nbsp;&nbsp;$605511 | &nbsp;&nbsp;&nbsp;&nbsp;$721363 | &nbsp;&nbsp;&nbsp;&nbsp;$568079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.37 | &nbsp;&nbsp;&nbsp;&nbsp;$11.87 | &nbsp;&nbsp;&nbsp;&nbsp;$12.16 | &nbsp;&nbsp;&nbsp;&nbsp;$15.65 | &nbsp;&nbsp;&nbsp;&nbsp;$13.42 | &nbsp;&nbsp;&nbsp;&nbsp;$13.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.35 | &nbsp;&nbsp;&nbsp;&nbsp;$14.37 | &nbsp;&nbsp;&nbsp;&nbsp;$11.87 | &nbsp;&nbsp;&nbsp;&nbsp;$12.16 | &nbsp;&nbsp;&nbsp;&nbsp;$15.65 | &nbsp;&nbsp;&nbsp;&nbsp;$13.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$71042 | &nbsp;&nbsp;&nbsp;&nbsp;$75919 | &nbsp;&nbsp;&nbsp;&nbsp;$78972 | &nbsp;&nbsp;&nbsp;&nbsp;$84180 | &nbsp;&nbsp;&nbsp;&nbsp;$101233 | &nbsp;&nbsp;&nbsp;&nbsp;$101831 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI Moderate Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.05 | &nbsp;&nbsp;&nbsp;&nbsp;$11.68 | &nbsp;&nbsp;&nbsp;&nbsp;$11.96 | &nbsp;&nbsp;&nbsp;&nbsp;$15.42 | &nbsp;&nbsp;&nbsp;&nbsp;$13.23 | &nbsp;&nbsp;&nbsp;&nbsp;$13.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.11 | &nbsp;&nbsp;&nbsp;&nbsp;$14.05 | &nbsp;&nbsp;&nbsp;&nbsp;$11.68 | &nbsp;&nbsp;&nbsp;&nbsp;$11.96 | &nbsp;&nbsp;&nbsp;&nbsp;$15.42 | &nbsp;&nbsp;&nbsp;&nbsp;$13.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.76)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$8703 | &nbsp;&nbsp;&nbsp;&nbsp;$11308 | &nbsp;&nbsp;&nbsp;&nbsp;$14105 | &nbsp;&nbsp;&nbsp;&nbsp;$19531 | &nbsp;&nbsp;&nbsp;&nbsp;$30309 | &nbsp;&nbsp;&nbsp;&nbsp;$35483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.49 | &nbsp;&nbsp;&nbsp;&nbsp;$11.97 | &nbsp;&nbsp;&nbsp;&nbsp;$12.25 | &nbsp;&nbsp;&nbsp;&nbsp;$15.77 | &nbsp;&nbsp;&nbsp;&nbsp;$13.52 | &nbsp;&nbsp;&nbsp;&nbsp;$13.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.42 | &nbsp;&nbsp;&nbsp;&nbsp;$14.49 | &nbsp;&nbsp;&nbsp;&nbsp;$11.97 | &nbsp;&nbsp;&nbsp;&nbsp;$12.25 | &nbsp;&nbsp;&nbsp;&nbsp;$15.77 | &nbsp;&nbsp;&nbsp;&nbsp;$13.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.76)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$8513 | &nbsp;&nbsp;&nbsp;&nbsp;$8867 | &nbsp;&nbsp;&nbsp;&nbsp;$7595 | &nbsp;&nbsp;&nbsp;&nbsp;$8483 | &nbsp;&nbsp;&nbsp;&nbsp;$11150 | &nbsp;&nbsp;&nbsp;&nbsp;$8586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.36 | &nbsp;&nbsp;&nbsp;&nbsp;$11.86 | &nbsp;&nbsp;&nbsp;&nbsp;$12.13 | &nbsp;&nbsp;&nbsp;&nbsp;$15.62 | &nbsp;&nbsp;&nbsp;&nbsp;$13.42 | &nbsp;&nbsp;&nbsp;&nbsp;$13.95\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.33 | &nbsp;&nbsp;&nbsp;&nbsp;$14.36 | &nbsp;&nbsp;&nbsp;&nbsp;$11.86 | &nbsp;&nbsp;&nbsp;&nbsp;$12.13 | &nbsp;&nbsp;&nbsp;&nbsp;$15.62 | &nbsp;&nbsp;&nbsp;&nbsp;$13.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.80)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$12506 | &nbsp;&nbsp;&nbsp;&nbsp;$11083 | &nbsp;&nbsp;&nbsp;&nbsp;$6734 | &nbsp;&nbsp;&nbsp;&nbsp;$3013 | &nbsp;&nbsp;&nbsp;&nbsp;$853 | &nbsp;&nbsp;&nbsp;&nbsp;$38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

24 NYLI Moderate Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

NYLI Growth Allocation Fund

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Affiliated Investment Companies 90.1%** | **Affiliated Investment Companies 90.1%** | **Affiliated Investment Companies 90.1%** |
| **Equity Funds 78.5%** | **Equity Funds 78.5%** | **Equity Funds 78.5%** |
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2655302 | &nbsp;&nbsp;$27614078 |
| NYLI Candriam International Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 933735 | &nbsp;&nbsp;&nbsp;&nbsp; 29412653 |
| NYLI Candriam U.S. Large Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 975446 | &nbsp;&nbsp;&nbsp;&nbsp; 43908824 |
| NYLI Candriam U.S. Mid Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1402128 | &nbsp;&nbsp;&nbsp;&nbsp; 41844267 |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 188962 | &nbsp;&nbsp;&nbsp;&nbsp; 2777157 |
| NYLI Epoch International Choice Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp; 743772 | &nbsp;&nbsp;&nbsp;&nbsp; 31280147 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2103801 | &nbsp;&nbsp;&nbsp;&nbsp; 44205902 |
| NYLI Fiera SMID Growth Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2785678 | &nbsp;&nbsp;&nbsp;&nbsp; 42599140 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp; 575226 | &nbsp;&nbsp;&nbsp;&nbsp; 16094823 |
| NYLI MacKay Convertible Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 877489 | &nbsp;&nbsp;&nbsp;&nbsp; 16154393 |
| NYLI PineStone International Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1434995 | &nbsp;&nbsp;&nbsp;&nbsp; 24275811 |
| NYLI PineStone U.S. Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2401319 | &nbsp;&nbsp;&nbsp;&nbsp; 44177785 |
| NYLI Winslow Large Cap Growth ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 784934 | &nbsp;&nbsp;&nbsp;&nbsp; 34515746 |
| NYLI Winslow Large Cap Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 1073573 | &nbsp;&nbsp;&nbsp;&nbsp; 12182370 |
| NYLI WMC Enduring Capital Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1144876 | &nbsp;&nbsp;&nbsp;&nbsp; 45468415 |
| NYLI WMC Growth Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 931256 | &nbsp;&nbsp;&nbsp;&nbsp; 44520931 |
| NYLI WMC International Research Equity Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31341114 |
| NYLI WMC Small Companies Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41192020 |
| NYLI WMC Value Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44265309 |
| Total Equity Funds<br> (Cost $499,926,576) |  | &nbsp;&nbsp;&nbsp;&nbsp;617830885 |
| **Fixed Income Funds 11.6%** | **Fixed Income Funds 11.6%** | **Fixed Income Funds 11.6%** |
| NYLI Candriam Emerging Markets Debt Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15633438 |
| NYLI Floating Rate Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19815247 |
| NYLI MacKay Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654988 |
| NYLI MacKay High Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10147649 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274193 |
| NYLI MacKay Securitized Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188162 |
| NYLI MacKay Short Duration High Income Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167127 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| NYLI MacKay Total Return Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 733351 | &nbsp;&nbsp;$6732234 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 689510 | &nbsp;&nbsp;&nbsp;&nbsp; 5253378 |
| NYLI Short Term Bond Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp; 874599 | &nbsp;&nbsp;&nbsp;&nbsp; 8013167 |
| Total Fixed Income Funds<br> (Cost $89,392,476) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90879583 |
| Total Affiliated Investment Companies<br> (Cost $589,319,052) |  | &nbsp;&nbsp;&nbsp;&nbsp;708710468 |
| **Short-Term Investment 9.6%** | **Short-Term Investment 9.6%** | **Short-Term Investment 9.6%** |
| **Affiliated Investment Company 9.6%** | **Affiliated Investment Company 9.6%** | **Affiliated Investment Company 9.6%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;75810877 | &nbsp;&nbsp;&nbsp;&nbsp; 75810877 |
| Total Short-Term Investment<br> (Cost $75,810,877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75810877 |
| Total Investments<br> (Cost $665,129,929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;784521345 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104339 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$786625684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of April 30, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI 500 International ETF | &nbsp;&nbsp;$9801 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(9570) | &nbsp;&nbsp;$1822 | &nbsp;&nbsp;$(2053) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Candriam Emerging Markets Debt Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423) | &nbsp;&nbsp;&nbsp;&nbsp;15634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2053 |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;29110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524) | &nbsp;&nbsp;&nbsp;&nbsp;27614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2655 |
| NYLI Candriam International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;27291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 | &nbsp;&nbsp;&nbsp;&nbsp;29413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 |
| NYLI Candriam U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;47070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;(1932) | &nbsp;&nbsp;&nbsp;&nbsp;43909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 |
| NYLI Candriam U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;47903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;(3953) | &nbsp;&nbsp;&nbsp;&nbsp;41844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1402 |
| NYLI CBRE NextGen Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| NYLI Epoch International Choice Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;27979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;31280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;46826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) | &nbsp;&nbsp;&nbsp;&nbsp;(4860) | &nbsp;&nbsp;&nbsp;&nbsp;44206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;2104 |
| NYLI Fiera SMID Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;47945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;(4583) | &nbsp;&nbsp;&nbsp;&nbsp;42599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;2786 |
| NYLI Floating Rate Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;21541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) | &nbsp;&nbsp;&nbsp;&nbsp;19815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2279 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp;16690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;16095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |
| NYLI MacKay Convertible Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;17035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(835) | &nbsp;&nbsp;&nbsp;&nbsp;16154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 |
| NYLI MacKay Core Plus Bond ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| NYLI MacKay High Income ETF (c) | &nbsp;&nbsp;&nbsp;&nbsp;11136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) | &nbsp;&nbsp;&nbsp;&nbsp;10148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 |
| NYLI MacKay High Yield Corporate Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;11155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2010 |
| NYLI MacKay Securitized Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| NYLI MacKay Short Duration High Income Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;20633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;(18009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
| NYLI MacKay Total Return Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 |
| NYLI MacKay U.S. Infrastructure Bond Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 |
| NYLI PineStone International Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;23968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;24276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1435 |
| NYLI PineStone U.S. Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;45962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;(1887) | &nbsp;&nbsp;&nbsp;&nbsp;44178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;2401 |
| NYLI Short Term Bond Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;84048 | &nbsp;&nbsp;&nbsp;&nbsp;85657 | &nbsp;&nbsp;&nbsp;&nbsp;(93894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75811 | &nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;75811 |
| NYLI Winslow Large Cap Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;22904 | &nbsp;&nbsp;&nbsp;&nbsp;12984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1372) | &nbsp;&nbsp;&nbsp;&nbsp;34516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
| NYLI Winslow Large Cap Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;24686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp;(13325) | &nbsp;&nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;&nbsp;(6014) | &nbsp;&nbsp;&nbsp;&nbsp;12183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;1074 |
| NYLI WMC Enduring Capital Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;45984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;45468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1145 |
| NYLI WMC Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;46478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;(2333) | &nbsp;&nbsp;&nbsp;&nbsp;44521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 |
| NYLI WMC International Research Equity Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;29835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;31341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3722 |
| NYLI WMC Small Companies Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;47843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;(3729) | &nbsp;&nbsp;&nbsp;&nbsp;41192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1759 |
| NYLI WMC Value Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;47011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | &nbsp;&nbsp;&nbsp;&nbsp;(3299) | &nbsp;&nbsp;&nbsp;&nbsp;44265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;1407 |
|  | &nbsp;&nbsp;$841145 | &nbsp;&nbsp;$166637 | &nbsp;&nbsp;$(197327) | &nbsp;&nbsp;$6905 | &nbsp;&nbsp;$(32839) | &nbsp;&nbsp;$784521 | &nbsp;&nbsp;$9725 | &nbsp;&nbsp;$12940 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Prior to December 04, 2024, known as NYLI MacKay ESG Core Plus Bond ETF.

(b) Less than $500.

(c) Prior to February 14, 2025, known as NYLI MacKay ESG High Income ETF.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

26 NYLI Growth Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

#### Swap Contracts
Open OTC total return equity swap contracts as of April 30, 2025 were as follows<sup>1</sup>:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Swap<br> Counterparty** | &nbsp;&nbsp;**Reference Obligation** | &nbsp;&nbsp;**Floating Rate<sup>2</sup>** | &nbsp;&nbsp;**Termination<br> Date(s)** | &nbsp;&nbsp;**Payment<br> Frequency<br> Paid/<br> Received** | &nbsp;&nbsp;**Notional<br> Amount<br> Long/<br> (Short)<br> (000)<sup>3</sup>** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)<sup>4</sup>** |
| Citibank NA | &nbsp;&nbsp;Citi Artificial Intelligence (AI) Basket | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;29248 | &nbsp;&nbsp;$— |
| Citibank NA | &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;1 day FEDF plus 0.53% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;13235 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;11576 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp;1 day FEDF plus 0.70% - 0.72% | &nbsp;&nbsp;3/9/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;24839 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI Emerging Markets ETF | &nbsp;&nbsp;1 day FEDF plus 0.40% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI India ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;12965 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;J.P. Morgan IDEX Pure Size Short Index | &nbsp;&nbsp;1 day FEDF plus 0.00% - 0.30% | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(11317) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;Russell 2000 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.10% | &nbsp;&nbsp;4/8/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(33636) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P 500 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(77329) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Midcap 400 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.85% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;15372 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Small Cap 600 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.45% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;45298 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;$— |

---

The following table represents the basket holdings underlying the total return swap with Citi Artificial Intelligence (AI) Basket as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;**Unrealized Appreciation/<br> Depreciation** | &nbsp;&nbsp;**Percent of<br> Basket Net Assets** |
| Adobe Inc. | &nbsp;&nbsp;4821 | &nbsp;&nbsp;513716 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.76 |
| Advanced Micro Devices Inc. | &nbsp;&nbsp;5633 | &nbsp;&nbsp;600222 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.05 |
| Airbnb Inc. | &nbsp;&nbsp;5463 | &nbsp;&nbsp;582138 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Alphabet Inc. | &nbsp;&nbsp;5457 | &nbsp;&nbsp;581507 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Amazon.com Inc. | &nbsp;&nbsp;5293 | &nbsp;&nbsp;564050 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.93 |
| Amdocs Ltd. | &nbsp;&nbsp;5610 | &nbsp;&nbsp;597787 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| Amphenol Corp. | &nbsp;&nbsp;7004 | &nbsp;&nbsp;746321 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.55 |
| Applied Materials Inc. | &nbsp;&nbsp;5743 | &nbsp;&nbsp;611955 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.09 |
| AppLovin Corp. | &nbsp;&nbsp;6089 | &nbsp;&nbsp;648798 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.22 |
| Aptiv plc | &nbsp;&nbsp;5082 | &nbsp;&nbsp;541585 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.85 |
| Arista Networks Inc. | &nbsp;&nbsp;5845 | &nbsp;&nbsp;622798 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| BILL Holdings Inc. | &nbsp;&nbsp;5813 | &nbsp;&nbsp;619459 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.12 |
| Boeing Co. (The) | &nbsp;&nbsp;6820 | &nbsp;&nbsp;726696 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.48 |
| Booking Holdings Inc. | &nbsp;&nbsp;6615 | &nbsp;&nbsp;704938 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.41 |
| Cognex Corp. | &nbsp;&nbsp;4748 | &nbsp;&nbsp;505897 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.73 |
| Cognizant Technology Solutions Corp. | &nbsp;&nbsp;5005 | &nbsp;&nbsp;533300 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| DoorDash Inc. | &nbsp;&nbsp;5975 | &nbsp;&nbsp;636742 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.18 |
| eBay Inc. | &nbsp;&nbsp;5836 | &nbsp;&nbsp;621929 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| EPAM Systems Inc. | &nbsp;&nbsp;4643 | &nbsp;&nbsp;494789 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.69 |
| Etsy Inc. | &nbsp;&nbsp;5175 | &nbsp;&nbsp;551411 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.89 |
| ExlService Holdings Inc. | &nbsp;&nbsp;5883 | &nbsp;&nbsp;626895 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.14 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp;6457 | &nbsp;&nbsp;688109 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.35 |
| Fiserv Inc. | &nbsp;&nbsp;4852 | &nbsp;&nbsp;516997 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Globant SA | &nbsp;&nbsp;4969 | &nbsp;&nbsp;529461 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.81 |
| GoDaddy Inc. | &nbsp;&nbsp;6121 | &nbsp;&nbsp;652286 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.23 |
| Honeywell International Inc. | &nbsp;&nbsp;5690 | &nbsp;&nbsp;606378 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.07 |
| HP Inc. | &nbsp;&nbsp;5000 | &nbsp;&nbsp;532800 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| Informatica Inc. | &nbsp;&nbsp;5836 | &nbsp;&nbsp;621937 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp;5413 | &nbsp;&nbsp;576822 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.97 |
| KLA Corp. | &nbsp;&nbsp;5964 | &nbsp;&nbsp;635483 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.17 |
| Marvell Technology Inc. | &nbsp;&nbsp;4870 | &nbsp;&nbsp;518930 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Match Group Inc. | &nbsp;&nbsp;5287 | &nbsp;&nbsp;563388 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.93 |
| Meta Platforms Inc. | &nbsp;&nbsp;5114 | &nbsp;&nbsp;544907 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Micron Technology Inc. | &nbsp;&nbsp;4899 | &nbsp;&nbsp;522006 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.78 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;**Unrealized Appreciation/<br> Depreciation** | &nbsp;&nbsp;**Percent of<br> Basket Net Assets** |
| MKS Instruments Inc. | &nbsp;&nbsp;5095 | &nbsp;&nbsp;542895 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.86 |
| Nasdaq Inc. | &nbsp;&nbsp;5918 | &nbsp;&nbsp;630585 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.16 |
| Northrop Grumman Corp. | &nbsp;&nbsp;5591 | &nbsp;&nbsp;595797 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| nVent Electric plc | &nbsp;&nbsp;5783 | &nbsp;&nbsp;616202 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.11 |
| NVIDIA Corp. | &nbsp;&nbsp;5586 | &nbsp;&nbsp;595214 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| PayPal Holdings Inc. | &nbsp;&nbsp;5438 | &nbsp;&nbsp;579497 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.98 |
| Pegasystems Inc. | &nbsp;&nbsp;7325 | &nbsp;&nbsp;780595 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.67 |
| Pinterest Inc. | &nbsp;&nbsp;4518 | &nbsp;&nbsp;481408 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.65 |
| PTC Inc. | &nbsp;&nbsp;5533 | &nbsp;&nbsp;589548 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.02 |
| Q2 Holdings, Inc. | &nbsp;&nbsp;6034 | &nbsp;&nbsp;642966 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.20 |
| Trade Desk, Inc. (The) | &nbsp;&nbsp;5114 | &nbsp;&nbsp;544915 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Uber Technologies, Inc. | &nbsp;&nbsp;6430 | &nbsp;&nbsp;685155 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.34 |
| Upstart Holdings Inc. | &nbsp;&nbsp;5783 | &nbsp;&nbsp;616242 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.11 |
| Vertiv Holdings Co. | &nbsp;&nbsp;5857 | &nbsp;&nbsp;624106 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Zillow Group Inc. | &nbsp;&nbsp;5443 | &nbsp;&nbsp;579961 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount $4,948,000 was pledged to brokers for OTC swap contracts.

2. Fund pays the floating rate and receives the total return of the reference entity.

3. Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position.

4. Reflects the value at reset date as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Affiliated Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $617830885 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $617830885 |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp; 90879583 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 90879583 |
| Total Affiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;708710468 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;708710468 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 75810877 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 75810877 |
| Total Investments in Securities | &nbsp;&nbsp;$784521345 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$784521345 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

28 NYLI Growth Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in affiliated investment companies, at value<br> (identified cost $665,129,929) | $784521345 |
| Cash collateral on deposit at broker for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;4948000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516292 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409771 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10668 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;790488978 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest on OTC swaps contracts | &nbsp;&nbsp;&nbsp;&nbsp;2828132 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687686 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162627 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155002 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23834 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;3863294 |
| Net assets | $786625684 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $53502 |
| Additional paid-in-capital | &nbsp;&nbsp;661485913 |
|  | &nbsp;&nbsp;661539415 |
| Total distributable earnings (loss) | &nbsp;&nbsp;125086269 |
| Net assets | $786625684 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $671778162 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;45707583 |
| Net asset value per share outstanding | $14.70 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Maximum offering price per share outstanding | $15.15 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $84602245 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5739440 |
| Net asset value per share outstanding | $14.74 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Maximum offering price per share outstanding | $15.12 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $9985614 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690389 |
| Net asset value and offering price per share outstanding | $14.46 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $11101756 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742869 |
| Net asset value and offering price per share outstanding | $14.94 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $9157907 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621649 |
| Net asset value and offering price per share outstanding | $14.73 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend distributions from affiliated investment companies | $9725087 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877320 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111166 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58384 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22012 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415130 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47164 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45711 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45179 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26448 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9289 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;1677397 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;1597999 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;8127088 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Affiliated investment company transactions | &nbsp;&nbsp;&nbsp;&nbsp;6904603 |
| &nbsp;&nbsp;&nbsp;Realized capital gain distributions from affiliated investment companies | &nbsp;&nbsp;&nbsp;12939912 |
| &nbsp;&nbsp;&nbsp;Swap transactions | &nbsp;&nbsp;(12042165) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7802350 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:<br> Affiliated investments companies | &nbsp;&nbsp;(32838646) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(25036296) |
| Net increase (decrease) in net assets resulting from operations | $(16909208) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

30 NYLI Growth Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $8127088 | &nbsp;&nbsp;$15198309 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7802350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59022406 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(32838646) | &nbsp;&nbsp;&nbsp;&nbsp;100121123 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(16909208) | &nbsp;&nbsp;&nbsp;&nbsp;174341838 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(53400657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5831073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;(6483138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(801244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32252) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(62286725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6672043) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;32004524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57194820 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;62042787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634803 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(69399416) | &nbsp;&nbsp;&nbsp;&nbsp;(124950946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;24647895 | &nbsp;&nbsp;&nbsp;&nbsp;(61121323) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(54548038) | &nbsp;&nbsp;&nbsp;&nbsp;106548472 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;841173722 | &nbsp;&nbsp;&nbsp;&nbsp;734625250 |
| End of period | $786625684 | &nbsp;&nbsp;$841173722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.23 | &nbsp;&nbsp;&nbsp;&nbsp;$13.17 | &nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;$14.33 | &nbsp;&nbsp;&nbsp;&nbsp;$14.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.70 | &nbsp;&nbsp;&nbsp;&nbsp;$16.23 | &nbsp;&nbsp;&nbsp;&nbsp;$13.17 | &nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;$14.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$671778 | &nbsp;&nbsp;&nbsp;&nbsp;$714585 | &nbsp;&nbsp;&nbsp;&nbsp;$603146 | &nbsp;&nbsp;&nbsp;&nbsp;$603691 | &nbsp;&nbsp;&nbsp;&nbsp;$728402 | &nbsp;&nbsp;&nbsp;&nbsp;$542938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.25 | &nbsp;&nbsp;&nbsp;&nbsp;$13.19 | &nbsp;&nbsp;&nbsp;&nbsp;$13.73 | &nbsp;&nbsp;&nbsp;&nbsp;$17.91 | &nbsp;&nbsp;&nbsp;&nbsp;$14.33 | &nbsp;&nbsp;&nbsp;&nbsp;$14.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.74 | &nbsp;&nbsp;&nbsp;&nbsp;$16.25 | &nbsp;&nbsp;&nbsp;&nbsp;$13.19 | &nbsp;&nbsp;&nbsp;&nbsp;$13.73 | &nbsp;&nbsp;&nbsp;&nbsp;$17.91 | &nbsp;&nbsp;&nbsp;&nbsp;$14.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$84602 | &nbsp;&nbsp;&nbsp;&nbsp;$91193 | &nbsp;&nbsp;&nbsp;&nbsp;$92321 | &nbsp;&nbsp;&nbsp;&nbsp;$99449 | &nbsp;&nbsp;&nbsp;&nbsp;$122265 | &nbsp;&nbsp;&nbsp;&nbsp;$126514 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

32 NYLI Growth Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.88 | &nbsp;&nbsp;&nbsp;&nbsp;$12.92 | &nbsp;&nbsp;&nbsp;&nbsp;$13.46 | &nbsp;&nbsp;&nbsp;&nbsp;$17.59 | &nbsp;&nbsp;&nbsp;&nbsp;$14.10 | &nbsp;&nbsp;&nbsp;&nbsp;$14.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.46 | &nbsp;&nbsp;&nbsp;&nbsp;$15.88 | &nbsp;&nbsp;&nbsp;&nbsp;$12.92 | &nbsp;&nbsp;&nbsp;&nbsp;$13.46 | &nbsp;&nbsp;&nbsp;&nbsp;$17.59 | &nbsp;&nbsp;&nbsp;&nbsp;$14.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.70)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$9986 | &nbsp;&nbsp;&nbsp;&nbsp;$12973 | &nbsp;&nbsp;&nbsp;&nbsp;$14669 | &nbsp;&nbsp;&nbsp;&nbsp;$20272 | &nbsp;&nbsp;&nbsp;&nbsp;$29440 | &nbsp;&nbsp;&nbsp;&nbsp;$31564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.51 | &nbsp;&nbsp;&nbsp;&nbsp;$13.39 | &nbsp;&nbsp;&nbsp;&nbsp;$13.93 | &nbsp;&nbsp;&nbsp;&nbsp;$18.15 | &nbsp;&nbsp;&nbsp;&nbsp;$14.52 | &nbsp;&nbsp;&nbsp;&nbsp;$14.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.94 | &nbsp;&nbsp;&nbsp;&nbsp;$16.51 | &nbsp;&nbsp;&nbsp;&nbsp;$13.39 | &nbsp;&nbsp;&nbsp;&nbsp;$13.93 | &nbsp;&nbsp;&nbsp;&nbsp;$18.15 | &nbsp;&nbsp;&nbsp;&nbsp;$14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$11102 | &nbsp;&nbsp;&nbsp;&nbsp;$11578 | &nbsp;&nbsp;&nbsp;&nbsp;$9104 | &nbsp;&nbsp;&nbsp;&nbsp;$7974 | &nbsp;&nbsp;&nbsp;&nbsp;$11142 | &nbsp;&nbsp;&nbsp;&nbsp;$8063 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.26 | &nbsp;&nbsp;&nbsp;&nbsp;$13.19 | &nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;$14.33 | &nbsp;&nbsp;&nbsp;&nbsp;$15.03\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.73 | &nbsp;&nbsp;&nbsp;&nbsp;$16.26 | &nbsp;&nbsp;&nbsp;&nbsp;$13.19 | &nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;$14.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.29)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$9158 | &nbsp;&nbsp;&nbsp;&nbsp;$8310 | &nbsp;&nbsp;&nbsp;&nbsp;$4822 | &nbsp;&nbsp;&nbsp;&nbsp;$3072 | &nbsp;&nbsp;&nbsp;&nbsp;$1567 | &nbsp;&nbsp;&nbsp;&nbsp;$180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

34 NYLI Growth Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

NYLI Equity Allocation Fund

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Affiliated Investment Companies 95.7%** | **Affiliated Investment Companies 95.7%** | **Affiliated Investment Companies 95.7%** |
| **Equity Funds 95.7%** | **Equity Funds 95.7%** | **Equity Funds 95.7%** |
| NYLI Candriam Emerging Markets Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2038737 | &nbsp;&nbsp;$21202051 |
| NYLI Candriam International Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 624265 | &nbsp;&nbsp;&nbsp;&nbsp; 19664347 |
| NYLI Candriam U.S. Large Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 666011 | &nbsp;&nbsp;&nbsp;&nbsp; 29979886 |
| NYLI Candriam U.S. Mid Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 962645 | &nbsp;&nbsp;&nbsp;&nbsp; 28728600 |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp; 101532 | &nbsp;&nbsp;&nbsp;&nbsp; 1492200 |
| NYLI Epoch International Choice Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp; 496598 | &nbsp;&nbsp;&nbsp;&nbsp; 20884957 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1445827 | &nbsp;&nbsp;&nbsp;&nbsp; 30380297 |
| NYLI Fiera SMID Growth Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1863272 | &nbsp;&nbsp;&nbsp;&nbsp; 28493535 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp; 309106 | &nbsp;&nbsp;&nbsp;&nbsp; 8648786 |
| NYLI PineStone International Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 963592 | &nbsp;&nbsp;&nbsp;&nbsp; 16301085 |
| NYLI PineStone U.S. Equity Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1650706 | &nbsp;&nbsp;&nbsp;&nbsp; 30368526 |
| NYLI Winslow Large Cap Growth ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 424164 | &nbsp;&nbsp;&nbsp;&nbsp; 18651679 |
| NYLI Winslow Large Cap Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 1175241 | &nbsp;&nbsp;&nbsp;&nbsp; 13336048 |
| NYLI WMC Enduring Capital Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 786676 | &nbsp;&nbsp;&nbsp;&nbsp; 31242611 |
| NYLI WMC Growth Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 627092 | &nbsp;&nbsp;&nbsp;&nbsp; 29979637 |
| NYLI WMC International Research Equity Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2484828 | &nbsp;&nbsp;&nbsp;&nbsp; 20922498 |
| NYLI WMC Small Companies Fund Class I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27550678 |
| NYLI WMC Value Fund Class R6 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30509317 |
| Total Affiliated Investment Companies<br> (Cost $330,695,460) |  | &nbsp;&nbsp;&nbsp;&nbsp;408336738 |
| **Short-Term Investment 4.1%** | **Short-Term Investment 4.1%** | **Short-Term Investment 4.1%** |
| **Affiliated Investment Company 4.1%** | **Affiliated Investment Company 4.1%** | **Affiliated Investment Company 4.1%** |
| NYLI U.S. Government Liquidity Fund, 4.167% (b) | &nbsp;&nbsp;&nbsp;&nbsp;17359956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17359956 |
| Total Short-Term Investment<br> (Cost $17,359,956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17359956 |
| Total Investments<br> (Cost $348,055,416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;425696694 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799501 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$426496195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of April 30, 2025, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the six-month period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated Investment Companies** | &nbsp;&nbsp;**Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Proceeds<br> from<br> Sales** | &nbsp;&nbsp;**Net<br> Realized<br> Gain/(Loss)<br> on Sales** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value,<br> End of<br> Period** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Other<br> Distributions** | &nbsp;&nbsp;**Shares<br> End of<br> Period** |
| NYLI 500 International ETF | &nbsp;&nbsp;$8333 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(8136) | &nbsp;&nbsp;$1596 | &nbsp;&nbsp;$(1793) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Candriam Emerging Markets Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;22689 | &nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381) | &nbsp;&nbsp;&nbsp;&nbsp;21202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2039 |
| NYLI Candriam International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;18324 | &nbsp;&nbsp;&nbsp;&nbsp;2621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp;19664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 |
| NYLI Candriam U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;32794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;(1501) | &nbsp;&nbsp;&nbsp;&nbsp;29980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 |
| NYLI Candriam U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;33388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;(2743) | &nbsp;&nbsp;&nbsp;&nbsp;28729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 |
| NYLI CBRE NextGen Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NYLI Epoch Capital Growth Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| NYLI Epoch International Choice Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;18797 | &nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;20885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
| NYLI Epoch U.S. Equity Yield Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32832 | &nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;&nbsp;(3361) | &nbsp;&nbsp;&nbsp;&nbsp;30380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;1446 |
| NYLI Fiera SMID Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;33301 | &nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;(3160) | &nbsp;&nbsp;&nbsp;&nbsp;28494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;1863 |
| NYLI FTSE International Equity Currency Neutral ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| NYLI PineStone International Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;15889 | &nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;16301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 |
| NYLI PineStone U.S. Equity Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | &nbsp;&nbsp;&nbsp;&nbsp;(1288) | &nbsp;&nbsp;&nbsp;&nbsp;30369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;1651 |
| NYLI U.S. Government Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;15410 | &nbsp;&nbsp;&nbsp;52426 | &nbsp;&nbsp;&nbsp;&nbsp;(50476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;17360 |
| NYLI Winslow Large Cap Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;12926 | &nbsp;&nbsp;&nbsp;&nbsp;6446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720) | &nbsp;&nbsp;&nbsp;&nbsp;18652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
| NYLI Winslow Large Cap Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;19825 | &nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6891) | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;(3859) | &nbsp;&nbsp;&nbsp;&nbsp;13335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;1175 |
| NYLI WMC Enduring Capital Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;31243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
| NYLI WMC Growth Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32365 | &nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;(1639) | &nbsp;&nbsp;&nbsp;&nbsp;29980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 |
| NYLI WMC International Research Equity Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;20040 | &nbsp;&nbsp;&nbsp;&nbsp;2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp;20922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2485 |
| NYLI WMC Small Companies Fund Class I | &nbsp;&nbsp;&nbsp;&nbsp;33567 | &nbsp;&nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp;(2531) | &nbsp;&nbsp;&nbsp;&nbsp;27551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1177 |
| NYLI WMC Value Fund Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;32978 | &nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | &nbsp;&nbsp;&nbsp;&nbsp;(2273) | &nbsp;&nbsp;&nbsp;&nbsp;30509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 |
|  | &nbsp;&nbsp;$460185 | &nbsp;&nbsp;$90610 | &nbsp;&nbsp;$(108154) | &nbsp;&nbsp;$4252 | &nbsp;&nbsp;$(21196) | &nbsp;&nbsp;$425697 | &nbsp;&nbsp;$3395 | &nbsp;&nbsp;$9146 |  |

---

#### Swap Contracts
Open OTC total return equity swap contracts as of April 30, 2025 were as follows<sup>1</sup>:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Swap<br> Counterparty** | &nbsp;&nbsp;**Reference Obligation** | &nbsp;&nbsp;**Floating Rate<sup>2</sup>** | &nbsp;&nbsp;**Termination<br> Date(s)** | &nbsp;&nbsp;**Payment<br> Frequency<br> Paid/<br> Received** | &nbsp;&nbsp;**Notional<br> Amount<br> Long/<br> (Short)<br> (000)<sup>3</sup>** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)<sup>4</sup>** |
| Citibank NA | &nbsp;&nbsp;Citi Artificial Intelligence (AI) Basket | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;15916 | &nbsp;&nbsp;$— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI EAFE ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp;1 day FEDF plus 0.70% - 0.72% | &nbsp;&nbsp;3/9/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;13391 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI Emerging Markets ETF | &nbsp;&nbsp;1 day FEDF plus 0.40% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;iShares MSCI India ETF | &nbsp;&nbsp;1 day FEDF plus 0.60% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;7039 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;J.P. Morgan IDEX Pure Size Short Index | &nbsp;&nbsp;1 day FEDF plus 0.00% - 0.30% | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;(9725) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;Russell 2000 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.10% | &nbsp;&nbsp;4/8/26 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(17522) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P 500 Information Technology | &nbsp;&nbsp;1 day FEDF plus 0.85% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P 500 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.35% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;(34091) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Midcap 400 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.85% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;&nbsp;7395 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;S&P Small Cap 600 Total Return Index | &nbsp;&nbsp;1 day FEDF plus 0.45% | &nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;Daily | &nbsp;&nbsp;&nbsp;24302 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;$— |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

36 NYLI Equity Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

The following table represents the basket holdings underlying the total return swap with Citi Artificial Intelligence (AI) Basket as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;**Unrealized Appreciation/<br> Depreciation** | &nbsp;&nbsp;**Percent of<br> Basket Net Assets** |
| Adobe Inc. | &nbsp;&nbsp;2623 | &nbsp;&nbsp;279556 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.76 |
| Advanced Micro Devices Inc. | &nbsp;&nbsp;3065 | &nbsp;&nbsp;326631 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.05 |
| Airbnb Inc. | &nbsp;&nbsp;2973 | &nbsp;&nbsp;316790 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Alphabet Inc. | &nbsp;&nbsp;2970 | &nbsp;&nbsp;316446 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.99 |
| Amazon.com Inc. | &nbsp;&nbsp;2881 | &nbsp;&nbsp;306947 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.93 |
| Amdocs Ltd. | &nbsp;&nbsp;3053 | &nbsp;&nbsp;325306 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.04 |
| Amphenol Corp. | &nbsp;&nbsp;3811 | &nbsp;&nbsp;406136 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.55 |
| Applied Materials Inc. | &nbsp;&nbsp;3125 | &nbsp;&nbsp;333016 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.09 |
| AppLovin Corp. | &nbsp;&nbsp;3313 | &nbsp;&nbsp;353065 | &nbsp;&nbsp;— | &nbsp;&nbsp; 2.22 |
| Aptiv plc | &nbsp;&nbsp;2766 | &nbsp;&nbsp;294721 | &nbsp;&nbsp;— | &nbsp;&nbsp; 1.85 |
| Arista Networks Inc. | &nbsp;&nbsp;3181 | &nbsp;&nbsp;338916 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| BILL Holdings Inc. | &nbsp;&nbsp;3163 | &nbsp;&nbsp;337099 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.12 |
| Boeing Co. (The) | &nbsp;&nbsp;3711 | &nbsp;&nbsp;395456 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.48 |
| Booking Holdings Inc. | &nbsp;&nbsp;3600 | &nbsp;&nbsp;383616 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.41 |
| Cognex Corp. | &nbsp;&nbsp;2584 | &nbsp;&nbsp;275301 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.73 |
| Cognizant Technology Solutions Corp. | &nbsp;&nbsp;2723 | &nbsp;&nbsp;290213 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| DoorDash Inc. | &nbsp;&nbsp;3252 | &nbsp;&nbsp;346504 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.18 |
| eBay Inc. | &nbsp;&nbsp;3176 | &nbsp;&nbsp;338443 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| EPAM Systems Inc. | &nbsp;&nbsp;2527 | &nbsp;&nbsp;269256 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.69 |
| Etsy Inc. | &nbsp;&nbsp;2816 | &nbsp;&nbsp;300069 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.89 |
| ExlService Holdings Inc. | &nbsp;&nbsp;3201 | &nbsp;&nbsp;341146 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.14 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp;3514 | &nbsp;&nbsp;374457 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.35 |
| Fiserv Inc. | &nbsp;&nbsp;2640 | &nbsp;&nbsp;281341 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Globant SA | &nbsp;&nbsp;2704 | &nbsp;&nbsp;288124 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.81 |
| GoDaddy Inc. | &nbsp;&nbsp;3331 | &nbsp;&nbsp;354963 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.23 |
| Honeywell International Inc. | &nbsp;&nbsp;3097 | &nbsp;&nbsp;329981 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.07 |
| HP Inc. | &nbsp;&nbsp;2721 | &nbsp;&nbsp;289941 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.82 |
| Informatica Inc. | &nbsp;&nbsp;3176 | &nbsp;&nbsp;338448 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp;2946 | &nbsp;&nbsp;313897 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.97 |
| KLA Corp. | &nbsp;&nbsp;3245 | &nbsp;&nbsp;345819 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.17 |
| Marvell Technology Inc. | &nbsp;&nbsp;2650 | &nbsp;&nbsp;282393 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.77 |
| Match Group Inc. | &nbsp;&nbsp;2877 | &nbsp;&nbsp;306587 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.93 |
| Meta Platforms Inc. | &nbsp;&nbsp;2783 | &nbsp;&nbsp;296529 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Micron Technology Inc. | &nbsp;&nbsp;2666 | &nbsp;&nbsp;284067 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.78 |
| MKS Instruments Inc. | &nbsp;&nbsp;2772 | &nbsp;&nbsp;295434 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Nasdaq Inc. | &nbsp;&nbsp;3220 | &nbsp;&nbsp;343154 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.16 |
| Northrop Grumman Corp. | &nbsp;&nbsp;3043 | &nbsp;&nbsp;324223 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.04 |
| nVent Electric plc | &nbsp;&nbsp;3147 | &nbsp;&nbsp;335327 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.11 |
| NVIDIA Corp. | &nbsp;&nbsp;3040 | &nbsp;&nbsp;323906 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.04 |
| PayPal Holdings Inc. | &nbsp;&nbsp;2959 | &nbsp;&nbsp;315352 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.98 |
| Pegasystems Inc. | &nbsp;&nbsp;3986 | &nbsp;&nbsp;424787 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.67 |
| Pinterest Inc. | &nbsp;&nbsp;2458 | &nbsp;&nbsp;261974 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.65 |
| PTC Inc. | &nbsp;&nbsp;3011 | &nbsp;&nbsp;320822 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.02 |
| Q2 Holdings, Inc. | &nbsp;&nbsp;3284 | &nbsp;&nbsp;349891 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.20 |
| Trade Desk, Inc. (The) | &nbsp;&nbsp;2783 | &nbsp;&nbsp;296534 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.86 |
| Uber Technologies, Inc. | &nbsp;&nbsp;3499 | &nbsp;&nbsp;372850 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.34 |
| Upstart Holdings Inc. | &nbsp;&nbsp;3147 | &nbsp;&nbsp;335348 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.11 |
| Vertiv Holdings Co. | &nbsp;&nbsp;3187 | &nbsp;&nbsp;339628 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.13 |
| Zillow Group Inc. | &nbsp;&nbsp;2962 | &nbsp;&nbsp;315605 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount $2,517,000 was pledged to brokers for OTC swap contracts.

2. Fund pays the floating rate and receives the total return of the reference entity.

3. Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position.

4. Reflects the value at reset date as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| |
|:---|
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Affiliated Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Funds | &nbsp;&nbsp; $408336738 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $408336738 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 17359956 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 17359956 |
| Total Investments in Securities | &nbsp;&nbsp;$425696694 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$425696694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

38 NYLI Equity Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in affiliated investment companies, at value<br> (identified cost $348,055,416) | $425696694 |
| Cash collateral on deposit at broker for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;2517000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119899 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54795 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;428477600 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest on OTC swaps contracts | &nbsp;&nbsp;&nbsp;&nbsp;1530500 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242968 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90034 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88800 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20587 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6871 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1981405 |
| Net assets | $426496195 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $27122 |
| Additional paid-in-capital | &nbsp;&nbsp;344239203 |
|  | &nbsp;&nbsp;344266325 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;82229870 |
| Net assets | $426496195 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $363425408 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;23093531 |
| Net asset value per share outstanding | $15.74 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Maximum offering price per share outstanding | $16.23 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $49031486 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;3120087 |
| Net asset value per share outstanding | $15.71 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Maximum offering price per share outstanding | $16.11 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $5927409 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395466 |
| Net asset value and offering price per share outstanding | $14.99 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $2222688 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137187 |
| Net asset value and offering price per share outstanding | $16.20 |
| **SIMPLE Class** |  |
| Net assets applicable to outstanding shares | $5889204 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375801 |
| Net asset value and offering price per share outstanding | $15.67 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend distributions from affiliated investment companies | $3395025 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475548 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64692 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class B (See Note 3)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34059 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—SIMPLE Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14075 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240755 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43539 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36480 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32085 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20670 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979154 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926334 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2468691 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Affiliated investment company transactions | &nbsp;&nbsp;&nbsp;&nbsp;4251929 |
| &nbsp;&nbsp;&nbsp;Realized capital gain distributions from affiliated investment companies | &nbsp;&nbsp;&nbsp;&nbsp;9145788 |
| &nbsp;&nbsp;&nbsp;Swap transactions | &nbsp;&nbsp;&nbsp;&nbsp;(5994201) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7403516 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:<br> Affiliated investments companies | &nbsp;&nbsp;(21195688) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(13792172) |
| Net increase (decrease) in net assets resulting from operations | $(11323481) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

40 NYLI Equity Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2468691 | &nbsp;&nbsp;$4011743 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7403516 | &nbsp;&nbsp;&nbsp;&nbsp;29954082 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(21195688) | &nbsp;&nbsp;&nbsp;&nbsp;70994630 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;(11323481) | &nbsp;&nbsp;&nbsp;&nbsp;104960455 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(24205209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;(3150769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;(28274846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;18180479 | &nbsp;&nbsp;&nbsp;&nbsp;34017092 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;28121168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(41192529) | &nbsp;&nbsp;&nbsp;&nbsp;(66862401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;5109118 | &nbsp;&nbsp;&nbsp;&nbsp;(32845309) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(34489209) | &nbsp;&nbsp;&nbsp;&nbsp;72115146 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;460985404 | &nbsp;&nbsp;&nbsp;&nbsp;388870258 |
| End of period | $426496195 | &nbsp;&nbsp;$460985404 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$17.25 | &nbsp;&nbsp;&nbsp;&nbsp;$13.54 | &nbsp;&nbsp;&nbsp;&nbsp;$14.50 | &nbsp;&nbsp;&nbsp;&nbsp;$19.80 | &nbsp;&nbsp;&nbsp;&nbsp;$14.86 | &nbsp;&nbsp;&nbsp;&nbsp;$15.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.74 | &nbsp;&nbsp;&nbsp;&nbsp;$17.25 | &nbsp;&nbsp;&nbsp;&nbsp;$13.54 | &nbsp;&nbsp;&nbsp;&nbsp;$14.50 | &nbsp;&nbsp;&nbsp;&nbsp;$19.80 | &nbsp;&nbsp;&nbsp;&nbsp;$14.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$363425 | &nbsp;&nbsp;&nbsp;&nbsp;$387368 | &nbsp;&nbsp;&nbsp;&nbsp;$311491 | &nbsp;&nbsp;&nbsp;&nbsp;$302559 | &nbsp;&nbsp;&nbsp;&nbsp;$372926 | &nbsp;&nbsp;&nbsp;&nbsp;$258743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$17.21 | &nbsp;&nbsp;&nbsp;&nbsp;$13.52 | &nbsp;&nbsp;&nbsp;&nbsp;$14.48 | &nbsp;&nbsp;&nbsp;&nbsp;$19.78 | &nbsp;&nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;$15.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;$17.21 | &nbsp;&nbsp;&nbsp;&nbsp;$13.52 | &nbsp;&nbsp;&nbsp;&nbsp;$14.48 | &nbsp;&nbsp;&nbsp;&nbsp;$19.78 | &nbsp;&nbsp;&nbsp;&nbsp;$14.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.72)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$49031 | &nbsp;&nbsp;&nbsp;&nbsp;$53165 | &nbsp;&nbsp;&nbsp;&nbsp;$54091 | &nbsp;&nbsp;&nbsp;&nbsp;$58318 | &nbsp;&nbsp;&nbsp;&nbsp;$73138 | &nbsp;&nbsp;&nbsp;&nbsp;$73492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

42 NYLI Equity Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.38 | &nbsp;&nbsp;&nbsp;&nbsp;$12.97 | &nbsp;&nbsp;&nbsp;&nbsp;$13.93 | &nbsp;&nbsp;&nbsp;&nbsp;$19.11 | &nbsp;&nbsp;&nbsp;&nbsp;$14.42 | &nbsp;&nbsp;&nbsp;&nbsp;$14.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.99 | &nbsp;&nbsp;&nbsp;&nbsp;$16.38 | &nbsp;&nbsp;&nbsp;&nbsp;$12.97 | &nbsp;&nbsp;&nbsp;&nbsp;$13.93 | &nbsp;&nbsp;&nbsp;&nbsp;$19.11 | &nbsp;&nbsp;&nbsp;&nbsp;$14.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)%‡‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$5927 | &nbsp;&nbsp;&nbsp;&nbsp;$7653 | &nbsp;&nbsp;&nbsp;&nbsp;$7961 | &nbsp;&nbsp;&nbsp;&nbsp;$10763 | &nbsp;&nbsp;&nbsp;&nbsp;$16001 | &nbsp;&nbsp;&nbsp;&nbsp;$15805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| ‡‡ | Less than one-tenth of a percent. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$17.74 | &nbsp;&nbsp;&nbsp;&nbsp;$13.88 | &nbsp;&nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;$20.21 | &nbsp;&nbsp;&nbsp;&nbsp;$15.15 | &nbsp;&nbsp;&nbsp;&nbsp;$15.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$16.20 | &nbsp;&nbsp;&nbsp;&nbsp;$17.74 | &nbsp;&nbsp;&nbsp;&nbsp;$13.88 | &nbsp;&nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;$20.21 | &nbsp;&nbsp;&nbsp;&nbsp;$15.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$2223 | &nbsp;&nbsp;&nbsp;&nbsp;$5918 | &nbsp;&nbsp;&nbsp;&nbsp;$4968 | &nbsp;&nbsp;&nbsp;&nbsp;$5463 | &nbsp;&nbsp;&nbsp;&nbsp;$6649 | &nbsp;&nbsp;&nbsp;&nbsp;$4727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

44 NYLI Equity Allocation Fund

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2020^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$17.18 | &nbsp;&nbsp;&nbsp;&nbsp;$13.51 | &nbsp;&nbsp;&nbsp;&nbsp;$14.46 | &nbsp;&nbsp;&nbsp;&nbsp;$19.75 | &nbsp;&nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;$15.70\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.67 | &nbsp;&nbsp;&nbsp;&nbsp;$17.18 | &nbsp;&nbsp;&nbsp;&nbsp;$13.51 | &nbsp;&nbsp;&nbsp;&nbsp;$14.46 | &nbsp;&nbsp;&nbsp;&nbsp;$19.75 | &nbsp;&nbsp;&nbsp;&nbsp;$14.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.91)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%†† |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$5889 | &nbsp;&nbsp;&nbsp;&nbsp;$5175 | &nbsp;&nbsp;&nbsp;&nbsp;$2742 | &nbsp;&nbsp;&nbsp;&nbsp;$1383 | &nbsp;&nbsp;&nbsp;&nbsp;$463 | &nbsp;&nbsp;&nbsp;&nbsp;$24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| \*\* | Based on the net asset value of Investor Class as of August 31, 2020. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds" and each individually, referred to as a "Fund"). These financial statements and notes relate to the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (collectively referred to as the "Allocation Funds" and each individually referred to as an "Allocation Fund"). Each is a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists each Allocation Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Share Classes Commenced Operations** |
| NYLI Conservative Allocation Fund | &nbsp;&nbsp;Class A, Investor Class, Class C, Class I and SIMPLE Class |
| NYLI Moderate<br> Allocation Fund | &nbsp;&nbsp;Class A, Investor Class, Class C, Class I and SIMPLE Class |
| NYLI Growth<br> Allocation Fund | &nbsp;&nbsp;Class A, Investor Class, Class C, Class I and SIMPLE Class |
| NYLI Equity<br> Allocation Fund | &nbsp;&nbsp;Class A, Investor Class, Class C, Class I and SIMPLE Class |

---

Effective at the close of business on February 23, 2024, Class R3 shares of the NYLI Equity Allocation Fund and Class R2 and R3 shares of the NYLI Conservative Allocation Fund, NYLI Growth Allocation Fund and NYLI Moderate Allocation Fund were liquidated.

Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a CDSC of 1.00% may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, as disclosed in the Funds' prospectus, Investor Class shares may convert automatically to Class A shares. SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is

imposed. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of an Allocation Fund may be converted to one or more other share classes of the Allocation Funds as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I shares are not subject to a distribution and/or service fee.

The investment objective for each of the Allocation Funds is as follows:

The **NYLI Conservative Allocation Fund** seeks current income and, secondarily, long-term growth of capital.

The **NYLI Moderate Allocation Fund** seeks long-term growth of capital and, secondarily, current income.

The **NYLI Growth Allocation Fund** seeks long-term growth of capital and, secondarily, current income.

The **NYLI Equity Allocation Fund** seeks long-term growth of capital.

The Allocation Funds are "funds-of-funds" that seek to achieve their investment objectives by investing in mutual funds and exchange-traded funds ("ETFs") managed by New York Life Investment Management LLC ("New York Life Investments" or "Manager") or its affiliates (the "Underlying Funds"). The NYLI Equity Allocation Fund invests, under normal circumstances, at least 80% of its assets (net assets plus any borrowings for investment purposes) in Underlying Equity Funds.

In this reporting period, the Allocation Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Allocation Funds' financial position or their results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Allocation Funds' chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Allocation Funds have a single operating segment based on the fact that the Committee monitors the operating results of the Allocation Funds as a whole and the Allocation Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Allocation Funds' portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Allocation Funds' Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

46 NYLI Asset Allocation Funds

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#### Note 2–Significant Accounting Policies
The Allocation Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Allocation Funds prepare their financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follow the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time) on each day the Allocation Funds are open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investments as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in each Allocation Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Allocation Funds' and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Allocation Fund investments. The Valuation Designee may value the Allocation Funds' portfolio securities for which market quotations are not readily available and other Allocation Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that

quotation is a quoted price (unadjusted) in active markets for identical investments that each Allocation Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Allocation Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of each Allocation Fund. Unobservable inputs reflect each Allocation Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including each Allocation Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of each Allocation Fund's assets and liabilities as of April 30, 2025, is included at the end of each Allocation Fund's Portfolio of Investments.

Exchange-traded funds ("ETFs") are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

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Notes to Financial Statements (Unaudited) (continued)

Swaps are marked to market daily based upon quotations from pricing agents, brokers or market makers. These securities are generally categorized as Level 2 in the hierarchy.

Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Allocation Funds will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. Each Allocation Fund is treated as a separate entity for federal income tax purposes. The Allocation Funds' policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of each Allocation Fund within the allowable time limits.

The Manager evaluates each Allocation Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Allocation Funds' tax positions taken on federal, state and local income tax returns for all open

tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Allocation Funds' financial statements. The Allocation Funds' federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund each intend to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. The NYLI Conservative Allocation Fund intends to declare and dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the respective Allocation Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Allocation Funds record security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividends and distributions received by the Allocation Funds from the Underlying Funds are recorded on the ex-dividend date.

Investment income and realized and unrealized gains and losses on investments of the Allocation Funds are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Allocation Funds, including those of related parties to the Allocation Funds, are shown in the Statement of Operations.

Additionally, the Allocation Funds may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

48 NYLI Asset Allocation Funds

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(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Swap Contracts. The Allocation Funds may enter into credit default, interest rate, equity, index and currency exchange rate swap contracts ("swaps"). In a typical swap transaction, two parties agree to exchange the future returns (or differentials in rates of future returns) earned or realized at periodic intervals on a particular investment or instrument based on a notional principal amount. Generally, the Allocation Funds will enter into a swap on a net basis, which means that the two payment streams under the swap are netted, with the Allocation Funds receiving or paying (as the case may be) only the net amount of the two payment streams. Therefore, the Allocation Funds' current obligation under a swap generally will be equal to the net amount to be paid or received under the swap, based on the relative value of notional positions attributable to each counterparty to the swap. The payments may be adjusted for transaction costs, interest payments, the amount of interest paid on the investment or instrument or other factors. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the terms of the swap. Swap agreements are privately negotiated in the over the counter ("OTC") market and may be executed in a multilateral or other trade facilities platform, such as a registered commodities exchange ("centrally cleared swaps").

Certain standardized swaps, including certain credit default and interest rate swaps, are subject to mandatory clearing and exchange-trading, and more types of standardized swaps are expected to be subject to mandatory clearing and exchange-trading in the future. The counterparty risk for exchange-traded and cleared derivatives is expected to be generally lower than for uncleared derivatives, but cleared contracts are not risk-free. In a cleared derivative transaction, the Allocation Funds typically enter into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Allocation Funds' exposure to the credit risk of its original counterparty. The Allocation Funds will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Allocation Funds would be required to post in an uncleared transaction.

Swaps are marked to market daily based upon quotations from pricing agents, brokers, or market makers and the change in value, if any, is recorded as unrealized appreciation or depreciation. Any payments made or received upon entering into a swap would be amortized or accreted over the life of the swap and recorded as a realized gain or loss. Early termination of a swap is recorded as a realized gain or loss. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate on the Statement of Assets and Liabilities.

The Allocation Funds bear the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of the swap counterparty. The Allocation Funds may be able to eliminate its exposure under a swap either by assignment or other disposition, or by entering into an offsetting swap with the same party or a similar credit-worthy party. Swaps are not actively traded on financial markets. Entering into swaps involves elements of credit, market, leverage, liquidity, operational, counterparty and legal/documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibilities that there will be no liquid market for these swaps, that the counterparty to the swaps may default on its obligation to perform or disagree as to the meaning of the contractual terms in the swaps and that there may be unfavorable changes in interest rates, the price of the index or the security underlying these transactions, among other risks.

*Equity Swaps (Total Return Swaps). Total return swap contracts are agreements between counterparties to exchange cash flow, one based on a market-linked return of an individual asset or group of assets (such as an index), and the other on a fixed or floating rate. As a total return swap, an equity swap may be structured in different ways. For example, when the Allocation Funds enter into a "long" equity swap, the counterparty may agree to pay the Allocation Funds the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular referenced security or securities, plus the dividends that would have been received on those securities. In return, the Allocation Funds will generally agree to pay the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such referenced security or securities, plus, in certain instances, commissions or trading spreads on the notional amounts. Therefore, the Allocation Funds' return on the equity swap generally should equal the gain or loss on the notional amount, plus dividends on the referenced security or securities less the interest paid by the Allocation Funds on the notional amount. Alternatively, when the Allocation Funds enter into a "short" equity swap, the counterparty will generally agree to pay the Allocation Funds the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Allocation Funds sold a particular referenced security or securities short, less the dividend expense that the Allocation Funds would have incurred on the referenced security or securities, as adjusted for interest payments or other economic factors. In this situation, the Allocation Funds will generally be obligated to pay the amount, if any, by which the notional amount of the swap would have increased in value had it been invested directly in the referenced security or securities.*

Equity swaps generally do not involve the delivery of securities or other referenced assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that the Allocation Funds are contractually obligated to make. If the other party to an equity swap defaults, the Allocation Funds' risk of loss consists of the net amount of payments that the Allocation Funds are contractually entitled to receive, if any.

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Notes to Financial Statements (Unaudited) (continued)

Equity swaps are derivatives and their value can be very volatile. The Allocation Funds may engage in total return swaps to gain exposure to emerging markets securities, along with offsetting long total return swap positions to maintain appropriate currency balances and risk exposures across all swap positions. To the extent that the Manager, or the Subadvisor do not accurately analyze and predict future market trends, the values or assets or economic factors, the Allocation Funds may suffer a loss, which may be substantial.

(H) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Allocation Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Allocation Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Allocation Funds that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Allocation Funds.

(I) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Allocation Funds' derivative and hedging activities, including how such activities are accounted for and their effect on the Allocation Funds' financial positions, performance and cash flows.

The Allocation Funds entered into total return swap contracts to seek to enhance returns or reduce the risk of loss by hedging certain of the Allocation Funds' holdings. These derivatives are not accounted for as hedging instruments.

#### NYLI Conservative Allocation Fund
The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Equity<br> Contracts<br> Risk** | **Total** |
| Swap Transactions | $(5982857) | $(5982857) |
| Total Net Realized Gain (Loss) | $(5982857) | $(5982857) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Swap Contracts Long | $84149283 |
| Swap Contracts Short | $(55502624) |

---

#### NYLI Moderate Allocation Fund
The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Equity<br> Contracts<br> Risk** | **Total** |
| Swap Transactions | $(12114565) | $(12114565) |
| Total Net Realized Gain (Loss) | $(12114565) | $(12114565) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Swap Contracts Long | $179747153 |
| Swap Contracts Short | $(119210845) |

---

#### NYLI Growth Allocation Fund
The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Equity<br> Contracts<br> Risk** | **Total** |
| Swap Transactions | $(12042165) | $(12042165) |
| Total Net Realized Gain (Loss) | $(12042165) | $(12042165) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Swap Contracts Long | $191863656 |
| Swap Contracts Short | $(127129881) |

---

#### NYLI Equity Allocation Fund
The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Equity<br> Contracts<br> Risk** | **Total** |
| Swap Transactions | $(5994201) | $(5994201) |
| Total Net Realized Gain (Loss) | $(5994201) | $(5994201) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Swap Contracts Long | $98519962 |
| Swap Contracts Short | $(80596660) |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Allocation Funds' Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement") and is responsible for the day-to-day portfolio management of the Allocation Funds. The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be

50 NYLI Asset Allocation Funds

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

maintained by the Allocation Funds. Except for the portion of salaries and expenses that are the responsibility of the Allocation Funds, the Manager pays the salaries and expenses of all personnel affiliated with the Allocation Funds and certain operational expenses of the Allocation Funds. The Allocation Funds reimburse New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Allocation Funds.

The Allocation Funds do not pay any fees to the Manager in return for the services performed under the Management Agreement. The Allocation Funds do, however, indirectly pay a proportionate share of the management fees paid to the managers of the Underlying Funds in which the Allocation Funds invest.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase and sale of portfolio investments, and acquired (underlying) fund fees and expenses) of a class do not exceed the following percentages of average daily net assets for each class:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**SIMPLE Class** |
| NYLI Conservative Allocation Fund | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.80% |
| NYLI Moderate Allocation Fund | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.80 |
| NYLI Growth Allocation Fund | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.80 |
| NYLI Equity Allocation Fund | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.80 |

---

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

During the six-month period ended April 30, 2025, New York Life Investments waived its fees and/or reimbursed expenses of the Allocation Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Total** |
| NYLI Conservative Allocation Fund | &nbsp;&nbsp;$33793 |
| NYLI Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;75832 |
| NYLI Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;79398 |
| NYLI Equity Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;52820 |

---

JPMorgan provides sub-administration and sub-accounting services to the Allocation Funds pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Allocation Funds, maintaining the general ledger and sub-ledger accounts for the calculation of the Allocation Funds' respective NAVs, and assisting New York Life Investments in conducting various aspects of the Allocation Funds' administrative operations. For providing these services to the Allocation Funds, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Allocation Funds. The Allocation Funds will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Allocation Funds.

(B) Distribution, Service and Shareholder Service Fees. The Trust, on behalf of the Allocation Funds, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Allocation Funds have adopted

distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, the Distributor receives a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the SIMPLE Class shares Plans, SIMPLE Class shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Allocation Funds' shares and service activities.

In accordance with the Shareholder Services Plans for the Class R1 shares, the Manager has agreed to provide, through its affiliates or independent third parties, various shareholder and administrative support services to shareholders of the Class R1 shares. For its services, the Manager, its affiliates or independent third-party service providers are entitled to a shareholder service fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Class R1 shares.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Notes to Financial Statements (Unaudited) (continued)

(C) Sales Charges. The Allocation Funds were advised by the Distributor that the amount of initial sales charges retained on sales of each class of shares during the six-month period ended April 30, 2025, was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**NYLI Conservative Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$19251 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 |
| &nbsp;&nbsp;**NYLI Moderate Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$58261 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8057 |
| &nbsp;&nbsp;**NYLI Growth Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$69414 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137 |
| &nbsp;&nbsp;**NYLI Equity Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$38414 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419 |

---

The Allocation Funds were also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class and Class C shares during the six-month period ended April 30, 2025, as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**NYLI Conservative Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$658 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
| &nbsp;&nbsp;**NYLI Moderate Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$4906 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| &nbsp;&nbsp;**NYLI Growth Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$9335 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 |
| &nbsp;&nbsp;**NYLI Equity Allocation Fund** |  |
| Class A | &nbsp;&nbsp;$4678 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |

---

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Allocation Funds' transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor and Distribution

Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to each of the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026 and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Allocation Funds and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NYLI Conservative Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Expense** | &nbsp;&nbsp;&nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$90162 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NYLI Moderate Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Expense** | &nbsp;&nbsp;&nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$177822 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;156860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NYLI Growth Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Expense** | &nbsp;&nbsp;&nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$200581 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;182766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NYLI Equity Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Expense** | &nbsp;&nbsp;&nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$115797 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;106956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class B<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SIMPLE Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Effective at the close of business on February 19, 2025, all outstanding Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule.

52 NYLI Asset Allocation Funds

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(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Allocation Funds with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NYLI Conservative Allocation Fund** |  |  |
| SIMPLE Class | &nbsp;&nbsp;$28584 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;**NYLI Moderate Allocation Fund** |  |  |
| SIMPLE Class | &nbsp;&nbsp;$30715 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;**NYLI Growth Allocation Fund** |  |  |
| SIMPLE Class | &nbsp;&nbsp;$32927 | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;**NYLI Equity Allocation Fund** |  |  |
| SIMPLE Class | &nbsp;&nbsp;$34417 | &nbsp;&nbsp;0.6% |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of each Allocation Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NYLI Conservative Allocation Fund** | **NYLI Conservative Allocation Fund** | **NYLI Conservative Allocation Fund** | **NYLI Conservative Allocation Fund** | **NYLI Conservative Allocation Fund** |
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $338661723 | $22946684 | $(3380712) | $19565972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NYLI Moderate Allocation Fund** | **NYLI Moderate Allocation Fund** | **NYLI Moderate Allocation Fund** | **NYLI Moderate Allocation Fund** | **NYLI Moderate Allocation Fund** |
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $667384951 | $82276404 | $(3128638) | $79147766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NYLI Growth Allocation Fund** | **NYLI Growth Allocation Fund** | **NYLI Growth Allocation Fund** | **NYLI Growth Allocation Fund** | **NYLI Growth Allocation Fund** |
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $671846862 | $114063186 | $(1388703) | $112674483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NYLI Equity Allocation Fund** | **NYLI Equity Allocation Fund** | **NYLI Equity Allocation Fund** | **NYLI Equity Allocation Fund** | **NYLI Equity Allocation Fund** |
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $353338792 | $73035775 | $(677873) | $72357902 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Total** |
| NYLI Conservative Allocation Fund | &nbsp;&nbsp;$10914838 | &nbsp;&nbsp;$10914838 |
| NYLI Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590301 |
| NYLI Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672043 |
| NYLI Equity Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Allocation Funds. Custodial fees are charged to each Allocation Fund based on each Allocation Fund's net assets and the market value of securities held by each Allocation Fund and the number of certain transactions incurred by each Allocation Fund.

#### Note 6–Line of Credit
The Allocation Funds and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Allocation Funds and certain other funds managed by New York Life

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Notes to Financial Statements (Unaudited) (continued)

Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Allocation Funds, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Allocation Funds under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Allocation Funds, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Allocation Funds and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Allocation Funds.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| NYLI Conservative Allocation Fund | &nbsp;&nbsp;$24942 | &nbsp;&nbsp;$39209 |
| NYLI Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;70853 | &nbsp;&nbsp;&nbsp;&nbsp;100488 |
| NYLI Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;80979 | &nbsp;&nbsp;&nbsp;&nbsp;103431 |
| NYLI Equity Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;38185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57679 |

---

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

#### NYLI Conservative Allocation Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1024134 | &nbsp;&nbsp;$12217734 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11234135 |
| Shares redeemed | &nbsp;&nbsp;(2527696) | &nbsp;&nbsp;&nbsp;&nbsp;(30050171) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(546439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6598302) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563336 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(333366) | &nbsp;&nbsp;$(4034966) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1745300 | &nbsp;&nbsp;$20517464 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428579 |
| Shares redeemed | &nbsp;&nbsp;(5537051) | &nbsp;&nbsp;&nbsp;&nbsp;(64796681) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(2997816) | &nbsp;&nbsp;&nbsp;&nbsp;(34850638) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821864 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14756) |
| Net increase (decrease) | &nbsp;&nbsp;(2168809) | &nbsp;&nbsp;$(25043530) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93611 | &nbsp;&nbsp;$1116038 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980257 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(175077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2084615) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11680 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491183 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1051989) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45974) | &nbsp;&nbsp;$(549126) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214923 | &nbsp;&nbsp;$2517031 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835523 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(372756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4367276) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1014722) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563640 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(535419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6363359) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(489151) | &nbsp;&nbsp;$(5814441) |

---

54 NYLI Asset Allocation Funds

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;$1536 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24994) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17450) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732091) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62584) | &nbsp;&nbsp;$(749541) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873 | &nbsp;&nbsp;$34070 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33480 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410935) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343385) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(212839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2445235) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(242843) | &nbsp;&nbsp;$(2788620) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15042 | &nbsp;&nbsp;$176187 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227679 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089733) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685867) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(107314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1270439) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(165801) | &nbsp;&nbsp;$(1956306) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41898 | &nbsp;&nbsp;$481355 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202855 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(275668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3174767) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(216325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2490557) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(224507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2576030) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(440832) | &nbsp;&nbsp;$(5066587) |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32033 | &nbsp;&nbsp;$384746 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192763 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552816) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;$24693 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131001 | &nbsp;&nbsp;$1589057 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203468 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(386394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4619809) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(238411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2827284) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14756 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(237172) | &nbsp;&nbsp;$(2812528) |
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;$1511 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174359) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14889) | &nbsp;&nbsp;$(171692) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$3335 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17084 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(248093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2881689) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(246306) | &nbsp;&nbsp;$(2861270) |

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[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Notes to Financial Statements (Unaudited) (continued)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68885 | &nbsp;&nbsp;$821175 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124270 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341494) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50918 | &nbsp;&nbsp;$603951 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107021 | &nbsp;&nbsp;$1251130 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78460 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315626) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013964 |
| Shares converted from SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86538 | &nbsp;&nbsp;$1013084 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### NYLI Moderate Allocation Fund

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1505689 | &nbsp;&nbsp;$20870577 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3166348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42745700 |
| Shares redeemed | &nbsp;&nbsp;(4751024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65353995) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1737718) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303541 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38096) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368172 | &nbsp;&nbsp;$4527727 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;3122706 | &nbsp;&nbsp;$42478899 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376393 |
| Shares redeemed | &nbsp;&nbsp;(7382644) | &nbsp;&nbsp;&nbsp;&nbsp;(100422486) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(4080317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55567194) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;1888695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25951051 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9788) |
| Net increase (decrease) | &nbsp;&nbsp;(2192314) | &nbsp;&nbsp;$(29625931) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269946 | &nbsp;&nbsp;$3722795 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434631 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(345080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4762389) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395037 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920489 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(278169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3866327) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39076 | &nbsp;&nbsp;$449199 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599105 | &nbsp;&nbsp;$8162137 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143672 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(757087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10320200) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(147155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2014391) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923242 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;(1434301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19799192) |
| Net increase (decrease) | &nbsp;&nbsp;(1366421) | &nbsp;&nbsp;$(18890341) |
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;$20214 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58349 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77728) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(152220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2132039) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(152053) | &nbsp;&nbsp;$(2131204) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;$43579 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778212) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(734633) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(466991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6257338) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(522079) | &nbsp;&nbsp;$(6991971) |

---

56 NYLI Asset Allocation Funds

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26495 | &nbsp;&nbsp;$359922 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536167 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(122084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1663562) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767473) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1190715) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(141212) | &nbsp;&nbsp;$(1958188) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75955 | &nbsp;&nbsp;$1017721 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(275634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3661790) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(199679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2644069) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(203227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2711121) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(402906) | &nbsp;&nbsp;$(5355190) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31417 | &nbsp;&nbsp;$446365 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572397 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724343) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22220 | &nbsp;&nbsp;$294419 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80203 | &nbsp;&nbsp;$1124342 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48416 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(107014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1431345) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258587) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22494) | &nbsp;&nbsp;$(248799) |
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;$492 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182114) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13509) | &nbsp;&nbsp;$(181153) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;$61215 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(147694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1979435) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(142881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1917949) |
| Shares converted from Class R3 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73520) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(148400) | &nbsp;&nbsp;$(1991469) |
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180881 | &nbsp;&nbsp;$2491825 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697526 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900298) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289053 |
| Shares converted into SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27121 |
| Shares converted from SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23974) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166754 | &nbsp;&nbsp;$2292200 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324884 | &nbsp;&nbsp;$4441773 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(118738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1606868) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836836 |
| Shares converted from SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33122) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203887 | &nbsp;&nbsp;$2803714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Notes to Financial Statements (Unaudited) (continued)

#### NYLI Growth Allocation Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1655147 | &nbsp;&nbsp;$25350206 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3524820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53189640 |
| Shares redeemed | &nbsp;&nbsp;(3964509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60915200) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;1215458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17624646 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376110 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8437) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1683556 | &nbsp;&nbsp;$24992319 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;2675222 | &nbsp;&nbsp;$41034466 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5796492 |
| Shares redeemed | &nbsp;&nbsp;(6787854) | &nbsp;&nbsp;&nbsp;&nbsp;(104518943) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(3721767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57687985) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;1970476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30452753 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165750) |
| Net increase (decrease) | &nbsp;&nbsp;(1761550) | &nbsp;&nbsp;$(27400982) |
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226058 | &nbsp;&nbsp;$3496834 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476076 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(304651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4732258) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240652 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032832 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(286472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4456534) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127124 | &nbsp;&nbsp;$1816950 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516534 | &nbsp;&nbsp;$7912478 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657335 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(648196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9959015) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1389202) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471831 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;(1526914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23677226) |
| Net increase (decrease) | &nbsp;&nbsp;(1387534) | &nbsp;&nbsp;$(21594597) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;$15000 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76845 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140003) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48158) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(156605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2493089) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(159630) | &nbsp;&nbsp;$(2541247) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 | &nbsp;&nbsp;$20239 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13058 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235099) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201802) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(502448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7571749) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(582515) | &nbsp;&nbsp;$(8773551) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34324 | &nbsp;&nbsp;$531505 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799962 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(122164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1851962) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520495) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1419943) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(126444) | &nbsp;&nbsp;$(1940438) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73874 | &nbsp;&nbsp;$1112388 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22826 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(226119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3405812) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(150685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2270598) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(167726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2515199) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(318411) | &nbsp;&nbsp;$(4785797) |

---

58 NYLI Asset Allocation Funds

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58436 | &nbsp;&nbsp;$917950 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865643 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1151638) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41379 | &nbsp;&nbsp;$631955 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241740 | &nbsp;&nbsp;$3787278 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107190 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(237082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3737090) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157378 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162750 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21678 | &nbsp;&nbsp;$320128 |
| &nbsp;&nbsp;**Class R2<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;$521 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71174) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4634) | &nbsp;&nbsp;$(70653) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;$26072 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(955725) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(924512) |
| Shares converted from Class R3 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125756) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69917) | &nbsp;&nbsp;$(1050268) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109319 | &nbsp;&nbsp;$1693029 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634621 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608355) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719295 |
| Shares converted into SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52132 |
| Shares converted from SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83071) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110471 | &nbsp;&nbsp;$1688356 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214162 | &nbsp;&nbsp;$3301899 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32240 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1068088) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266051 |
| Shares converted from SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31654) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145513 | &nbsp;&nbsp;$2234397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### NYLI Equity Allocation Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891057 | &nbsp;&nbsp;$14627034 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1477583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24055049 |
| Shares redeemed | &nbsp;&nbsp;(1969991) | &nbsp;&nbsp;&nbsp;&nbsp;(32739759) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5942324 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115834 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640578 | &nbsp;&nbsp;$10058158 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1611326 | &nbsp;&nbsp;$26118436 |
| Shares redeemed | &nbsp;&nbsp;(3345244) | &nbsp;&nbsp;&nbsp;&nbsp;(54702086) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1733918) | &nbsp;&nbsp;&nbsp;&nbsp;(28583650) |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;1176406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19173720 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20326) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(558700) | &nbsp;&nbsp;$(9430256) |

---

------

[**Table of Contents**](#JOB_NYLI__872e10ca-c826-418b-bfaa-db3fa0a49184_TOC)

Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116767 | &nbsp;&nbsp;$1926258 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147552 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(166473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2777736) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296074 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606781 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(149227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2493276) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29978 | &nbsp;&nbsp;$409579 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255854 | &nbsp;&nbsp;$4103907 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(361079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5848271) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(105225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1744364) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851712 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(919956) | &nbsp;&nbsp;&nbsp;&nbsp;(14997074) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(909459) | &nbsp;&nbsp;$(14889726) |
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: <sup>(a)</sup> |  |  |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;$43691 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91032) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47341) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(101573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1684110) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(104415) | &nbsp;&nbsp;$(1731451) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;$21239 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(641675) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620436) |
| Shares converted from Class B (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;(302531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4657041) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(342941) | &nbsp;&nbsp;$(5277477) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10898 | &nbsp;&nbsp;$171946 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382069 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1181225) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(627210) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545229) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71773) | &nbsp;&nbsp;$(1172439) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30343 | &nbsp;&nbsp;$465700 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1511436) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1045736) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1206293) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(146467) | &nbsp;&nbsp;$(2252029) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12802 | &nbsp;&nbsp;$217857 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153800 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(218376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4053283) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(196392) | &nbsp;&nbsp;$(3681626) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60199 | &nbsp;&nbsp;$1045493 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463106) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24220) | &nbsp;&nbsp;$(417613) |
| &nbsp;&nbsp;**Class R3<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;$41697 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(130069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2073042) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(127187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2031345) |
| Shares converted from Class R3 (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140500) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(136437) | &nbsp;&nbsp;$(2171845) |

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60 NYLI Asset Allocation Funds

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SIMPLE Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75186 | &nbsp;&nbsp;$1237384 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339007 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349494) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74551 | &nbsp;&nbsp;$1226897 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137495 | &nbsp;&nbsp;$2220620 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622785) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597835 |
| Shares converted from SIMPLE Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4198) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98322 | &nbsp;&nbsp;$1593637 |

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&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class B shares converted into Class A or Investor Class shares pursuant to the applicable conversion schedule and are no longer offered for sale as of February 19, 2025.

(b) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Allocation Funds.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Allocation Funds as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the

Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within each Allocation Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI MacKay Short Duration High Income Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img3f237cb81.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_662cfa01-8aa3-4e2f-934f-01d33ce05625_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_662cfa01-8aa3-4e2f-934f-01d33ce05625_16) | &nbsp;&nbsp;18 |
| [Notes to Financial Statements](#xx_2974f135-6026-440d-ba09-06a011180db7_1) | &nbsp;&nbsp;24 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_e22f0cda-65b8-4f85-8feb-1177b24a3bcc_1) | &nbsp;&nbsp;33 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_e22f0cda-65b8-4f85-8feb-1177b24a3bcc_1) | &nbsp;&nbsp;33 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_e22f0cda-65b8-4f85-8feb-1177b24a3bcc_1) | &nbsp;&nbsp;33 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_fb7e9234-c67c-466d-918e-9ef9bc722367_1) | &nbsp;&nbsp;34 |

---

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Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Bonds 94.0%** | **Long-Term Bonds 94.0%** | **Long-Term Bonds 94.0%** |
| **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** |
| **Energy-Alternate Sources 0.2%** | **Energy-Alternate Sources 0.2%** | **Energy-Alternate Sources 0.2%** |
| XPLR Infrastructure LP |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 6/15/26 (a) | &nbsp;&nbsp;&nbsp;$6000000 | &nbsp;&nbsp;$5655000 |
| **Media 0.4%** | **Media 0.4%** | **Media 0.4%** |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6368625 |
| &nbsp;&nbsp;&nbsp;1.125%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6065000 | &nbsp;&nbsp;&nbsp;&nbsp; 4867162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11235787 |
| **Oil & Gas 0.1%** | **Oil & Gas 0.1%** | **Oil & Gas 0.1%** |
| Gulfport Energy Operating Corp. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314466 |
| Total Convertible Bonds<br> (Cost $17,772,178) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20205253 |
| **Corporate Bonds 77.5%** | **Corporate Bonds 77.5%** | **Corporate Bonds 77.5%** |
| **Advertising 0.9%** | **Advertising 0.9%** | **Advertising 0.9%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 8/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972287 |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5246189 |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569465 |
| &nbsp;&nbsp;&nbsp;4.875%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738337 |
| Outfront Media Capital LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875982 |
| &nbsp;&nbsp;&nbsp;4.625%, due 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24712505 |
| **Aerospace & Defense 2.8%** | **Aerospace & Defense 2.8%** | **Aerospace & Defense 2.8%** |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 3/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559211 |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 2/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030093 |
| F-Brasile SpA |  |  |
| &nbsp;&nbsp;&nbsp;Series XR |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 8/15/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391840 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732823 |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13435732 |
| &nbsp;&nbsp;&nbsp;6.375%, due 3/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24449092 |
| &nbsp;&nbsp;&nbsp;6.75%, due 8/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25997096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77595887 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Agriculture 0.0% ‡** | **Agriculture 0.0% ‡** | **Agriculture 0.0% ‡** |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/15/30 (a) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$997180 |
| **Airlines 0.2%** | **Airlines 0.2%** | **Airlines 0.2%** |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/20/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666667 | &nbsp;&nbsp;&nbsp;&nbsp; 662223 |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/20/25 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333500 | &nbsp;&nbsp;&nbsp;&nbsp; 330435 |
| &nbsp;&nbsp;&nbsp;7.00%, due 5/1/25 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375000 | &nbsp;&nbsp;&nbsp;&nbsp; 4375000 |
| &nbsp;&nbsp;&nbsp;7.375%, due 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886045 |
| **Auto Manufacturers 0.4%** | **Auto Manufacturers 0.4%** | **Auto Manufacturers 0.4%** |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.389%, due 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989625 |
| &nbsp;&nbsp;&nbsp;5.125%, due 6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998472 |
| &nbsp;&nbsp;&nbsp;6.95%, due 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029221 |
| &nbsp;&nbsp;&nbsp;6.95%, due 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515733 |
| &nbsp;&nbsp;&nbsp;7.35%, due 11/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059089 |
| PM General Purchaser LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.50%, due 10/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11455413 |
| **Auto Parts & Equipment 1.1%** | **Auto Parts & Equipment 1.1%** | **Auto Parts & Equipment 1.1%** |
| Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 4/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655676 |
| IHO Verwaltungs GmbH (a)(c) |  |  |
| &nbsp;&nbsp;&nbsp;6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726332 |
| &nbsp;&nbsp;&nbsp;7.75% (7.75% Cash or 8.50% PIK), due 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966355 |
| Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6064045 |
| Tenneco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 11/17/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6687197 |
| ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 4/14/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7972810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30072415 |
| **Building Materials 0.5%** | **Building Materials 0.5%** | **Building Materials 0.5%** |
| James Hardie International Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11439325 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 1/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14717781 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Chemicals 2.8%** | **Chemicals 2.8%** | **Chemicals 2.8%** |
| ASP Unifrax Holdings, Inc. (a)(c) |  |  |
| &nbsp;&nbsp;&nbsp;7.10% (5.85% Cash and 1.25% PIK), due 9/30/29 | &nbsp;&nbsp;&nbsp;$2504690 | &nbsp;&nbsp;$1001876 |
| &nbsp;&nbsp;&nbsp;11.175% (10.425% Cash or 11.175% PIK), due 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994197 | &nbsp;&nbsp;&nbsp;&nbsp; 889806 |
| Celanese US Holdings LLC (d) |  |  |
| &nbsp;&nbsp;&nbsp;6.33%, due 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3529820 |
| &nbsp;&nbsp;&nbsp;6.35%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10666000 | &nbsp;&nbsp;&nbsp;&nbsp; 10782722 |
| &nbsp;&nbsp;&nbsp;6.415%, due 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6361000 | &nbsp;&nbsp;&nbsp;&nbsp; 6412707 |
| GPD Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.125%, due 4/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220357 |
| Innophos Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, due 6/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383019 |
| Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039115 |
| NOVA Chemicals Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054762 |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702812 |
| &nbsp;&nbsp;&nbsp;8.50%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255039 |
| &nbsp;&nbsp;&nbsp;9.00%, due 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670143 |
| Olympus Water US Holding Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362075 |
| &nbsp;&nbsp;&nbsp;9.75%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085315 |
| SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 5/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916002 |
| SCIL IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414096 |
| SK Invictus Intermediate II SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/30/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78229880 |
| **Coal 0.4%** | **Coal 0.4%** | **Coal 0.4%** |
| Alliance Resource Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 6/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10106446 |
| Coronado Finance Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.25%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12357805 |
| **Commercial Services 4.2%** | **Commercial Services 4.2%** | **Commercial Services 4.2%** |
| Alta Equipment Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, due 6/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324191 |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395522 |
| Belron UK Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888665 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Dcli Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 11/15/29 (a) | &nbsp;&nbsp;&nbsp;$6585000 | &nbsp;&nbsp;$6134061 |
| GEO Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425000 | &nbsp;&nbsp;&nbsp;&nbsp; 4651771 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 6/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16114000 | &nbsp;&nbsp;&nbsp;&nbsp; 16094459 |
| Herc Holdings, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3955150 |
| &nbsp;&nbsp;&nbsp;6.625%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874838 |
| Korn Ferry |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931423 |
| Matthews International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 10/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628611 |
| NES Fircroft Bondco A/S |  |  |
| &nbsp;&nbsp;&nbsp;Series Reg S |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 9/30/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848357 |
| NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7251306 |
| OT Midco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00%, due 2/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390397 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224813 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 3/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700849 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844994 |
| &nbsp;&nbsp;&nbsp;4.875%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400975 |
| Williams Scotsman, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11299309 |
| &nbsp;&nbsp;&nbsp;6.625%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080286 |
| &nbsp;&nbsp;&nbsp;6.625%, due 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115915567 |
| **Computers 0.3%** | **Computers 0.3%** | **Computers 0.3%** |
| Diebold Nixdorf, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 3/31/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123357 |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 7/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544615 |
| **Cosmetics & Personal Care 1.1%** | **Cosmetics & Personal Care 1.1%** | **Cosmetics & Personal Care 1.1%** |
| Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 6/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13753523 |
| Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 1/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16362680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30116203 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Distribution & Wholesale 0.6%** | **Distribution & Wholesale 0.6%** | **Distribution & Wholesale 0.6%** |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 7/1/29 (a) | &nbsp;&nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3043887 |
| H&E Equipment Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5180000 | &nbsp;&nbsp;&nbsp;&nbsp; 5158039 |
| RB Global Holdings, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3415683 |
| &nbsp;&nbsp;&nbsp;7.75%, due 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096968 |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 6/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17552775 |
| **Diversified Financial Services 1.7%** | **Diversified Financial Services 1.7%** | **Diversified Financial Services 1.7%** |
| AG Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 3/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162403 |
| AG TTMT Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 9/30/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785741 |
| BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.15%, due 4/2/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981057 |
| Cantor Fitzgerald LP |  |  |
| &nbsp;&nbsp;&nbsp;7.20%, due 12/12/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107839 |
| Enact Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 5/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118794 |
| Jane Street Group |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 11/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961310 |
| Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433536 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343758 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 2/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8868891 |
| Radian Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995705 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48066191 |
| **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 3/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10261655 |
| DPL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619873 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501941 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8681183 |
| TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796463 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (a)(e)(f) | &nbsp;&nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10220580 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 2/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9750000 | &nbsp;&nbsp;&nbsp;&nbsp; 9743695 |
| XPLR Infrastructure Operating Partners LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3376407 |
| &nbsp;&nbsp;&nbsp;4.50%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5672620 |
| &nbsp;&nbsp;&nbsp;7.25%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp;&nbsp; 5616459 |
| &nbsp;&nbsp;&nbsp;8.375%, due 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64676182 |
| **Electrical Components & Equipment 0.6%** | **Electrical Components & Equipment 0.6%** | **Electrical Components & Equipment 0.6%** |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192379 |
| WESCO Distribution, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092484 |
| &nbsp;&nbsp;&nbsp;7.25%, due 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15438092 |
| **Electronics 0.2%** | **Electronics 0.2%** | **Electronics 0.2%** |
| Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139613 |
| **Engineering & Construction 0.4%** | **Engineering & Construction 0.4%** | **Engineering & Construction 0.4%** |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230037 |
| TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 3/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929580 |
| Weekley Homes LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 9/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9836107 |
| **Entertainment 4.1%** | **Entertainment 4.1%** | **Entertainment 4.1%** |
| Affinity Interactive |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967910 |
| Boyne USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 5/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542597 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 2/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279554 |
| Churchill Downs, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654670 |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23975655 |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444951 |
| International Game Technology plc (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11795789 |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637597 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Jacobs Entertainment, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 2/15/29 | &nbsp;&nbsp;&nbsp;$6585000 | &nbsp;&nbsp;$5992350 |
| &nbsp;&nbsp;&nbsp;6.75%, due 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1351350 |
| Light & Wonder International, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6501469 |
| &nbsp;&nbsp;&nbsp;7.25%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3619232 |
| Live Nation Entertainment, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3106802 |
| &nbsp;&nbsp;&nbsp;4.75%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14706557 |
| &nbsp;&nbsp;&nbsp;5.625%, due 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987739 |
| &nbsp;&nbsp;&nbsp;6.50%, due 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15312166 |
| Motion Bondco DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 11/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113058519 |
| **Food 1.9%** | **Food 1.9%** | **Food 1.9%** |
| B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 9/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524985 |
| Chobani LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212203 |
| &nbsp;&nbsp;&nbsp;7.625%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571094 |
| Land O'Lakes Capital Trust I |  |  |
| &nbsp;&nbsp;&nbsp;7.45%, due 3/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043698 |
| Performance Food Group, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250347 |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074589 |
| Post Holdings, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827815 |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926012 |
| Simmons Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 3/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13167976 |
| United Natural Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 10/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909210 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 9/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51532947 |
| **Food Service 0.3%** | **Food Service 0.3%** | **Food Service 0.3%** |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854780 |
| **Forest Products & Paper 0.7%** | **Forest Products & Paper 0.7%** | **Forest Products & Paper 0.7%** |
| Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7402911 |
| &nbsp;&nbsp;&nbsp;12.875%, due 10/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9916554 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| Smurfit Kappa Treasury Funding DAC |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 11/20/25 | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1011028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18330493 |
| **Gas 0.0% ‡** | **Gas 0.0% ‡** | **Gas 0.0% ‡** |
| AmeriGas Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 8/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123482 |
| **Hand & Machine Tools 0.4%** | **Hand & Machine Tools 0.4%** | **Hand & Machine Tools 0.4%** |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.05%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891513 |
| &nbsp;&nbsp;&nbsp;6.05%, due 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815844 |
| Werner FinCo. LP |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, due 6/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12063638 |
| **Healthcare-Products 1.4%** | **Healthcare-Products 1.4%** | **Healthcare-Products 1.4%** |
| Bausch + Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980736 |
| Hologic, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400765 |
| &nbsp;&nbsp;&nbsp;4.625%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131018 |
| Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 6/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181020 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952460 |
| Varex Imaging Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14396302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39042301 |
| **Healthcare-Services 1.2%** | **Healthcare-Services 1.2%** | **Healthcare-Services 1.2%** |
| Acadia Healthcare Co., Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945361 |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853007 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900825 |
| &nbsp;&nbsp;&nbsp;5.75%, due 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263955 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005130 |
| &nbsp;&nbsp;&nbsp;7.58%, due 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047762 |
| HealthEquity, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126178 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5479122 |
| &nbsp;&nbsp;&nbsp;5.70%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052680 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34673527 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Holding Companies-Diversified 0.6%** | **Holding Companies-Diversified 0.6%** | **Holding Companies-Diversified 0.6%** |
| Benteler International AG |  |  |
| &nbsp;&nbsp;&nbsp;10.50%, due 5/15/28 (a) | &nbsp;&nbsp;&nbsp;$11900000 | &nbsp;&nbsp;$12148282 |
| Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 2/15/31 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3521577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15669859 |
| **Home Builders 1.3%** | **Home Builders 1.3%** | **Home Builders 1.3%** |
| Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000435 |
| Installed Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 2/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343953 |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 12/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524512 |
| M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641006 |
| Shea Homes LP |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766552 |
| &nbsp;&nbsp;&nbsp;4.75%, due 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945623 |
| STL Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, due 2/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148636 |
| Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798749 |
| Winnebago Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6718288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34887754 |
| **Household Products & Wares 0.3%** | **Household Products & Wares 0.3%** | **Household Products & Wares 0.3%** |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445418 |
| **Housewares 0.6%** | **Housewares 0.6%** | **Housewares 0.6%** |
| CD&R Smokey Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.50%, due 10/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995486 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437027 |
| &nbsp;&nbsp;&nbsp;6.375%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191323 |
| &nbsp;&nbsp;&nbsp;6.625%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938071 |
| Scotts Miracle-Gro Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142497 |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15919450 |
| **Insurance 0.3%** | **Insurance 0.3%** | **Insurance 0.3%** |
| MGIC Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508217 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| NMI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 8/15/29 | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5057300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565517 |
| **Internet 1.2%** | **Internet 1.2%** | **Internet 1.2%** |
| Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8450000 | &nbsp;&nbsp;&nbsp;&nbsp; 8300696 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 9/30/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6606561 |
| Go Daddy Operating Co. LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931523 |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10903091 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951060 |
| Uber Technologies, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809477 |
| &nbsp;&nbsp;&nbsp;7.50%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33514894 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| Compass Group Diversified Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358356 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;10.00%, due 11/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5497165 |
| **Iron & Steel 2.1%** | **Iron & Steel 2.1%** | **Iron & Steel 2.1%** |
| Allegheny Ludlum LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.95%, due 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436828 |
| Big River Steel LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 1/31/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21657000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21790299 |
| Mineral Resources Ltd. (a) |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858665 |
| &nbsp;&nbsp;&nbsp;8.125%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16858143 |
| &nbsp;&nbsp;&nbsp;9.25%, due 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13466962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57410897 |
| **Leisure Time 1.0%** | **Leisure Time 1.0%** | **Leisure Time 1.0%** |
| Acushnet Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552176 |
| Carnival Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676250 |
| &nbsp;&nbsp;&nbsp;5.75%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10522681 |
| &nbsp;&nbsp;&nbsp;7.625%, due 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28423510 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Lodging 1.5%** | **Lodging 1.5%** | **Lodging 1.5%** |
| Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 12/1/27 | &nbsp;&nbsp;&nbsp;$18270000 | &nbsp;&nbsp;$17894908 |
| Hilton Domestic Operating Co., Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5590000 | &nbsp;&nbsp;&nbsp;&nbsp; 5590000 |
| &nbsp;&nbsp;&nbsp;5.75%, due 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001369 |
| &nbsp;&nbsp;&nbsp;5.875%, due 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9093336 |
| Hilton Worldwide Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023786 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 2/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42910265 |
| **Machinery—Construction & Mining 0.7%** | **Machinery—Construction & Mining 0.7%** | **Machinery—Construction & Mining 0.7%** |
| Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304148 |
| Vertiv Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14486334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18790482 |
| **Machinery-Diversified 0.9%** | **Machinery-Diversified 0.9%** | **Machinery-Diversified 0.9%** |
| Briggs & Stratton Corp. Escrow Claim Shares |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/20 (g)(h)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Maxim Crane Works Holdings Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, due 9/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468750 |
| TK Elevator U.S. Newco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22803618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25272368 |
| **Media 4.7%** | **Media 4.7%** | **Media 4.7%** |
| Block Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 3/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403430 |
| CCO Holdings LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19313080 |
| &nbsp;&nbsp;&nbsp;5.125%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479481 |
| &nbsp;&nbsp;&nbsp;5.375%, due 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6847320 |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13466668 |
| &nbsp;&nbsp;&nbsp;6.375%, due 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513438 |
| CSC Holdings LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858360 |
| &nbsp;&nbsp;&nbsp;6.50%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453518 |
| &nbsp;&nbsp;&nbsp;11.25%, due 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053753 |
| &nbsp;&nbsp;&nbsp;11.75%, due 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926070 |
| Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 8/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17916490 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50%, due 7/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869837 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 10/15/27 (a) | &nbsp;&nbsp;&nbsp;$19500000 | &nbsp;&nbsp;$16027465 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 7/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3467279 |
| Scripps Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 1/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3495000 | &nbsp;&nbsp;&nbsp;&nbsp; 2663090 |
| Sirius XM Radio LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3390000 | &nbsp;&nbsp;&nbsp;&nbsp; 3189064 |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963925 |
| TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821895 |
| Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 4/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496555 |
| Virgin Media Secured Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6498991 |
| Virgin Media Vendor Financing Notes IV DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892808 |
| Ziggo BV |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 1/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130416218 |
| **Metal Fabricate & Hardware 0.1%** | **Metal Fabricate & Hardware 0.1%** | **Metal Fabricate & Hardware 0.1%** |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/30/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472312 |
| **Mining 1.8%** | **Mining 1.8%** | **Mining 1.8%** |
| Alumina Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 3/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148226 |
| Century Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 4/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10768608 |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 12/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976276 |
| Eldorado Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 9/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298160 |
| First Quantum Minerals Ltd. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093988 |
| &nbsp;&nbsp;&nbsp;9.375%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11931818 |
| IAMGOLD Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12451000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12334182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50551258 |
| **Miscellaneous—Manufacturing 1.8%** | **Miscellaneous—Manufacturing 1.8%** | **Miscellaneous—Manufacturing 1.8%** |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 5/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417834 |
| Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 3/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7121827 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Miscellaneous—Manufacturing (continued)** | **Miscellaneous—Manufacturing (continued)** | **Miscellaneous—Manufacturing (continued)** |
| Calderys Financing II LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.75% (11.75% Cash or 12.50% PIK), due 6/1/28 (a)(c) | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$3927884 |
| Calderys Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.25%, due 6/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6075128 |
| Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9334000 | &nbsp;&nbsp;&nbsp;&nbsp; 9287434 |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/15/26 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6080000 | &nbsp;&nbsp;&nbsp;&nbsp; 5990867 |
| &nbsp;&nbsp;&nbsp;6.25%, due 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868143 |
| LSB Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 10/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551226 |
| Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 7/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50973603 |
| **Oil & Gas 5.5%** | **Oil & Gas 5.5%** | **Oil & Gas 5.5%** |
| Ascent Resources Utica Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, due 11/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825406 |
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 2/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860374 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718740 |
| Comstock Resources, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382974 |
| &nbsp;&nbsp;&nbsp;6.75%, due 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553366 |
| Diamond Foreign Asset Co. |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, due 10/1/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902460 |
| Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, due 5/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11308046 |
| Gulfport Energy Operating Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 9/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946881 |
| Hilcorp Energy I LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277056 |
| &nbsp;&nbsp;&nbsp;6.25%, due 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838302 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 4/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988882 |
| NewCo Holding USD 20 SARL |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 11/7/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135312 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 4/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192987 |
| Parkland Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942769 |
| &nbsp;&nbsp;&nbsp;4.625%, due 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882447 |
| &nbsp;&nbsp;&nbsp;5.875%, due 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15802516 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| PBF Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 3/15/30 (a) | &nbsp;&nbsp;&nbsp;$2850000 | &nbsp;&nbsp;$2508561 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 1/15/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100000 | &nbsp;&nbsp;&nbsp;&nbsp; 8052757 |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 2/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131859 |
| &nbsp;&nbsp;&nbsp;4.875%, due 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3896147 |
| &nbsp;&nbsp;&nbsp;8.25%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024094 |
| Seadrill Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 8/1/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214007 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915995 |
| &nbsp;&nbsp;&nbsp;6.75%, due 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7203480 |
| &nbsp;&nbsp;&nbsp;6.75%, due 8/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734517 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491765 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, due 2/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14379591 |
| TGNR Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308210 |
| Transocean Aquila Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 9/30/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948398 |
| Transocean Poseidon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 2/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7483875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7427505 |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 2/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672984 |
| Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735595 |
| Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 7/31/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637775 |
| Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 10/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153188008 |
| **Oil & Gas Services 0.6%** | **Oil & Gas Services 0.6%** | **Oil & Gas Services 0.6%** |
| Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 3/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10186546 |
| Nine Energy Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;13.00%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643075 |
| Oceaneering International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852195 |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 4/30/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16177419 |
| **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** |
| Cascades USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 1/15/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804652 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 5/13/27 (a) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$997481 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 2/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2956672 |
| TriMas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2338845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11097650 |
| **Pharmaceuticals 1.9%** | **Pharmaceuticals 1.9%** | **Pharmaceuticals 1.9%** |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;11.00%, due 9/30/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404000 |
| BellRing Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 3/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556309 |
| ENDO DESIG Escrow Claim Shares |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/15/24 (g)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Jazz Securities DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 1/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19345818 |
| Organon & Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 4/30/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21692878 |
| Par Pharmaceutical, Inc. Escrow Claim Shares |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 4/1/27 (g)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51999005 |
| **Pipelines 5.3%** | **Pipelines 5.3%** | **Pipelines 5.3%** |
| Antero Midstream Partners LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12375199 |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122200 |
| Buckeye Partners LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596283 |
| &nbsp;&nbsp;&nbsp;6.875%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8660123 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 6/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346323 |
| Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 5/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8446603 |
| FTAI Infra Escrow Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.50%, due 6/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384386 |
| Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892754 |
| &nbsp;&nbsp;&nbsp;8.25%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981804 |
| Global Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243287 |
| Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 9/1/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036579 |
| Hess Midstream Operations LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008408 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Hess Midstream Operations LP (a)<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 6/1/29 | &nbsp;&nbsp;&nbsp;$7000000 | &nbsp;&nbsp;$7108985 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 8/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6847945 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4201261 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 1/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3770209 |
| Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;8.695% (3 Month SOFR + 4.372%), due 5/31/25 (e)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18407740 |
| Rockies Express Pipeline LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800746 |
| &nbsp;&nbsp;&nbsp;4.95%, due 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301627 |
| Tallgrass Energy Partners LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375056 |
| &nbsp;&nbsp;&nbsp;6.00%, due 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6909778 |
| &nbsp;&nbsp;&nbsp;7.375%, due 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11458120 |
| Venture Global LNG, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513647 |
| &nbsp;&nbsp;&nbsp;9.50%, due 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461088 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, due 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147544438 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 2/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374049 |
| **Real Estate Investment Trusts 2.4%** | **Real Estate Investment Trusts 2.4%** | **Real Estate Investment Trusts 2.4%** |
| Blackstone Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, due 12/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193095 |
| GLP Capital LP |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698118 |
| Iron Mountain, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654852 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955617 |
| &nbsp;&nbsp;&nbsp;5.25%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922955 |
| MPT Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8835113 |
| RHP Hotel Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 2/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392255 |
| &nbsp;&nbsp;&nbsp;4.75%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15995468 |
| &nbsp;&nbsp;&nbsp;7.25%, due 7/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052263 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956595 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Uniti Group LP (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 4/15/28 | &nbsp;&nbsp;&nbsp;$8500000 | &nbsp;&nbsp;$8135068 |
| &nbsp;&nbsp;&nbsp;10.50%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7176000 | &nbsp;&nbsp;&nbsp;&nbsp; 7619369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67410768 |
| **Retail 4.8%** | **Retail 4.8%** | **Retail 4.8%** |
| 1011778 B.C. Unlimited Liability Co. (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900000 | &nbsp;&nbsp;&nbsp;&nbsp; 16227343 |
| &nbsp;&nbsp;&nbsp;5.625%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3585000 | &nbsp;&nbsp;&nbsp;&nbsp; 3573134 |
| &nbsp;&nbsp;&nbsp;6.125%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6602798 |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14138059 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 5/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017395 |
| CEC Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, due 5/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761786 |
| Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852023 |
| Ken Garff Automotive LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 9/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11585992 |
| KFC Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 6/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133631 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 5/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981048 |
| Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481826 |
| &nbsp;&nbsp;&nbsp;5.625%, due 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11499374 |
| Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 9/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546257 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 5/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408793 |
| Penske Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695338 |
| PetSmart, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13476105 |
| &nbsp;&nbsp;&nbsp;7.75%, due 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4833839 |
| Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.00%, due 12/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16779857 |
| Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134204304 |
| **Semiconductors 0.0% ‡** | **Semiconductors 0.0% ‡** | **Semiconductors 0.0% ‡** |
| Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 4/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973132 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software 3.6%** | **Software 3.6%** | **Software 3.6%** |
| ACI Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 8/15/26 (a) | &nbsp;&nbsp;&nbsp;$3500000 | &nbsp;&nbsp;$3485603 |
| Camelot Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, due 11/1/26 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17420000 | &nbsp;&nbsp;&nbsp;&nbsp; 17164104 |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, due 6/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106735 |
| Clarivate Science Holdings Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7077116 |
| &nbsp;&nbsp;&nbsp;4.875%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12815448 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/31/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19331935 |
| Dun & Bradstreet Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244582 |
| Open Text Corp. (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646759 |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842797 |
| &nbsp;&nbsp;&nbsp;6.90%, due 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931295 |
| Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 2/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003241 |
| PTC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442588 |
| SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 9/30/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16965932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100058135 |
| **Telecommunications 2.3%** | **Telecommunications 2.3%** | **Telecommunications 2.3%** |
| Connect Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, due 9/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637070 |
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;10.75%, due 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12690393 |
| Frontier Communications Holdings LLC (a) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206135 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7990952 |
| Level 3 Financing, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;10.50%, due 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768086 |
| &nbsp;&nbsp;&nbsp;11.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028750 |
| Sunrise HoldCo IV BV |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/15/28 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763915 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19602930 |
| &nbsp;&nbsp;&nbsp;4.75%, due 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558332 |
| Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 9/15/25 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64771494 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| **Toys, Games & Hobbies 0.3%** | **Toys, Games & Hobbies 0.3%** | **Toys, Games & Hobbies 0.3%** |
| Mattel, Inc. (a) |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 4/1/26 | &nbsp;&nbsp;&nbsp;$4469000 | &nbsp;&nbsp;$4383374 |
| &nbsp;&nbsp;&nbsp;5.875%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4265000 | &nbsp;&nbsp;&nbsp;&nbsp; 4237784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8621158 |
| **Transportation 0.7%** | **Transportation 0.7%** | **Transportation 0.7%** |
| RXO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 11/15/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524640 |
| Star Leasing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 2/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17266006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18790646 |
| Total Corporate Bonds<br> (Cost $2,170,746,465) |  | &nbsp;&nbsp;&nbsp;&nbsp;2155921119 |
| **Loan Assignments 15.8%** | **Loan Assignments 15.8%** | **Loan Assignments 15.8%** |
| **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** |
| Chromalloy Corp. | Chromalloy Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.038% (3 Month SOFR + 3.75%), due 3/27/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11110514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909136 |
| SkyMiles IP Ltd. | SkyMiles IP Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.022% (3 Month SOFR + 3.75%), due 10/20/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389013 |
| TransDigm, Inc. | TransDigm, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan J | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan J |  |
| &nbsp;&nbsp;&nbsp;6.799% (3 Month SOFR + 2.50%), due 2/28/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16709302 |
| **Automobile 0.4%** | **Automobile 0.4%** | **Automobile 0.4%** |
| Clarios Global LP | Clarios Global LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 6 Dollar Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 6 Dollar Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 1/28/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866566 |
| Tenneco, Inc. | Tenneco, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B 9.399% - 9.422% | &nbsp;&nbsp;&nbsp;First Lien Term Loan B 9.399% - 9.422% |  |
| &nbsp;&nbsp;&nbsp;(3 Month SOFR + 5.00%), due 11/17/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10503442 |
| **Banking 0.5%** | **Banking 0.5%** | **Banking 0.5%** |
| Jane Street Group LLC | Jane Street Group LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Extended Term Loan | &nbsp;&nbsp;&nbsp;First Lien Extended Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.313% (3 Month SOFR + 2.00%), due 12/15/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13417486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13216223 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Beverage, Food & Tobacco 0.4%** | **Beverage, Food & Tobacco 0.4%** | **Beverage, Food & Tobacco 0.4%** |
| B&G Foods, Inc. | B&G Foods, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B5 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 10/10/29 (e) | &nbsp;&nbsp;&nbsp;$3324323 | &nbsp;&nbsp;$3168080 |
| Clover Holdings 2 LLC | Clover Holdings 2 LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Floating Rate Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Floating Rate Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.295% (3 Month SOFR + 4.00%), due 12/9/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4965625 |
| United Natural Foods, Inc. | United Natural Foods, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.072% (1 Month SOFR + 4.75%), due 5/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3956701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090406 |
| **Broadcasting & Entertainment 0.3%** | **Broadcasting & Entertainment 0.3%** | **Broadcasting & Entertainment 0.3%** |
| Gray Media, Inc. | Gray Media, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan D | &nbsp;&nbsp;&nbsp;First Lien Term Loan D |  |
| &nbsp;&nbsp;&nbsp;7.438% (1 Month SOFR + 3.00%), due 12/1/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668776 |
| Gray Television, Inc. | Gray Television, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;9.574% (1 Month SOFR + 5.25%), due 5/23/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215556 |
| **Buildings & Real Estate 0.1%** | **Buildings & Real Estate 0.1%** | **Buildings & Real Estate 0.1%** |
| GEO Group, Inc. (The) | GEO Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.572% (1 Month SOFR + 5.25%), due 4/16/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172223 |
| **Capital Equipment 1.0%** | **Capital Equipment 1.0%** | **Capital Equipment 1.0%** |
| DexKo Global, Inc. | DexKo Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2023 Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2023 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.575% (1 Month SOFR + 4.25%), due 10/4/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277422 |
| EMRLD Borrower LP | EMRLD Borrower LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Amendment Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Amendment Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.799% (3 Month SOFR + 2.50%), due 8/4/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086749 |
| TK Elevator Midco GmbH | TK Elevator Midco GmbH |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.237% (3 Month SOFR + 3.00%), due 4/30/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20437812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20335622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28699793 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Cargo Transport 0.5%** | **Cargo Transport 0.5%** | **Cargo Transport 0.5%** |
| Clue Opco LLC | Clue Opco LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.78% (3 Month SOFR + 4.50%), due 12/19/30 (e) | &nbsp;&nbsp;&nbsp;$10196395 | &nbsp;&nbsp;$9171657 |
| Genesee & Wyoming, Inc. | Genesee & Wyoming, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.049% (3 Month SOFR + 1.75%), due 4/10/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2985000 | &nbsp;&nbsp;&nbsp;&nbsp; 2942297 |
| NA Rail Hold Co. LLC | NA Rail Hold Co. LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;7.286% (3 Month SOFR + 3.00%), due 3/8/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14901122 |
| **Chemicals 0.0% ‡** | **Chemicals 0.0% ‡** | **Chemicals 0.0% ‡** |
| ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;12.049% (4.75% PIK) (3 Month SOFR + 7.75%), due 9/28/29 (c)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914075 |
| **Chemicals, Plastics & Rubber 1.0%** | **Chemicals, Plastics & Rubber 1.0%** | **Chemicals, Plastics & Rubber 1.0%** |
| Innophos Holdings, Inc. | Innophos Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.686% (1 Month SOFR + 4.25%), due 3/16/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7997490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850872 |
| Jazz Financing Lux SARL | Jazz Financing Lux SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien Dollar Tranche Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Dollar Tranche Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 5/5/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13776683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13705885 |
| SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.28% (3 Month SOFR + 3.00%), due 1/31/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28822583 |
| **Construction & Buildings 0.1%** | **Construction & Buildings 0.1%** | **Construction & Buildings 0.1%** |
| Knife River Corp. | Knife River Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Trance Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Trance Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.286% (3 Month SOFR + 2.00%), due 3/8/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 |
| **Diversified/Conglomerate Manufacturing 0.5%** | **Diversified/Conglomerate Manufacturing 0.5%** | **Diversified/Conglomerate Manufacturing 0.5%** |
| Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 2/10/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13711250 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics 0.5%** | **Electronics 0.5%** | **Electronics 0.5%** |
| Camelot US Acquisition LLC | Camelot US Acquisition LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 1/31/31 (e) | &nbsp;&nbsp;&nbsp;$10436698 | &nbsp;&nbsp;$10270358 |
| Vertiv Group Corp. | Vertiv Group Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 5 Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;6.069% (1 Month SOFR + 1.75%), due 3/2/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2462687 | &nbsp;&nbsp;&nbsp;&nbsp; 2452221 |
| VS Buyer LLC | VS Buyer LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024-1 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024-1 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.019% (3 Month SOFR + 2.75%), due 4/14/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14707616 |
| **Energy (Electricity) 1.0%** | **Energy (Electricity) 1.0%** | **Energy (Electricity) 1.0%** |
| Alpha Generation LLC | Alpha Generation LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 9/30/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976267 |
| BCP VI Summit Holdings LP | BCP VI Summit Holdings LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 1/30/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985000 |
| Cogentrix Finance Holdco I LLC | Cogentrix Finance Holdco I LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.072% (1 Month SOFR + 2.75%), due 2/13/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745312 |
| Lightning Power LLC | Lightning Power LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.549% (3 Month SOFR + 2.25%), due 8/18/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982951 |
| Talen Energy Supply LLC (e) | Talen Energy Supply LLC (e) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.818% (3 Month SOFR + 2.50%), due 5/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7696189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662518 |
| &nbsp;&nbsp;&nbsp;First Lien 2024-1 Incremental Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024-1 Incremental Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.818% (3 Month SOFR + 2.50%), due 12/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27303127 |
| **Entertainment 0.2%** | **Entertainment 0.2%** | **Entertainment 0.2%** |
| ECL Entertainment LLC | ECL Entertainment LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 8/30/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475016 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Sterling Entertainment Enterprises LLC | Sterling Entertainment Enterprises LLC |  |
| &nbsp;&nbsp;&nbsp;Second Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;Second Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;10.25%, due 4/10/26 (b)(g) | &nbsp;&nbsp;&nbsp;$3090000 | &nbsp;&nbsp;$2317500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792516 |
| **Finance 1.2%** | **Finance 1.2%** | **Finance 1.2%** |
| Arches Buyer, Inc. | Arches Buyer, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan | &nbsp;&nbsp;&nbsp;First Lien New Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.672% (1 Month SOFR + 3.25%), due 12/6/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4488281 | &nbsp;&nbsp;&nbsp;&nbsp; 4387295 |
| Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;8.072% (1 Month SOFR + 3.75%), due 12/11/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742514 |
| First Eagle Holdings, Inc. | First Eagle Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;7.299% (3 Month SOFR + 3.00%), due 2/22/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174167 |
| Mativ Holdings, Inc. | Mativ Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;8.186% (1 Month SOFR + 3.75%), due 4/20/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040947 |
| Osaic Holdings, Inc. | Osaic Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;7.825% (1 Month SOFR + 3.50%), due 8/17/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386603 |
| RealTruck Group, Inc. (e) | RealTruck Group, Inc. (e) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.936% (1 Month SOFR + 3.50%), due 1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10231481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506755 |
| &nbsp;&nbsp;&nbsp;First Lien Second Amendment Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Amendment Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.436% (1 Month SOFR + 5.00%), due 1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12929849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12267194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33505475 |
| **Healthcare 0.2%** | **Healthcare 0.2%** | **Healthcare 0.2%** |
| Medline Borrower LP | Medline Borrower LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Dollar Incremental Term Loan | &nbsp;&nbsp;&nbsp;First Lien Dollar Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 10/23/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446158 |
| **Healthcare & Pharmaceuticals 0.5%** | **Healthcare & Pharmaceuticals 0.5%** | **Healthcare & Pharmaceuticals 0.5%** |
| 1261229 BC Ltd. | 1261229 BC Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;10.57% (1 Month SOFR + 6.25%), due 10/8/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300004 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare & Pharmaceuticals (continued)** | **Healthcare & Pharmaceuticals (continued)** | **Healthcare & Pharmaceuticals (continued)** |
| Bausch + Lomb Corp. | Bausch + Lomb Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan | &nbsp;&nbsp;&nbsp;First Lien New Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.322% (1 Month SOFR + 4.00%), due 9/29/28 (e) | &nbsp;&nbsp;&nbsp;$2659500 | &nbsp;&nbsp;$2627586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13927590 |
| **Healthcare, Education & Childcare 1.1%** | **Healthcare, Education & Childcare 1.1%** | **Healthcare, Education & Childcare 1.1%** |
| Endo Finance Holdings, Inc. | Endo Finance Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.322% (1 Month SOFR + 4.00%), due 4/23/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16666250 | &nbsp;&nbsp;&nbsp;&nbsp; 16135013 |
| LifePoint Health, Inc. | LifePoint Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;8.006% (3 Month SOFR + 3.75%), due 5/19/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15880300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15550784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31685797 |
| **High Tech Industries 0.2%** | **High Tech Industries 0.2%** | **High Tech Industries 0.2%** |
| Open Text Corp. | Open Text Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 1/31/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6187674 |
| **Hotel, Gaming & Leisure 0.1%** | **Hotel, Gaming & Leisure 0.1%** | **Hotel, Gaming & Leisure 0.1%** |
| Motion Finco SARL | Motion Finco SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Facility Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;7.799% (3 Month SOFR + 3.50%), due 11/13/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713198 |
| **Hotels, Motels, Inns & Gaming 0.4%** | **Hotels, Motels, Inns & Gaming 0.4%** | **Hotels, Motels, Inns & Gaming 0.4%** |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.563% (3 Month SOFR + 2.25%), due 2/6/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029050 |
| Four Seasons Hotels Ltd. | Four Seasons Hotels Ltd. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 11/30/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240147 |
| **Insurance 0.1%** | **Insurance 0.1%** | **Insurance 0.1%** |
| Ryan Specialty Group LLC | Ryan Specialty Group LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 9/15/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985025 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Leisure, Amusement, Motion Pictures & Entertainment 0.1%** | **Leisure, Amusement, Motion Pictures & Entertainment 0.1%** | **Leisure, Amusement, Motion Pictures & Entertainment 0.1%** |
| Carnival Corp. | Carnival Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2025 Repricing Advance Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2025 Repricing Advance Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.329% (1 Month SOFR + 2.00%), due 8/9/27 (e) | &nbsp;&nbsp;&nbsp;$3084805 | &nbsp;&nbsp;$3077092 |
| **Manufacturing 0.2%** | **Manufacturing 0.2%** | **Manufacturing 0.2%** |
| Chart Industries, Inc. | Chart Industries, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Amendment No. 7 Term Loan | &nbsp;&nbsp;&nbsp;First Lien Amendment No. 7 Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.788% (3 Month SOFR + 2.50%), due 3/15/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5299595 | &nbsp;&nbsp;&nbsp;&nbsp; 5263160 |
| **Media 0.9%** | **Media 0.9%** | **Media 0.9%** |
| Block Communications, Inc. | Block Communications, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.811% (3 Month SOFR + 2.25%), due 2/25/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11162500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10953203 |
| Directv Financing LLC | Directv Financing LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2024 Refinancing Term Loan B |  |
| &nbsp;&nbsp;&nbsp;9.791% (3 Month SOFR + 5.25%), due 8/2/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9724142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9366430 |
| Lamar Media Corp. | Lamar Media Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien New Term Loan B | &nbsp;&nbsp;&nbsp;First Lien New Term Loan B |  |
| &nbsp;&nbsp;&nbsp;5.922% (1 Month SOFR + 1.50%), due 2/5/27 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25307133 |
| **Mining, Steel, Iron & Non-Precious Metals 0.2%** | **Mining, Steel, Iron & Non-Precious Metals 0.2%** | **Mining, Steel, Iron & Non-Precious Metals 0.2%** |
| American Rock Salt Co. LLC (e) | American Rock Salt Co. LLC (e) |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.436% (1 Month SOFR + 4.00%), due 6/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445504 |
| &nbsp;&nbsp;&nbsp;First Lien First Out Term Loan | &nbsp;&nbsp;&nbsp;First Lien First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;11.197% (1 Year SOFR + 7.00%), due 6/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804165 |
| **Oil & Gas 0.6%** | **Oil & Gas 0.6%** | **Oil & Gas 0.6%** |
| GIP Pilot Acquisition Partners LP | GIP Pilot Acquisition Partners LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.277% (3 Month SOFR + 2.00%), due 10/4/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973002 |
| New Fortress Energy, Inc. | New Fortress Energy, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Second Amendment Term Loan | &nbsp;&nbsp;&nbsp;First Lien Second Amendment Term Loan |  |
| &nbsp;&nbsp;&nbsp;9.795% (3 Month SOFR + 5.50%), due 10/30/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668190 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| PetroQuest Energy LLC (b)(c)(g) | PetroQuest Energy LLC (b)(c)(g) |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;14.00% (14.00% PIK) (PRIME + 6.50%), due 11/10/25 (e) | &nbsp;&nbsp;&nbsp;$5192211 | &nbsp;&nbsp;$363455 |
| &nbsp;&nbsp;&nbsp;First Lien 2020 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2020 Term Loan |  |
| &nbsp;&nbsp;&nbsp;14.00% (14.50% PIK), due 9/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337587 | &nbsp;&nbsp;&nbsp;&nbsp; 337587 |
| Prairie Acquiror LP | Prairie Acquiror LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;8.572% (1 Month SOFR + 4.25%), due 8/1/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2970075 | &nbsp;&nbsp;&nbsp;&nbsp; 2914386 |
| TransMontaigne Operating Co. LP | TransMontaigne Operating Co. LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 11/17/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16148236 |
| **Personal, Food & Miscellaneous Services 0.3%** | **Personal, Food & Miscellaneous Services 0.3%** | **Personal, Food & Miscellaneous Services 0.3%** |
| 1011778 B.C. Unlimited Liability Co. | 1011778 B.C. Unlimited Liability Co. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 9/20/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426083 |
| KFC Holding Co. | KFC Holding Co. |  |
| &nbsp;&nbsp;&nbsp;First Lien 2021 Term Loan B | &nbsp;&nbsp;&nbsp;First Lien 2021 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;6.184% (1 Month SOFR + 1.75%), due 3/15/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535039 |
| WW International, Inc. | WW International, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.041% (3 Month SOFR + 3.50%), due 4/13/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146374 |
| **Retail 1.2%** | **Retail 1.2%** | **Retail 1.2%** |
| Great Outdoors Group LLC | Great Outdoors Group LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.572% (1 Month SOFR + 3.25%), due 1/23/32 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35106204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34228549 |
| **Services: Business 0.6%** | **Services: Business 0.6%** | **Services: Business 0.6%** |
| Amentum Holdings, Inc. | Amentum Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.572% (1 Month SOFR + 2.25%), due 9/29/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967569 |
| Aretec Group, Inc. | Aretec Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B3 |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 8/9/30 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454726 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Loan Assignments (continued)** | **Loan Assignments (continued)** | **Loan Assignments (continued)** |
| **Services: Business (continued)** | **Services: Business (continued)** | **Services: Business (continued)** |
| Artera Services LLC | Artera Services LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan C | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan C |  |
| &nbsp;&nbsp;&nbsp;8.799% (3 Month SOFR + 4.50%), due 2/18/31 (e) | &nbsp;&nbsp;&nbsp;$2984925 | &nbsp;&nbsp;$2836299 |
| Brown Group Holding LLC | Brown Group Holding LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B2 6.78% - 6.822% | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B2 6.78% - 6.822% |  |
| &nbsp;&nbsp;&nbsp;(1 Month SOFR + 2.50%, 3 Month SOFR + 2.50%), due 7/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985025 | &nbsp;&nbsp;&nbsp;&nbsp; 1963106 |
| Dun & Bradstreet Corp. (The) | Dun & Bradstreet Corp. (The) |  |
| &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B2 | &nbsp;&nbsp;&nbsp;First Lien Incremental Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month SOFR + 2.25%), due 1/18/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747045 |
| GIP II Blue Holding LP | GIP II Blue Holding LP |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.072% (1 Month SOFR + 3.75%), due 9/29/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974860 |
| Vizient, Inc. | Vizient, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan B8 | &nbsp;&nbsp;&nbsp;First Lien Term Loan B8 |  |
| &nbsp;&nbsp;&nbsp;6.072% (1 Month SOFR + 1.75%), due 8/1/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17256213 |
| **Software 0.5%** | **Software 0.5%** | **Software 0.5%** |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Facility Term Loan B | &nbsp;&nbsp;&nbsp;First Lien Initial Dollar Facility Term Loan B |  |
| &nbsp;&nbsp;&nbsp;7.799%, due 3/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055561 |
| McAfee Corp. | McAfee Corp. |  |
| &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 | &nbsp;&nbsp;&nbsp;First Lien Tranche Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;7.319% (1 Month SOFR + 3.00%), due 3/1/29 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723999 |
| UKG, Inc. | UKG, Inc. |  |
| &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan | &nbsp;&nbsp;&nbsp;First Lien Initial Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month SOFR + 3.00%), due 2/10/31 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15227538 |
| **Telecommunications 0.2%** | **Telecommunications 0.2%** | **Telecommunications 0.2%** |
| Connect Finco SARL | Connect Finco SARL |  |
| &nbsp;&nbsp;&nbsp;First Lien First Amendment Term Loan | &nbsp;&nbsp;&nbsp;First Lien First Amendment Term Loan |  |
| &nbsp;&nbsp;&nbsp;7.822% (1 Month SOFR + 3.50%), due 12/11/26 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502699 |
| CSC Holdings LLC | CSC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien 2022 Term Loan | &nbsp;&nbsp;&nbsp;First Lien 2022 Term Loan |  |
| &nbsp;&nbsp;&nbsp;8.822% (1 Month SOFR + 4.50%), due 1/18/28 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427013 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Constellation Renewables LLC | Constellation Renewables LLC |  |
| &nbsp;&nbsp;&nbsp;First Lien Term Loan | &nbsp;&nbsp;&nbsp;First Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;6.563% (3 Month SOFR + 2.25%), due 12/15/27 (e) | &nbsp;&nbsp;&nbsp;$2520586 | &nbsp;&nbsp;$2517435 |
| Total Loan Assignments<br> (Cost $454,951,568) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439843206 |
| Total Long-Term Bonds<br> (Cost $2,643,470,211) |  | &nbsp;&nbsp;&nbsp;&nbsp;2615969578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Common Stocks 0.2%** | **Common Stocks 0.2%** | **Common Stocks 0.2%** |
| **Electrical Equipment 0.0% ‡** | **Electrical Equipment 0.0% ‡** | **Electrical Equipment 0.0% ‡** |
| Energy Technologies, Inc. (b)(g)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 353675 |
| **Energy Equipment & Services 0.0% ‡** | **Energy Equipment & Services 0.0% ‡** | **Energy Equipment & Services 0.0% ‡** |
| Nine Energy Service, Inc. (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18072 | &nbsp;&nbsp;&nbsp;&nbsp; 15011 |
| **Independent Power and Renewable Electricity Producers 0.0% ‡** | **Independent Power and Renewable Electricity Producers 0.0% ‡** | **Independent Power and Renewable Electricity Producers 0.0% ‡** |
| GenOn Energy, Inc. (i)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20915 | &nbsp;&nbsp;&nbsp;&nbsp; 648365 |
| **Oil, Gas & Consumable Fuels 0.0% ‡** | **Oil, Gas & Consumable Fuels 0.0% ‡** | **Oil, Gas & Consumable Fuels 0.0% ‡** |
| PetroQuest Energy, Inc. (b)(g)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Talos Energy, Inc. (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492037 |
| **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** | **Pharmaceuticals 0.2%** |
| Endo, Inc. (j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678252 |
| Total Common Stocks<br> (Cost $9,748,966) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187340 |
| **Preferred Stock 0.2%** | **Preferred Stock 0.2%** | **Preferred Stock 0.2%** |
| **Electrical Equipment 0.2%** | **Electrical Equipment 0.2%** | **Electrical Equipment 0.2%** |
| Energy Technologies Ltd.<br> (b)(g)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501000 |
| Total Investments<br> (Cost $2,657,514,649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.4% | &nbsp;&nbsp;&nbsp;&nbsp;2625657918 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155903318 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2781561236 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Illiquid security—As of April 30, 2025, the total market value deemed illiquid under procedures approved by the Board of Trustees was $11,187,683, which represented 0.4% of the Fund's net assets.

(c) PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash.

(d) Step coupon—Rate shown was the rate in effect as of April 30, 2025.

(e) Floating rate—Rate shown was the rate in effect as of April 30, 2025.

(f) Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(g) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(h) Issue in non-accrual status.

(i) Restricted security. (See Note 6)

(j) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviation(s): <br> SOFR—Secured Overnight Financing Rate <br> USD—United States Dollar

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Long-Term Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20205253 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20205253 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2155921119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2155921119 |
| &nbsp;&nbsp;&nbsp;Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436824664 | &nbsp;&nbsp;&nbsp;&nbsp; 3018542 | &nbsp;&nbsp;&nbsp;&nbsp; 439843206 |
| Total Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2612951036 | &nbsp;&nbsp;&nbsp;&nbsp;3018542 | &nbsp;&nbsp;&nbsp;&nbsp;2615969578 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 4185300 | &nbsp;&nbsp;&nbsp;&nbsp; 648365 | &nbsp;&nbsp;&nbsp;&nbsp; 353675 | &nbsp;&nbsp;&nbsp;&nbsp; 5187340 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4501000 | &nbsp;&nbsp;&nbsp;&nbsp; 4501000 |
| Total Investments in Securities | &nbsp;&nbsp;$4185300 | &nbsp;&nbsp;$2613599401 | &nbsp;&nbsp;$7873217 | &nbsp;&nbsp;$2625657918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $2,657,514,649) | $2625657918 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;122035328 |
| Due from custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174609 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51271872 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35689404 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349655 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;2845808172 |
| **Liabilities** | **Liabilities** |
| Unrealized depreciation on unfunded commitments (See Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94225 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53701877 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539113 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444179 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465686 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152908 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45002 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9795 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64246936 |
| Net assets | $2781561236 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $296352 |
| Additional paid-in-capital | &nbsp;&nbsp;2886512141 |
|  | &nbsp;&nbsp;2886808493 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(105247257) |
| Net assets | $2781561236 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $523257166 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55758264 |
| Net asset value per share outstanding | $9.38 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.67 |
| **Investor Class** |  |
| Net assets applicable to outstanding shares | $4770181 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508176 |
| Net asset value per share outstanding | $9.39 |
| Maximum sales charge (2.50% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Maximum offering price per share outstanding | $9.63 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $56674745 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042730 |
| Net asset value and offering price per share outstanding | $9.38 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $2196859144 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;234042842 |
| Net asset value and offering price per share outstanding | $9.39 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $94932637 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;94953249 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;8818726 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1499237 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614520 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Investor Class (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264817 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128399 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104301 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79737 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30745 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30068 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;11619158 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;11446923 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;83506326 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;2185409 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(878) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2184531 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(49968522) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 |
| &nbsp;&nbsp;&nbsp;Unfunded commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95140) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(50062784) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(47878253) |
| Net increase (decrease) in net assets resulting from operations | $35628073 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited) and the year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Year<br> ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $83506326 | &nbsp;&nbsp;$142992076 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986704 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(50062784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74649808 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35628073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221628588 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(14958697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23946150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1406580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2114668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(68067298) | &nbsp;&nbsp;&nbsp;&nbsp;(117791920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3177) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(84575153) | &nbsp;&nbsp;&nbsp;&nbsp;(144177144) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;773190053 | &nbsp;&nbsp;&nbsp;&nbsp;1454181398 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74457925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127054635 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(682782204) | &nbsp;&nbsp;&nbsp;&nbsp;(840410385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;164865774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740825648 |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;115918694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818277092 |
| **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;2665642542 | &nbsp;&nbsp;&nbsp;&nbsp;1847365450 |
| End of period | $2781561236 | &nbsp;&nbsp;$2665642542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.38 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$523257 | &nbsp;&nbsp;&nbsp;&nbsp;$467515 | &nbsp;&nbsp;&nbsp;&nbsp;$327716 | &nbsp;&nbsp;&nbsp;&nbsp;$300909 | &nbsp;&nbsp;&nbsp;&nbsp;$303646 | &nbsp;&nbsp;&nbsp;&nbsp;$252753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;$9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.39 | &nbsp;&nbsp;&nbsp;&nbsp;$9.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$4770 | &nbsp;&nbsp;&nbsp;&nbsp;$4919 | &nbsp;&nbsp;&nbsp;&nbsp;$5299 | &nbsp;&nbsp;&nbsp;&nbsp;$5400 | &nbsp;&nbsp;&nbsp;&nbsp;$5780 | &nbsp;&nbsp;&nbsp;&nbsp;$6278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 | &nbsp;&nbsp;&nbsp;&nbsp;$9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.38 | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$56675 | &nbsp;&nbsp;&nbsp;&nbsp;$49589 | &nbsp;&nbsp;&nbsp;&nbsp;$29903 | &nbsp;&nbsp;&nbsp;&nbsp;$25772 | &nbsp;&nbsp;&nbsp;&nbsp;$35636 | &nbsp;&nbsp;&nbsp;&nbsp;$40948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22 NYLI MacKay Short Duration High Income Fund

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.84 | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;$9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.39 | &nbsp;&nbsp;&nbsp;&nbsp;$9.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;$9.84 | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$2196859 | &nbsp;&nbsp;&nbsp;&nbsp;$2143619 | &nbsp;&nbsp;&nbsp;&nbsp;$1483473 | &nbsp;&nbsp;&nbsp;&nbsp;$1034873 | &nbsp;&nbsp;&nbsp;&nbsp;$1147287 | &nbsp;&nbsp;&nbsp;&nbsp;$1101084 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ‡ | Less than one cent per share. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Short Duration High Income Fund (the "Fund"), a "diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;December 17, 2012 |
| Investor Class | &nbsp;&nbsp;December 17, 2012 |
| Class C | &nbsp;&nbsp;December 17, 2012 |
| Class I | &nbsp;&nbsp;December 17, 2012 |

---

Class A and Investor Class shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. Effective April 15, 2019, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions of Class A and Investor Class shares made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For purchases of Class A and Investor Class shares made from August 1, 2017 through April 14, 2019, a CDSC of 1.00% may be imposed on certain redemptions (for investments of $500,000 which paid no initial sales charge) of such shares within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Effective August 6, 2024, Class C shares are offered at NAV without an initial sales charge and a 1.00% CDSC may be imposed on certain redemptions of such shares made within 12 months of the date of purchase of Class C shares. For purchases of Class C shares made prior to August 6, 2024, a 1.00% CDSC may be imposed on certain redemptions of such shares made within 18 months of the date of purchase of Class C shares. Investments in Class C shares are subject to a purchase maximum of $250,000. Class I shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. Additionally, as disclosed in the Fund's prospectus, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under a distribution plan pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service

fees than Class A and Investor Class shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek high current income. Capital appreciation is a secondary objective.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining

24 NYLI MacKay Short Duration High Income Fund

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appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which

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Notes to Financial Statements (Unaudited) (continued)

there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Equity securities, rights and warrants, if applicable, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust's written liquidity risk management program and related

procedures ("Liquidity Program"). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often fair valued in accordance with the Fund's procedures described above. The liquidity of the Fund's investments was determined as of April 30, 2025, and can change at any time.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

26 NYLI MacKay Short Duration High Income Fund

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(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts, if applicable, may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method. Income from payment-in-kind securities is accreted daily based on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Loan Assignments, Participations and Commitments. The Fund may invest in loan assignments and participations ("loans"). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Fund records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, the Secured Overnight Financing Rate ("SOFR") or an alternative reference rate.

The loans in which the Fund may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the agent bank

and/or borrower prior to the sale of these investments. If the Fund purchases an assignment from a lender, the Fund will generally have direct contractual rights against the borrower in favor of the lender. If the Fund purchases a participation interest either from a lender or a participant, the Fund typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Fund is subject to the credit risk of the lender or participant who sold the participation interest to the Fund, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities.

(H) Debt Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. The Fund primarily invests in high-yield debt securities (commonly referred to as "junk bonds"), which are considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These securities pay investors a premium—a higher interest rate or yield than investment grade debt securities—because of the potential illiquidity and increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

The loans in which the Fund invests are usually rated below investment grade, or if unrated, determined by the Subadvisor to be of comparable quality (commonly referred to as "junk bonds") and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. Moreover, such securities may, under certain circumstances, be particularly susceptible to liquidity and valuation risks.

Although certain loans are collateralized, there is no guarantee that the value of the collateral will be sufficient or available to satisfy the borrower's obligation. In a recession or serious credit event, the value of these investments could decline significantly. As a result, the Fund's NAVs could go down and you could lose money.

In addition, loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.

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Notes to Financial Statements (Unaudited) (continued)

In certain circumstances, loans may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.65% of the Fund's average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the Total Annual Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 1.02%; Investor Class, 1.13%; Class C, 1.88% and Class I, 0.78%. This agreement will remain in effect until February 28,

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

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $8,818,726 and waived fees and/or reimbursed certain class specific expenses in the amount of $172,235 and paid the Subadvisor fees in the amount of $4,323,246.

JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the six-month period ended April 30, 2025, were $30,279 and $89, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class and Class C shares during the six-month period ended April 30, 2025, of $81,638, $146 and $11,013, respectively.

28 NYLI MacKay Short Duration High Income Fund

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[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$271219 | &nbsp;&nbsp;$— |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29727 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;1195618 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$6726883 | &nbsp;&nbsp;1.3% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;7750317 | &nbsp;&nbsp;0.4 |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $2658998393 | $28691443 | $(62031918) | $(33340475) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $73,009,402, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$23007 | &nbsp;&nbsp;$50002 |

---

During the year ended October 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$144177144 |

---

#### Note 5–Commitments and Contingencies
As of April 30, 2025, the Fund had unfunded commitments pursuant to the following loan agreements:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Unfunded<br> Commitments** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| American Rock Salt Co. LLC,<br> First Lien First Out Delayed Draw Commitment Term Loan<br> TBD, due 6/9/28 | &nbsp;&nbsp;$857326 | &nbsp;&nbsp;$— |
| ASP Unifrax Holdings, Inc.,<br> First Lien Delayed Draw Term Loan<br> TBD, due 9/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637618 | &nbsp;&nbsp;&nbsp;&nbsp;(94225) |
| Total | &nbsp;&nbsp;$1494944 | &nbsp;&nbsp;$(94225) |

---

Commitments are available until maturity date.

------

[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Notes to Financial Statements (Unaudited) (continued)

#### Note 6–Restricted Securities
Restricted securities are subject to legal or contractual restrictions on resale. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

As of April 30, 2025, restricted securities held by the Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;**Principal<br> Amount/<br> Shares** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**4/30/25<br> Value** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Briggs & Stratton Corp. Escrow Claim Shares | Briggs & Stratton Corp. Escrow Claim Shares | Briggs & Stratton Corp. Escrow Claim Shares | Briggs & Stratton Corp. Escrow Claim Shares | Briggs & Stratton Corp. Escrow Claim Shares | Briggs & Stratton Corp. Escrow Claim Shares |
| &nbsp;&nbsp;&nbsp;Corporate Bond<br> 6.875%, due 12/15/20 | &nbsp;&nbsp;2/26/21 | &nbsp;&nbsp;$3425000 | &nbsp;&nbsp;$3724482 | &nbsp;&nbsp;$— | &nbsp;&nbsp;0.0% |
| GenOn Energy, Inc. | GenOn Energy, Inc. | GenOn Energy, Inc. | GenOn Energy, Inc. | GenOn Energy, Inc. | GenOn Energy, Inc. |
| &nbsp;&nbsp;&nbsp;Common Stock | &nbsp;&nbsp;12/14/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20915 | &nbsp;&nbsp;&nbsp;&nbsp;2342005 | &nbsp;&nbsp;&nbsp;&nbsp;648365 | &nbsp;&nbsp;0.0‡ |
| Total |  |  | &nbsp;&nbsp;$6066487 | &nbsp;&nbsp;$648365 | &nbsp;&nbsp;0.0%‡ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Less than one-tenth of a percent.

#### Note 7–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 8–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple SOFR + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 23, 2024, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 9–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 10–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $564,651 and $423,437, respectively.

30 NYLI MacKay Short Duration High Income Fund

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[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

#### Note 11–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025 and the year ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;14617439 | &nbsp;&nbsp;$139188718 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13916055 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(9354802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88771942) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64332831 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477152 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52762) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770768 | &nbsp;&nbsp;$64757221 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;22660918 | &nbsp;&nbsp;$215528486 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21925177 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(11835989) | &nbsp;&nbsp;&nbsp;&nbsp;(112396672) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;13136161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125056991 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901200 |
| Shares converted from Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498477) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;13283701 | &nbsp;&nbsp;$126459714 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25193 | &nbsp;&nbsp;$239028 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138361 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390021) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12632) |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145874 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201778) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7097) | &nbsp;&nbsp;$(68536) |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41178 | &nbsp;&nbsp;$390190 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300721 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683544) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7367 |
| Shares converted into Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197495 |
| Shares converted from Investor Class (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795267) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62001) | &nbsp;&nbsp;$(590405) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368363 | &nbsp;&nbsp;$13032677 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307422 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5904852) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8435247 |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399479) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843925 | &nbsp;&nbsp;$8035768 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881745 | &nbsp;&nbsp;$27364038 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924844 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1064191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10097113) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19191769 |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764129) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940019 | &nbsp;&nbsp;$18427640 |

---

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[**Table of Contents**](#JOB_NYLI__25669b8b-1525-4b42-8fb3-b80971cca53f_TOC)

Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;65187464 | &nbsp;&nbsp;$620729630 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6213300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59096087 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(61936840) | &nbsp;&nbsp;&nbsp;&nbsp;(587715389) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9463924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92110328 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94671 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63678) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9467232 | &nbsp;&nbsp;$92141321 |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;127584431 | &nbsp;&nbsp;$1210891440 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;10843658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102888949 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(75442328) | &nbsp;&nbsp;&nbsp;&nbsp;(716203211) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;62985761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597577178 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537992 |
| Shares converted from Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578814) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;62981323 | &nbsp;&nbsp;$597536356 |
| &nbsp;&nbsp;**Class R2<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;$430 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11971 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(793124) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82275) | &nbsp;&nbsp;$(780723) |
| &nbsp;&nbsp;**Class R3<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended October 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;$6814 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236721) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23918) | &nbsp;&nbsp;$(226934) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Class liquidated and is no longer offered for sale as of February 23, 2024.

#### Note 12–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that

all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 13–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

32 NYLI MacKay Short Duration High Income Fund

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

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Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement

The continuation of the Management Agreement with respect to each series ("Fund") of The New York Life Investments Funds and New York Life Investments Funds Trust (together, "Trust"), except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, and New York Life Investment Management LLC ("New York Life Investments") and each of the Subadvisory Agreements between New York Life Investments and each of Candriam, CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., MacKay Shields LLC, NYL Investors LLC, PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC (together, "Subadvisors")<sup>1</sup> with respect to the applicable Fund(s) (together, "Advisory Agreements") is subject to annual review and approval by the Boards of Trustees of the Trust (together, "Board") in accordance with Section 15 of the Investment Company Act of 1940, as amended ("1940 Act"). At its December 3-4, 2024 meeting, the Board, including the Trustees who are not an "interested person" (as such term is defined in the 1940 Act) of the Trust ("Independent Trustees") voting separately, unanimously approved the continuation of each of the Advisory Agreements for each applicable Fund for a one-year period.

In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and each Subadvisor in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee from September 2024 through December 2024, including information and materials furnished by New York Life Investments and each Subadvisor in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on each Fund and "peer funds" prepared by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and, with respect to each other Fund, by Institutional Shareholder Services Inc. ("ISS"), an independent third-party service provider engaged by the Board to report objectively on each such Fund's investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or each applicable Subadvisor that follow investment strategies similar to those of each Fund, if any, and, when applicable, the rationale for differences in each Fund's management and subadvisory fees, as applicable, and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for

information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.

The Board's deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of each Fund and investment-related matters as well as presentations from New York Life Investments and, generally annually, personnel of each Subadvisor. In addition, the Board took into account other information provided by New York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to each Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.

In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2024 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding each Fund's distribution arrangements. In addition, the Board received information regarding each Fund's asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or certain other fees by the applicable share class(es) of each applicable Fund, among other information.

In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors that figured prominently in the Board's consideration of the continuation of each of the Advisory Agreements with respect to each applicable Fund are summarized in more detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and the Subadvisor(s), if applicable; (ii) the qualifications of the portfolio manager(s) of the Fund and the historical investment performance of the Fund, New York Life Investments and, if applicable, the Subadvisor(s); (iii) the costs of the services provided, and profits realized, by New York Life Investments and the Subadvisor(s), if applicable, with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which any economies of scale have been shared, have benefited or may benefit the Fund's shareholders; and (v)

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the reasonableness of the Fund's management and, if applicable, subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between each Fund's fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of each Fund's management fee and total ordinary operating expenses as compared to peer funds identified by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the New York Life Investments Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing each Fund. With respect to the Subadvisory Agreements, the Board took into account New York Life Investments' recommendation to approve the continuation of each of the Subadvisory Agreements.

The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and each Subadvisor. The Board's decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board's knowledge of New York Life Investments and each Subadvisor resulting from, among other things, the Board's consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the New York Life Investments Group of Funds, the Board's review throughout the year of the performance and operations of other funds in the New York Life Investments Group of Funds and each Trustee's business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that each Fund's shareholders, having had the opportunity to consider other investment options, have invested in the Fund.

The factors that figured prominently in the Board's decision to approve the continuation of each of the Advisory Agreements during the Board's December 3-4, 2024 meeting are summarized in more detail below. The Board considered on a Fund-by-Fund basis the factors and information deemed relevant and appropriate by the Trustees to evaluate the continuation of each of the Advisory Agreements, and the Board's decision was made separately with respect to each Fund.

#### Nature, Extent and Quality of Services Provided by New York Life Investments and the Subadvisors
The Board examined the nature, extent and quality of the services that New York Life Investments provides to each Fund. The Board evaluated New York Life Investments' experience and capabilities in serving as manager of each Fund and considered that each Fund with one or more Subadvisors operates in a "manager-of-managers" structure. The Board also considered New York Life Investments' responsibilities and services provided pursuant to this structure, including overseeing the services

provided by each Subadvisor, evaluating the performance of each Subadvisor, making recommendations to the Board as to whether each Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments' evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to each Fund. The Board observed that New York Life Investments devotes significant resources and time to providing management and administrative and other non-advisory services to each Fund, including, for Funds with one or more Subadvisors, New York Life Investments' oversight and due diligence reviews of each Subadvisor and ongoing analysis of, and interactions with, each Subadvisor with respect to, among other things, the applicable Fund's or Funds' investment performance and risks as well as each Subadvisor's investment capabilities and subadvisory services with respect to the applicable Fund(s).

The Board also considered the range of services that New York Life Investments provides to each Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments' Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments' Investment Consulting Group; (iii) compliance services provided by the Trust's Chief Compliance Officer as well as New York Life Investments' compliance department; (iv) legal services provided by New York Life Investments' Office of the General Counsel; and (v) risk management monitoring and analysis by compliance and investment personnel. In addition, the Board considered New York Life Investments' willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, that may benefit each Fund and noted that New York Life Investments is responsible for compensating the Trust's officers, except for a portion of the salary of the Trust's Chief Compliance Officer. The Board recognized that New York Life Investments provides certain other non-advisory services to each Fund and has over time provided an increasingly broad array of non-advisory services to the New York Life Investments Group of Funds as a result of regulatory and other developments.

The Board also examined the range, and the nature, extent and quality, of the investment advisory services that New York Life Investments and each Subadvisor provides to the applicable Fund(s) and considered the terms of each of the Advisory Agreements. The Board evaluated New York Life Investments' and each Subadvisor's experience and performance in serving as investment adviser or subadvisor, respectively, to the applicable Fund(s) and advising other portfolios and New York Life Investments' and each Subadvisor's track record and experience in providing investment advisory services as well as the experience of investment advisory and other senior personnel at New York Life

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Investments and each Subadvisor. The Board considered New York Life Investments' and each Subadvisor's overall resources, legal and compliance environment, capabilities, reputation, financial condition and history. In addition to information provided in connection with quarterly meetings with the Trust's Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and each Subadvisor. The Board also considered New York Life Investments' and each Subadvisor's ability to recruit and retain qualified investment professionals and willingness to invest in personnel and other resources that may benefit the applicable Fund(s). In this regard, the Board considered the qualifications and experience of each Fund's portfolio manager(s), the number of accounts managed by the portfolio manager(s) and the method for compensating the portfolio manager(s).

Because the NYLI Conservative Allocation Fund, NYLI Moderate Allocation Fund, NYLI Growth Allocation Fund and NYLI Equity Allocation Fund (together, the "Allocation Funds") invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying funds in which the Allocation Funds invest.

Because the NYLI Conservative ETF Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Equity ETF Allocation Fund (together, the "ETF Allocation Funds") invest substantially all their assets in exchange-traded funds ("ETFs"), the Board considered information from New York Life Investments regarding New York Life Investments' investment rationale and process for the allocation among and selection of the underlying ETFs in which the ETF Allocation Funds invest.

In addition, the Board considered information provided by New York Life Investments and each Subadvisor regarding their respective business continuity and disaster recovery plans.

Based on these considerations, among others, the Board concluded that each Fund would likely continue to benefit from the nature, extent and quality of these services.

#### Investment Performance
*Funds except the NYLI U.S. Government Liquidity Fund*

In evaluating each Fund's investment performance, the Board considered investment performance results over various periods in light of each Fund's investment objective and strategies. The Board considered investment reports on, and analysis of, each Fund's performance provided to the Board throughout the year, including each Fund's investment performance compared to each Fund's relevant benchmark(s). With respect to the NYLI S&P 500 Index Fund, the Board also considered information regarding the Fund's tracking error relative to its benchmark. The Board also considered information provided by ISS showing the investment performance of each Fund as compared to peer funds.

The Board also took into account its discussions with senior management at New York Life Investments concerning each Fund's investment performance over various periods as well as discussions between a representative(s) of each Subadvisor and the members of the Board's Investment Committee, which generally occur on an annual basis. The Board also took into account the following considerations with respect to certain Funds:

1. In considering the investment performance of the NYLI Balanced Fund, the Board noted that the Fund underperformed its peer funds for the one- and ten-year periods ended July 31, 2024, performed in line with its peer funds for the five-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments, NYL Investors LLC and Wellington Management Company LLP regarding the Fund's investment performance.

2. In considering the investment performance of the NYLI Candriam Emerging Markets Debt Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

3. In considering the investment performance of the NYLI Candriam Emerging Markets Equity Fund, the Board noted that the Fund underperformed its peer funds for the three-year period ended July 31, 2024, and performed in line with its peer funds for the one- and five-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Candriam regarding the Fund's investment performance.

4. In considering the investment performance of the NYLI Epoch International Choice Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Epoch Investment Partners, Inc. regarding the Fund's investment performance.

5. In considering the investment performance of the NYLI MacKay Short Duration High Income Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, and performed favorably relative to its peer funds for the three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

6. In considering the investment performance of the NYLI MacKay Tax Free Bond Fund, the Board noted that the Fund underperformed its peer funds for the one-year period ended July 31, 2024, performed in line with its peer funds for the three- and five-year periods ended July 31, 2024, and performed favorably relative to its peer funds for the ten-year period ended July 31, 2024. The Board considered its discussions with

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representatives from New York Life Investments and MacKay Shields LLC regarding the Fund's investment performance.

7. In considering the investment performance of the NYLI PineStone U.S. Equity Fund, the Board noted that the Fund underperformed its peer funds for the one- and three-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and PineStone Asset Management Inc. regarding the Fund's investment performance.

8. In considering the investment performance of the NYLI WMC Growth Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

9. In considering the investment performance of the NYLI WMC International Research Equity Fund, the Board noted that the Fund underperformed its peer funds for the one-, three-, five- and ten-year periods ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

10. In considering the investment performance of the NYLI WMC Small Companies Fund, the Board noted that the Fund underperformed its peer funds for the three-, five- and ten-year periods ended July 31, 2024, and performed in line with its peer funds for the one-year period ended July 31, 2024. The Board considered its discussions with representatives from New York Life Investments and Wellington Management Company LLP regarding the Fund's investment performance.

With respect to the Funds listed above, the Board considered that reports on the investment performance of such Funds and information on investment-related matters are provided to the Board and its Committees throughout the year and will continue to be provided to the Board and its Committees. Additionally, the Board concluded that such Funds' performance is appropriately being monitored by New York Life Investments.

Based on these considerations, among others, the Board concluded that its review of each Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

*NYLI U.S. Government Liquidity Fund*

In evaluating the NYLI U.S. Government Liquidity Fund's investment performance, the Board considered the Fund's investment objective and strategies. The Board also considered performance information relating to the New York Life Investments money market fund strategies subadvised by NYL Investors LLC and the average performance of a group of peer funds.

Based on these considerations, among others, the Board concluded that its review of the Fund's investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.

#### Costs of the Services Provided, and Profits and Other Benefits Realized, by New York Life Investments and the Subadvisors
*Funds with Affiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. Because each Affiliated Subadvisor is an affiliate of New York Life Investments whose subadvisory fee is paid by New York Life Investments, not the applicable Fund(s), the Board considered cost and profitability information for New York Life Investments and each Affiliated Subadvisor in the aggregate.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Affiliated Subadvisor, and profitability of New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates', including each Affiliated Subadvisor's, continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Affiliated Subadvisor and acknowledged that New York Life Investments and each Affiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Affiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating

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overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s), including reputational and other indirect benefits, as well as additional revenue that may be generated by New York Life Investments and an Affiliated Subadvisor as a result of other funds in the New York Life Investments Group of Funds choosing to invest uninvested cash in the NYLI U.S. Government Liquidity Fund rather than investment options outside of the New York Life Investments Group of Funds. The Board recognized, for example, the benefits to certain Affiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Affiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In addition, except with respect to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund (other than the NYLI U.S. Government Liquidity Fund) in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates, including each Affiliated Subadvisor, due to their relationships with the applicable Fund(s) are reasonable.

*Funds with one or more Unaffiliated Subadvisors*

The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s) as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds. With respect to the profitability of each Unaffiliated Subadvisor's relationship with the applicable Fund(s), the Board considered information from New York Life Investments that each Unaffiliated Subadvisor's subadvisory fee reflected an arm's-length negotiation and that this fee is paid by New York Life Investments, not the applicable Fund(s), and the relevance of each Unaffiliated Subadvisor's profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the applicable Fund(s).

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments and each Unaffiliated Subadvisor, and profitability of New York Life Investments and its affiliates and each Unaffiliated Subadvisor due to their relationships with the applicable Fund(s), the Board considered, among other factors, New York Life Investments' and its affiliates' and each Unaffiliated Subadvisor's continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of such Fund(s), and that New York Life Investments is responsible for paying the subadvisory fee for such Fund(s). The Board also considered the financial resources of New York Life Investments and each Unaffiliated Subadvisor and acknowledged that New York Life Investments and each Unaffiliated Subadvisor must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and each Unaffiliated Subadvisor to continue to provide high-quality services to the applicable Fund(s). The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with

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respect to each Fund and considered that other profitability methodologies may also be reasonable.

The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates and each Unaffiliated Subadvisor and its affiliates due to their relationships with the applicable Fund(s), including reputational and other indirect benefits. The Board recognized, for example, the benefits to certain Unaffiliated Subadvisors from legally permitted "soft-dollar" arrangements by which brokers provide research and other services to each such Unaffiliated Subadvisor in exchange for commissions paid by the applicable Fund(s) with respect to trades in such Fund(s)'s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between each Unaffiliated Subadvisor and its affiliates and New York Life Investments and its affiliates. The Board further considered the existence of a strategic partnership between New York Life Investments and each of CBRE Investment Management Listed Real Assets LLC, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC that relates to certain current and future products and represents a potential conflict of interest associated with New York Life Investments' recommendation to approve the continuation of the applicable Subadvisory Agreements. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund, New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the applicable Fund(s) were not excessive, other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with the

applicable Fund(s) are reasonable and other expected benefits that may accrue to each Unaffiliated Subadvisor and its affiliates are consistent with those expected for a subadvisor to a mutual fund. With respect to each Unaffiliated Subadvisor, the Board considered that any profits realized by such Unaffiliated Subadvisor due to its relationship with the applicable Fund(s) are the result of arm's-length negotiations between New York Life Investments and such Unaffiliated Subadvisor, acknowledging that any such profits are based on the subadvisory fee paid to such Unaffiliated Subadvisor by New York Life Investments, not the applicable Fund(s).

*<u>Allocation Funds, ETF Allocation Funds and NYLI S&P 500 Index Fund</u>*

The Board considered the costs of the services provided under the Management Agreement. The Board also considered the profitability of New York Life Investments and its affiliates due to their relationships with each Fund as well as of New York Life Investments and its affiliates due to their relationships with the New York Life Investments Group of Funds.

In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers' profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager's organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager's capital structure and costs of capital.

In evaluating the costs of the services provided by New York Life Investments, and profitability of New York Life Investments and its affiliates due to their relationships with each Fund, the Board considered, among other factors, New York Life Investments' and its affiliates' continuing investments in, or willingness to invest in, personnel and other resources that may support and further enhance the management of each Fund. The Board also considered the financial resources of New York Life Investments and acknowledged that New York Life Investments must be in a position to recruit and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments to continue to provide high-quality services to each Fund. The Board recognized that each Fund benefits from the allocation of certain fixed costs among the funds in the New York Life Investments Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.

The Board considered information regarding New York Life Investments' methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board concluded that New York Life Investments' methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the New York Life Investments Group of Funds were reasonable. The Board recognized the difficulty in calculating and evaluating a manager's profitability with respect to each Fund and considered that other profitability methodologies may also be reasonable.

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The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with each Fund, including reputational and other indirect benefits. In addition, the Board considered its review of the management agreement for a money market fund advised by New York Life Investments and an Affiliated Subadvisor that serves as an investment option for each Fund, including the potential rationale for and costs associated with investments in this money market fund by each Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to each Fund.

The Board observed that, in addition to fees earned by New York Life Investments under the Management Agreement for managing each Fund (other than the Allocation Funds), New York Life Investments' affiliates also earn revenues from serving each Fund in various other capacities, including as each Fund's transfer agent and distributor. The Board considered information about these other revenues in the context of the profitability of the relationship with each Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the relationship with each Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the Management Agreement, the Board considered the profitability of New York Life Investments' relationship with each Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.

The Board noted that the Allocation Funds do not pay a management fee for the allocation and other management services provided by New York Life Investments under the Management Agreement but that shareholders of the Allocation Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Allocation Funds invest. The Board considered that the Allocation Funds' investments in underlying funds managed by New York Life Investments or its affiliates indirectly benefit New York Life Investments or its affiliates. The Board noted that it considers the profits realized by New York Life Investments and its affiliates with respect to the underlying New York Life Investments Funds as part of the annual contract review process for those funds.

After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with each Fund were not excessive and other expected benefits that may accrue to New York Life Investments and its affiliates due to their relationships with each Fund are reasonable.

#### Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and each Fund's total ordinary operating expenses. With respect to the management fee and subadvisory fee for each Fund with one or more Subadvisors, the Board primarily considered

the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to each Subadvisor is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments with respect to each Fund with one or more Subadvisors.

In assessing the reasonableness of each Fund's fees and expenses, the Board primarily considered comparative data provided by New York Life Investments with respect to the NYLI U.S. Government Liquidity Fund and by ISS with respect to each other Fund on the fees and expenses of similar mutual funds managed by other investment advisers. With respect to the NYLI U.S. Government Liquidity Fund, the Board considered New York Life Investments' previous statement that some similar funds managed by other investment advisers are not charged a management fee. In addition, the Board considered information provided by New York Life Investments and each Subadvisor on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds, that follow investment strategies similar to those of the applicable Fund(s), if any. The Board considered the contractual management fee schedule for each Fund as compared to those for such other investment advisory clients, taking into account the rationale for differences in fee schedules. The Board also took into account information provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as each Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of contractual breakpoints, voluntary waivers and/or expense limitation arrangements, as applicable, on each Fund's net management fee and expenses. The Board also considered that in proposing fees for each Fund, New York Life Investments considers the competitive marketplace for mutual funds.

The Board took into account information from New York Life Investments, as provided in connection with the Board's June 2024 meeting, regarding the reasonableness of the Funds' (other than the NYLI U.S. Government Liquidity Fund) transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and each Fund's transfer agent, charges each Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered NYLIM Service Company LLC's profitability in connection with the transfer agent services it provides to each Fund. The Board also took into account information provided by NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to each Fund.

The Board considered the extent to which transfer agent fees contributed to the total expenses of each Fund other than the NYLI U.S. Government Liquidity Fund. The Board acknowledged the role that the New York Life Investments Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund

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share classes. The Board also recognized measures that it and New York Life Investments have taken that are intended to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during certain years.

The Board also took into account the following considerations with respect to certain Funds:

1. With respect to the NYLI CBRE Global Infrastructure Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

2. With respect to the NYLI Cushing MLP Premier Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

3. With respect to the NYLI MacKay High Yield Muni Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

4. With respect to the NYLI MacKay U.S. Infrastructure Bond Fund, the Board considered its discussions with representatives from New York Life Investments regarding the total net expenses paid by the Fund.

5. With respect to the NYLI Money Market Fund, the Board considered its discussions with representatives from New York Life Investments regarding the net management fee paid by the Fund.

6. With respect to the NYLI MacKay Total Return Bond Fund, New York Life Investments proposed lowering the management fee, eliminating the management fee and subadvisory fee breakpoint for the Fund and lowering the expense limitation for Class I shares of the Fund, effective February 28, 2025.

7. With respect to NYLI Income Builder Fund and NYLI MacKay High Yield Corporate Bond Fund, the Board considered differences in the Funds' management fees as compared to those of a comparable fund managed by New York Life Investments and information from New York Life Investments regarding such differences.

Because the Allocation Funds do not pay a management fee to New York Life Investments, the Board considered the reasonableness of fees and expenses the Allocation Funds indirectly pay by investing in underlying funds that charge a management fee. The Board considered New York Life Investments' process for monitoring and addressing potential conflicts of interest in the selection of underlying funds for the Asset Allocation Funds. Additionally, because the Allocation Funds invest substantially all their assets in other funds advised by New York Life Investments or its affiliates, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the Allocation Funds' investments in other funds, including New York Life Investments' finding that the applicable Allocation Fund's fees and expenses do not duplicate the fees and expenses of the corresponding acquired fund (when required by Rule 12d1-4 under the 1940 Act).

Because the ETF Allocation Funds invest substantially all their assets in ETFs, the Board also considered information provided by New York Life Investments regarding the fees and expenses associated with the ETF Allocation Funds' investments in ETFs, including New York Life Investments' finding that the ETF Allocation Funds' fees and expenses do not duplicate the fees and expenses of the corresponding acquired ETF (when required by Rule 12d1-4 under the 1940 Act).

The Board further noted that, in certain prior years, New York Life Investments had provided support to the NYLI U.S. Government Liquidity Fund and the NYLI Money Market Fund in the form of voluntary waivers and/or reimbursements of fees and expenses in order to maintain a positive yield.

Based on the factors outlined above, among other considerations, the Board concluded that each Fund's management fee and total ordinary operating expenses are within a range that is competitive and support a conclusion that these fees and expenses are reasonable.

#### Economies of Scale
The Board considered information regarding economies of scale, including whether economies of scale may exist with respect to each Fund and whether each Fund's management fee and expense structure permits economies of scale, if any, to be appropriately shared with each Fund's shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the New York Life Investments Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with each Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance the services provided to each Fund. The Board reviewed information from New York Life Investments showing how each Fund's management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS for each Fund other than the NYLI U.S. Government Liquidity Fund showing how each Fund's management fee schedule compared with fees paid for similar services by peer funds at varying asset levels. The Board noted that the Allocation Funds do not pay a management fee and that the Board separately considers economies of scale as part of its review of the management agreements of underlying New York Life Investments Funds in which the Allocation Funds invest and the benefit of any breakpoints in the management fee schedules for the underlying New York Life Investments Funds would pass through to shareholders of the Allocation Funds at the specified levels of underlying New York Life Investments Fund assets.

Based on this information, the Board concluded that economies of scale, if any, are appropriately shared for the benefit of each Fund's shareholders through the Fund's management fee and expense structure and other methods to share benefits from economies of scale.

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#### Conclusion
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Trustees, and the evaluation thereof on a Fund-by-Fund basis, the Board, including the Independent Trustees voting separately, unanimously voted to approve the continuation of each of the Advisory Agreements for each applicable Fund.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Candriam, MacKay Shields LLC and NYL Investors LLC are referred to herein as the "Affiliated Subadvisors." CBRE Investment Management Listed Real Assets LLC, Cushing Asset Management, LP, Epoch Investment Partners, Inc., Fiera Capital Inc., PineStone Asset Management Inc., Wellington Management Company LLP and Winslow Capital Management, LLC are referred to herein as the "Unaffiliated Subadvisors." "Fund" refers to each series of the Trust other than NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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## NYLI MacKay Arizona Muni Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img70cc21871.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_a6f13f92-6f28-4cf3-afbe-bec8e86e01c5_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_a6f13f92-6f28-4cf3-afbe-bec8e86e01c5_7) | &nbsp;&nbsp;9 |
| [Notes to Financial Statements](#xx_9a94d828-238e-4abd-9d53-32abcb166f68_1) | &nbsp;&nbsp;15 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_20df77d2-b932-478d-833f-06df0ac4adb1_1) | &nbsp;&nbsp;24 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_20df77d2-b932-478d-833f-06df0ac4adb1_1) | &nbsp;&nbsp;24 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_20df77d2-b932-478d-833f-06df0ac4adb1_1) | &nbsp;&nbsp;24 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_20df77d2-b932-478d-833f-06df0ac4adb1_1) | &nbsp;&nbsp;24 |

---

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[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 99.7%** | **Municipal Bonds 99.7%** | **Municipal Bonds 99.7%** |
| **Long-Term Municipal Bonds 99.7%** | **Long-Term Municipal Bonds 99.7%** | **Long-Term Municipal Bonds 99.7%** |
| **Education 13.4%** | **Education 13.4%** | **Education 13.4%** |
| Arizona Board of Regents, Arizona State University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/49 | $1500000 | &nbsp;&nbsp;$1551889 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040961 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051130 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/49 | &nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318842 |
| Arizona Industrial Development Authority, Odyssey Preparatory Academy, Inc. (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/49 (a) | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157311 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas Lone Mountain Campus, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 12/15/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343328 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Great Hearts Academies Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206180 |
| Industrial Development Authority of the City of Phoenix Arizona (The), Great Hearts Arizona Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123944 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482984 |
| Maricopa County Industrial Development Authority, Creighton University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519889 |
| Maricopa County Industrial Development Authority, Legacy Traditional School Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: SD CRED PROG |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684362 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Student & Academic Services LLC, Northern Arizona Capital Facilities Finance Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/43 | $1025000 | &nbsp;&nbsp;$1060682 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/44 | &nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063947 |
| University of Arizona (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 8/1/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 856072 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18965125 |
| **General 1.8%** | **General 1.8%** | **General 1.8%** |
| Buckeye Jackrabbit Trail Sanitary Sewer Improvement District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96402 |
| City of Goodyear, McDowell Road Commercial Corridor Improvement District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805946 |
| City of Tempe, Pier at Town Lake Improvement District, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001204 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;1023143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531506 |
| **General Obligation 27.0%** | **General Obligation 27.0%** | **General Obligation 27.0%** |
| City of Goodyear, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/40 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679390 |
| City of Lake Havasu City, Wastewater System, Limited General Obligation, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413346 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285489 |
| City of Lake Havasu City, Wastewater System, Unlimited General Obligation, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423366 |
| City of Mesa, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596420 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

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[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| City of Peoria, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 7/15/35 | $1250000 | &nbsp;&nbsp;$983386 |
| &nbsp;&nbsp;&nbsp;2.00%, due 7/15/36 | &nbsp;&nbsp;3235000 | &nbsp;&nbsp;&nbsp;&nbsp; 2470395 |
| &nbsp;&nbsp;&nbsp;2.00%, due 7/15/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1396831 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 7/15/32 | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1828768 |
| City of Tempe, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608271 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;1329857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796252 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453279 |
| Estrella Mountain Ranch Community Facilities District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159289 |
| Goodyear Community Facilities Utilities District No. 1, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500021 |
| Maricopa County Elementary School District No. 59, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 | &nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145182 |
| Maricopa County Special Health Care District, Maricopa Integrated Health System, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118856 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552220 |
| Maricopa County Unified School District No. 48, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/1/34 | &nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148107 |
| Maricopa County Unified School District No. 69, Paradise Valley, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/43 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118713 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Maricopa County Unified School District No. 80, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | $3000000 | &nbsp;&nbsp;$3007606 |
| Maricopa County Union High School District No. 210, Phoenix, Project of 2023, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2790230 |
| Maricopa County Union High School District No. 216, Agua Fria, Project of 2023 and 2024, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 558612 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050249 |
| Mystic Lake Pleasant Heights Community Facilities District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381793 |
| Pima County Unified School District No. 30, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/41 | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836430 |
| Yuma County Library District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38303098 |
| **Hospital 6.1%** | **Hospital 6.1%** | **Hospital 6.1%** |
| Arizona Industrial Development Authority, Phoenix Children's Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 2/1/45 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758954 |
| Maricopa County Industrial Development Authority, Banner Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/32 | &nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550590 |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/53 (b) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029308 |
| Maricopa County Industrial Development Authority, HonorHealth Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/45 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246529 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay Arizona Muni Fund

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| Yuma Industrial Development Authority, Yuma Regional Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/43 | $1000000 | &nbsp;&nbsp;$1056246 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8693273 |
| **Housing 0.5%** | **Housing 0.5%** | **Housing 0.5%** |
| Industrial Development Authority of the City of Phoenix Arizona (The), Downtown Phoenix Student Housing LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726930 |
| **Other Revenue 36.5%** | **Other Revenue 36.5%** | **Other Revenue 36.5%** |
| Arizona Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: FNMA |  |  |
| &nbsp;&nbsp;&nbsp;2.12%, due 7/1/37 | &nbsp;&nbsp;4632739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553878 |
| Arizona Industrial Development Authority, Ironwood Ranch Apartments LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/58 (b) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041486 |
| Arizona Industrial Development Authority, Senior Living Project, Revenue Bonds, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 1/1/59 | &nbsp;&nbsp;3163712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489822 |
| Arizona Industrial Development Authority, Single Family Mortgage, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 10/1/55 (c) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096432 |
| Chandler Industrial Development Authority, Intel Corp. Project, Revenue Bonds (b)(d) |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508061 |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/52 | &nbsp;&nbsp;5805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5897055 |
| City of Buckeye, Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400799 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| City of Cottonwood, Pledged, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | $500000 | &nbsp;&nbsp;$501145 |
| City of Flagstaff, Pledged, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 7/1/33 | &nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405682 |
| City of Mesa, Utility System, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117860 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 (d) | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341963 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/26 (d) | &nbsp;&nbsp;3825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899953 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;214456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207299 |
| Greater Arizona Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305372 |
| Industrial Development Authority of the County of Pima (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D-1, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/55 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135284 |
| Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 3/1/55 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202563 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 3/1/55 | &nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165838 |
| Maricopa County & Phoenix Industrial Development Authorities, Single Family Mortgage, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 3/1/56 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628564 |
| Maricopa County Pollution Control Corp., Southern California Edison Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, due 6/1/35 | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549605 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | $1600000 | &nbsp;&nbsp;$1583111 |
| Nogales Municipal Development Authority, Inc., City of Nogales, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976115 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;1863000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751749 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517079 |
| Salt River Project Agricultural Improvement & Power District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/45 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126794 |
| Salt Verde Financial Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/28 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132962 |
| Scottsdale Municipal Property Corp., City of Scottsdale Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 (d) | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134882 |
| State of Arizona, State of Arizona Department of Revenue, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BHAC-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/27 (e) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104798 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764995 |
| Tucson Industrial Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/56 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51681953 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation 4.8%** | **Transportation 4.8%** | **Transportation 4.8%** |
| Antonio B Won Pat International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 (d) | $100000 | &nbsp;&nbsp;$103400 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/38 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 132227 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102180 |
| Arizona Department of Transportation State Highway Fund, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508046 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932153 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 (d) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822318 |
| **Utilities 6.1%** | **Utilities 6.1%** | **Utilities 6.1%** |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600608 |
| Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 2/1/40 | &nbsp;&nbsp;3465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044983 |
| Salt River Project Agricultural Improvement & Power District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/43 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113754 |
| Salt River Project Agricultural Improvement & Power District, Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series S |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331687 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/53 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8676731 |
| **Water & Sewer 3.5%** | **Water & Sewer 3.5%** | **Water & Sewer 3.5%** |
| City of Goodyear, Water & Sewer, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594050 |
| City of Tucson, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;1885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008408 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay Arizona Muni Fund

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (a) | $1125000 | &nbsp;&nbsp;$968590 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (a) | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 412775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983823 |
| Total Municipal Bonds<br> (Cost $143,935,520) |  | &nbsp;&nbsp;&nbsp;&nbsp;141384757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 2.8%** | **Short-Term Investment 2.8%** | **Short-Term Investment 2.8%** |
| **Unaffiliated Investment Company 2.8%** | **Unaffiliated Investment Company 2.8%** | **Unaffiliated Investment Company 2.8%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005830 | &nbsp;&nbsp;&nbsp;&nbsp; 4005830 |
| Total Short-Term Investment<br> (Cost $4,005,830) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005830 |
| Total Investments<br> (Cost $147,941,350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.5% | &nbsp;&nbsp;&nbsp;&nbsp;145390587 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3548866) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$141841721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |
| (c) | Delayed delivery security. |
| (d) | Interest on these securities was subject to alternative minimum tax. |
| (e) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (f) | Current yield as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;(25) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(2815957) | &nbsp;&nbsp; $(2868359) | &nbsp;&nbsp; $(52402) |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;(20) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2382254) | &nbsp;&nbsp;&nbsp;&nbsp; (2332500) | &nbsp;&nbsp;&nbsp;&nbsp; 49754 |
| Net Unrealized Depreciation |  |  |  |  | &nbsp;&nbsp;$(2648) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $137,750 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| BHAC—Berkshire Hathaway Assurance Corp. |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| SD CRED PROG—School District Credit Enhancement Program |

---

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $141384757 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $141384757 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 4005830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4005830 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;4005830 | &nbsp;&nbsp;&nbsp;&nbsp;141384757 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;145390587 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 49754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 49754 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$4055584 | &nbsp;&nbsp;$141384757 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$145440341 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(52402) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(52402) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay Arizona Muni Fund

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $147,941,350) | $145390587 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137750 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;1817530 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226651 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9531 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;147592702 |
| **Liabilities** | **Liabilities** |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;5409630 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155582 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52637 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48377 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13872 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10305 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;5750981 |
| Net assets | $141841721 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $14847 |
| Additional paid-in-capital | &nbsp;&nbsp;155232899 |
|  | &nbsp;&nbsp;155247746 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(13406025) |
| Net assets | $141841721 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $1363062 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142709 |
| Net asset value per share outstanding | $9.55 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Maximum offering price per share outstanding | $9.85 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $913393 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95699 |
| Net asset value and offering price per share outstanding | $9.54 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $33623925 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;3517419 |
| Net asset value and offering price per share outstanding | $9.56 |
| **Class Z** |  |
| Net assets applicable to outstanding shares | $105941341 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;11091238 |
| Net asset value per share outstanding | $9.55 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Maximum offering price per share outstanding | $9.85 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $2871637 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;333870 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class Z (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83905 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25581 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25352 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10583 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6232 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;495129 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;493979 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;2377658 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;(1658817) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;628964 |
| Net realized gain (loss) | &nbsp;&nbsp;(1029853) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(1167140) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(366018) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(1533158) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(2563011) |
| Net increase (decrease) in net assets resulting from operations | $(185353) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay Arizona Muni Fund

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited), the period April 1, 2024 through October 31, 2024 and the year ended March 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Period April 1,<br> 2024<br> through<br> October 31,<br> 2024<sup>(a)</sup>** | &nbsp;&nbsp;**Year ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2377658 | &nbsp;&nbsp;$2589535 | &nbsp;&nbsp;$5572453 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1029853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2507680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3080117) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1533158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834958 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327294 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1411346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;(1846905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2052764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4063009) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(2471508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2740992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5512775) |
| Capital share transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;6121351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625573 | &nbsp;&nbsp;&nbsp;&nbsp;24431374 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;2242036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557840 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(20049225) | &nbsp;&nbsp;&nbsp;&nbsp;(32645918) | &nbsp;&nbsp;&nbsp;&nbsp;(51431598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(11685838) | &nbsp;&nbsp;&nbsp;&nbsp;(23625610) | &nbsp;&nbsp;&nbsp;&nbsp;(22442384) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(14342699) | &nbsp;&nbsp;&nbsp;&nbsp;(24562466) | &nbsp;&nbsp;&nbsp;&nbsp;(24627865) |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;156184420 | &nbsp;&nbsp;&nbsp;&nbsp;180746886 | &nbsp;&nbsp;&nbsp;&nbsp;205374751 |
| End of period | $141841721 | &nbsp;&nbsp;$156184420 | &nbsp;&nbsp;$180746886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Financial Highlights selected per share data and ratios

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**July 22,<br> 2024^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement)††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1363 | &nbsp;&nbsp;&nbsp;&nbsp;$275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;&nbsp;$9.77 | &nbsp;&nbsp;&nbsp;&nbsp;$9.86 | &nbsp;&nbsp;&nbsp;&nbsp;$10.13 | &nbsp;&nbsp;&nbsp;&nbsp;$10.81 | &nbsp;&nbsp;&nbsp;&nbsp;$10.67 | &nbsp;&nbsp;&nbsp;&nbsp;$10.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.54 | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;&nbsp;$9.77 | &nbsp;&nbsp;&nbsp;&nbsp;$9.86 | &nbsp;&nbsp;&nbsp;&nbsp;$10.13 | &nbsp;&nbsp;&nbsp;&nbsp;$10.81 | &nbsp;&nbsp;&nbsp;&nbsp;$10.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$913 | &nbsp;&nbsp;&nbsp;&nbsp;$1218 | &nbsp;&nbsp;&nbsp;&nbsp;$1778 | &nbsp;&nbsp;&nbsp;&nbsp;$2346 | &nbsp;&nbsp;&nbsp;&nbsp;$5152 | &nbsp;&nbsp;&nbsp;&nbsp;$7384 | &nbsp;&nbsp;&nbsp;&nbsp;$7998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay Arizona Muni Fund

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.79 | &nbsp;&nbsp;&nbsp;&nbsp;$9.88 | &nbsp;&nbsp;&nbsp;&nbsp;$10.15 | &nbsp;&nbsp;&nbsp;&nbsp;$10.84 | &nbsp;&nbsp;&nbsp;&nbsp;$10.69 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.56 | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.79 | &nbsp;&nbsp;&nbsp;&nbsp;$9.88 | &nbsp;&nbsp;&nbsp;&nbsp;$10.15 | &nbsp;&nbsp;&nbsp;&nbsp;$10.84 | &nbsp;&nbsp;&nbsp;&nbsp;$10.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$33624 | &nbsp;&nbsp;&nbsp;&nbsp;$36199 | &nbsp;&nbsp;&nbsp;&nbsp;$43836 | &nbsp;&nbsp;&nbsp;&nbsp;$47844 | &nbsp;&nbsp;&nbsp;&nbsp;$64518 | &nbsp;&nbsp;&nbsp;&nbsp;$75201 | &nbsp;&nbsp;&nbsp;&nbsp;$52630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;&nbsp;&nbsp;$10.14 | &nbsp;&nbsp;&nbsp;&nbsp;$10.82 | &nbsp;&nbsp;&nbsp;&nbsp;$10.68 | &nbsp;&nbsp;&nbsp;&nbsp;$10.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.55 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;&nbsp;&nbsp;$10.14 | &nbsp;&nbsp;&nbsp;&nbsp;$10.82 | &nbsp;&nbsp;&nbsp;&nbsp;$10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$105941 | &nbsp;&nbsp;&nbsp;&nbsp;$118492 | &nbsp;&nbsp;&nbsp;&nbsp;$135133 | &nbsp;&nbsp;&nbsp;&nbsp;$155184 | &nbsp;&nbsp;&nbsp;&nbsp;$178757 | &nbsp;&nbsp;&nbsp;&nbsp;$198417 | &nbsp;&nbsp;&nbsp;&nbsp;$199287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay Arizona Muni Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Arizona Muni Fund (the "Fund"), a "non-diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund"), which was a series of a different registered investment company for which Aquila Investment Management LLC ("Aquila"), served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization effective as of the close of business on July 19, 2024. Upon completion of the reorganization, the Class Z, Class C and Class I shares of the Fund assumed the performance, financial and other information of the Class A, Class C and Class Y shares, respectively, of the Predecessor Fund. All information provided for periods prior to the close of business on July 19, 2024, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;July 22, 2024 |
| Class C | &nbsp;&nbsp;April 1, 1996 |
| Class I | &nbsp;&nbsp;April 1, 1996 |
| Class Z | &nbsp;&nbsp;March 13, 1986 |

---

Class A shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to Class A shares at the end of the calendar quarter eight years after the date they were purchased. Class Z shares are generally only available to existing holders of Class Z shares of the Fund. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions,

except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Class Z shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from federal and Arizona income taxes.

Effective at the close of business on July 19, 2024, the Fund changed its fiscal and tax year end from March 31 to October 31.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation

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Notes to Financial Statements (Unaudited) (continued)

methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an

indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

16 NYLI MacKay Arizona Muni Fund

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Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is recorded on an accrual basis and may include coupon interest, amortization of premium, accretion of discount on debt securities, and gains/losses on paydowns. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of

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Notes to Financial Statements (Unaudited) (continued)

shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Delayed Delivery Transactions. The Fund may purchase or sell securities on a delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell delayed delivery securities before they are delivered, which may result in a realized gain or loss. When the Fund has sold a security it owns on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security. Delayed delivery transactions as of April 30, 2025, are shown in the Portfolio of Investments.

(I) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its

18 NYLI MacKay Arizona Muni Fund

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assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 4.75% of the Fund's net assets, of which none are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(J) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(K) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage the duration and yield curve positioning of the portfolio.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $49754 | $49754 |
| Total Fair Value | $49754 | $49754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(52402) | $(52402) |
| Total Fair Value | $(52402) | $(52402) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $628964 | $628964 |
| Total Net Realized Gain (Loss) | $628964 | $628964 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $(366018) | $(366018) |
| Total Net Change in Unrealized Appreciation (Depreciation) | $(366018) | $(366018) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short | $(5201289) |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Notes to Financial Statements (Unaudited) (continued)

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.45% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 0.80%, Class C, 1.10%, Class I, 0.55% and Class Z, 0.74%. This agreement will remain in effect until February 28, 2027, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $333,870 and waived fees and/or reimbursed certain class specific expenses in the amount of $1,150 and paid the Subadvisor fees in the amount of $166,369.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A Plan, the Distributor receives a monthly fee from the Class A shares at an annual rate of 0.25% of the average daily net assets of the Class A shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class Z Plan, the Distributor receives a monthly fee from the Class Z shares at an annual rate of 0.15% of the average daily net assets of the

Class Z shares for distribution and/or service activities as designated by the Distributor. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. During the six-month period ended April 30, 2025, the Fund was advised that the Distributor did not retain any initial sales changes or CDSCs on repurchases of any shares within the Fund.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$171 | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;18025 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

20 NYLI MacKay Arizona Muni Fund

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$24984 | &nbsp;&nbsp;1.8% |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $147405337 | $1299711 | $(3314461) | $(2014750) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $9,781,024, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$3369 | &nbsp;&nbsp;$6412 |

---

During the period from April 1, 2024 through October 31, 2024 and the year ended March 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2024<sup>(a)</sup>** | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$126835 | &nbsp;&nbsp;$445126 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;2614157 | &nbsp;&nbsp;&nbsp;&nbsp;5067649 |
| Total | &nbsp;&nbsp;$2740992 | &nbsp;&nbsp;$5512775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $39,164 and $43,721, respectively.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

Notes to Financial Statements (Unaudited) (continued)

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025, the period April 1, 2024 through October 31, 2024, and the year ended March 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112752 | &nbsp;&nbsp;$1098614 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16746 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114480 | &nbsp;&nbsp;$1115360 |
| Period ended October 31, 2024:<sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28095 | &nbsp;&nbsp;$275999 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28229 | &nbsp;&nbsp;$277314 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359 | &nbsp;&nbsp;$62500 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13471 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361806) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29614) | &nbsp;&nbsp;$(285835) |
| Period ended October 31, 2024:<sup>(b)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;$12718 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15170 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577683) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56614) | &nbsp;&nbsp;$(549795) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14455 | &nbsp;&nbsp;$139067 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33725 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723901) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55996) | &nbsp;&nbsp;$(551109) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361698 | &nbsp;&nbsp;$3513001 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558548 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(633516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6184941) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(214372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2113392) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144401 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(199455) | &nbsp;&nbsp;$(1968991) |
| Period ended October 31, 2024:<sup>(b)(c)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401084 | &nbsp;&nbsp;$3907763 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623489 |
| Shares redeemed | &nbsp;&nbsp;(1278091) | &nbsp;&nbsp;&nbsp;&nbsp;(12430469) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(813040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7899217) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504344 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(761312) | &nbsp;&nbsp;$(7394873) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1775193 | &nbsp;&nbsp;$17236958 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222765 |
| Shares redeemed | &nbsp;&nbsp;(2265084) | &nbsp;&nbsp;&nbsp;&nbsp;(21874519) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(364098) | &nbsp;&nbsp;$(3414796) |

---

22 NYLI MacKay Arizona Muni Fund

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149685 | &nbsp;&nbsp;$1447236 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653271 |
| Shares redeemed | &nbsp;&nbsp;(1389782) | &nbsp;&nbsp;&nbsp;&nbsp;(13502478) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1069903) | &nbsp;&nbsp;&nbsp;&nbsp;(10401971) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144401) |
| Net increase (decrease) | &nbsp;&nbsp;(1084820) | &nbsp;&nbsp;$(10546372) |
| Period ended October 31, 2024:<sup>(b)(d)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249132 | &nbsp;&nbsp;$2429093 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754761 |
| Shares redeemed | &nbsp;&nbsp;(2019471) | &nbsp;&nbsp;&nbsp;&nbsp;(19637766) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1590215) | &nbsp;&nbsp;&nbsp;&nbsp;(15453912) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504344) |
| Net increase (decrease) | &nbsp;&nbsp;(1641943) | &nbsp;&nbsp;$(15958256) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720353 | &nbsp;&nbsp;$7055349 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301350 |
| Shares redeemed | &nbsp;&nbsp;(2966075) | &nbsp;&nbsp;&nbsp;&nbsp;(28833178) |
| Net increase (decrease) | &nbsp;&nbsp;(1905762) | &nbsp;&nbsp;$(18476479) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The inception date of the class was July 22, 2024.

(b) The Fund changed its fiscal year end from March 31 to October 31.

(c) Class Y shares of the Predecessor Fund converted to Class I shares of the Fund effective at the close of business on July 19, 2024.

(d) Class A shares of the Predecessor Fund converted to Class Z shares of the Fund effective at the close of business on July 19, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the

new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

------

[**Table of Contents**](#JOB_NYLI__a89fd670-9ea8-4fe0-8dc3-6b06f91076a1_TOC)

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

#### Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Not applicable.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI MacKay Colorado Muni Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imgf85ee4361.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_61f2c37d-0e12-47d9-9031-683a471c0847_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_61f2c37d-0e12-47d9-9031-683a471c0847_7) | &nbsp;&nbsp;9 |
| [Notes to Financial Statements](#xx_ea6d93ab-527a-4958-9d54-1179bda89486_1) | &nbsp;&nbsp;15 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_5939c0fa-8894-4a66-b994-9a91c981bc9e_1) | &nbsp;&nbsp;24 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_5939c0fa-8894-4a66-b994-9a91c981bc9e_1) | &nbsp;&nbsp;24 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_5939c0fa-8894-4a66-b994-9a91c981bc9e_1) | &nbsp;&nbsp;24 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_5939c0fa-8894-4a66-b994-9a91c981bc9e_1) | &nbsp;&nbsp;24 |

---

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 98.8%** | **Municipal Bonds 98.8%** | **Municipal Bonds 98.8%** |
| **Long-Term Municipal Bonds 97.9%** | **Long-Term Municipal Bonds 97.9%** | **Long-Term Municipal Bonds 97.9%** |
| **Certificate of Participation/Lease 14.5%** | **Certificate of Participation/Lease 14.5%** | **Certificate of Participation/Lease 14.5%** |
| Adams County School District No. 1, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | $1335000 | &nbsp;&nbsp;$1429816 |
| City & County of Denver, Convention Expansion Project, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1522834 |
| City of Fort Lupton, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530319 |
| City of Westminster, Municipal Courthouse Project, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536470 |
| Colorado Higher Education, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/26 | &nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736117 |
| County of Adams, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586300 |
| Foothills Park & Recreation District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/26 | &nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394489 |
| Rangeview Library District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/27 | &nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531810 |
| Regional Transportation District, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/26 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002367 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/40 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622079 |
| Town of Silverthorne, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047325 |
| Town of Telluride, Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15920457 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education 5.5%** | **Education 5.5%** | **Education 5.5%** |
| Colorado Educational & Cultural Facilities Authority, New Summit Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/31 (a) | $500000 | &nbsp;&nbsp;$469597 |
| Colorado Educational & Cultural Facilities Authority, Skyview Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/44 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349028 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 345648 |
| Colorado Educational & Cultural Facilities Authority, University of Denver, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: NATL-RE |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 3/1/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016724 |
| Colorado School of Mines, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747778 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Higher Education Intercept Program |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/43 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047393 |
| University of Northern Colorado, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: State Higher Education Intercept Program |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/25 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977080 |
| **General 0.4%** | **General 0.4%** | **General 0.4%** |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;761723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467508 |
| **General Obligation 30.0%** | **General Obligation 30.0%** | **General Obligation 30.0%** |
| Adams 12 Five Star Schools, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023041 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/43 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728248 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076220 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Adams County School District No. 14, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | $1250000 | &nbsp;&nbsp;$1400911 |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/35 | &nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418357 |
| Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2175633 |
| Arapahoe County Water & Wastewater Public Improvement District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021618 |
| Basalt & Rural Fire Protection District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803503 |
| Baseline Metropolitan District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/1/54 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921414 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/32 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134427 |
| Boulder Larimer & Weld Counties, St. Vrain Valley School District Re-1J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/28 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058815 |
| Canyons Metropolitan District No. 5, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/49 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002188 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;1027428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615173 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167737 |
| Denver City & County School District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/43 | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056451 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Denver City & County School District No. 1, Unlimited General Obligation<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/47 | $2000000 | &nbsp;&nbsp;$2171700 |
| Gunnison Watershed School District No. Re-1J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/40 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176578 |
| Larimer Weld & Boulder County School District R-2J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/35 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083845 |
| Mesa County School District No. 50, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385723 |
| Mirabelle Metropolitan District No. 2, Limited General Obligation, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318837 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632344 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879168 |
| Palisade Park West Metropolitan District, Limited General Obligation, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669272 |
| Raindance Metropolitan District No. 2, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294366 |
| STC Metropolitan District No. 2, Limited General Obligation, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/27 | &nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818017 |
| Weld County School District No. RE-4, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32809159 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay Colorado Muni Fund

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Hospital 7.0%** | **Hospital 7.0%** | **Hospital 7.0%** |
| Colorado Health Facilities Authority, AdventHealth Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/15/46 | $1000000 | &nbsp;&nbsp;$903815 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/35 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294486 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/1/47 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1561793 |
| Colorado Health Facilities Authority, Intermountain Healthcare, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/45 | &nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744743 |
| Colorado Health Facilities Authority, Sanford Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054114 |
| Colorado Health Facilities Authority, SCL Health System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625316 |
| **Other Revenue 28.6%** | **Other Revenue 28.6%** | **Other Revenue 28.6%** |
| City & County of Denver, Pledged Excise Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010496 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016272 |
| City of Colorado Springs, Utilities System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089259 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083203 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083203 |
| City of Fort Collins, Electric Utility Enterprise, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;2240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411823 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Colorado Housing and Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, due 5/1/50 | $1065000 | &nbsp;&nbsp;$1062147 |
| &nbsp;&nbsp;&nbsp;Series K, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 5/1/50 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999927 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, due 10/1/44 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240523 |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 10/1/49 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178083 |
| Colorado Housing and Finance Authority, Fitz Affordable Owner LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: FNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.48%, due 3/1/44 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947938 |
| Colorado Housing and Finance Authority, Sustainable Bonds, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Class 1, Insured: GNMA |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 5/1/52 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980988 |
| Denver Urban Renewal Authority, Stapleton Urban Redevelopment Area, Tax Allocation, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/25 | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604676 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;157957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152685 |
| Gunnison County Housing Authority, Whetstone Housing Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637147 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672482 |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062126 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266489 |
| Midcities Metropolitan District No. 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/31 | &nbsp;&nbsp;2365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538092 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 12/1/35 | &nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447219 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Public Authority for Colorado Energy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 11/15/38 | $2000000 | &nbsp;&nbsp;$2337121 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405725 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp; 439000 | &nbsp;&nbsp;&nbsp;&nbsp; 414987 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31297638 |
| **Transportation 8.7%** | **Transportation 8.7%** | **Transportation 8.7%** |
| Antonio B Won Pat International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131180 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/41 (b) | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205771 |
| City & County of Denver, Airport System, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 11/15/31 | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800149 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533950 |
| Colorado Bridge & Tunnel Enterprise, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/37 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143394 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/1/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094240 |
| E-470 Public Highway Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/35 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9498549 |
| **Water & Sewer 3.2%** | **Water & Sewer 3.2%** | **Water & Sewer 3.2%** |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731823 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (a) | $355000 | &nbsp;&nbsp;$305282 |
| Snake River Water District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2129762 |
| Town of Bennett, Wastewater, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559913 |
| Total Long-Term Municipal Bonds<br> (Cost $109,173,410) |  | &nbsp;&nbsp;&nbsp;&nbsp;107155620 |
| **Short-Term Municipal Notes 0.9%** | **Short-Term Municipal Notes 0.9%** | **Short-Term Municipal Notes 0.9%** |
| **Hospital 0.9%** | **Hospital 0.9%** | **Hospital 0.9%** |
| Colorado Health Facilities Authority, Intermountain Healthcare, Inc., Revenue Bonds (c) |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, due 5/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 5/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Total Short-Term Municipal Notes<br> (Cost $1,000,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Total Municipal Bonds<br> (Cost $110,173,410) |  | &nbsp;&nbsp;&nbsp;&nbsp;108155620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 5.6%** | **Short-Term Investment 5.6%** | **Short-Term Investment 5.6%** |
| **Unaffiliated Investment Company 5.6%** | **Unaffiliated Investment Company 5.6%** | **Unaffiliated Investment Company 5.6%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160008 |
| Total Short-Term Investment<br> (Cost $6,160,008) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160008 |
| Total Investments<br> (Cost $116,333,418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.4% | &nbsp;&nbsp;&nbsp;&nbsp;114315628 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4829829) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$109485799 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay Colorado Muni Fund

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (d) | Current yield as of April 30, 2025. |

---

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Bonds | &nbsp;&nbsp;(40) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(4505532) | &nbsp;&nbsp; $(4589375) | &nbsp;&nbsp; $(83843) |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;(15) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1786691) | &nbsp;&nbsp;&nbsp;&nbsp; (1749375) | &nbsp;&nbsp;&nbsp;&nbsp; 37316 |
| Net Unrealized Depreciation |  |  |  |  | &nbsp;&nbsp;$(46527) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $157,500 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| NATL-RE—National Public Finance Guarantee Corp. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107155620 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $107155620 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;108155620 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;108155620 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 6160008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 6160008 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;6160008 | &nbsp;&nbsp;&nbsp;&nbsp;108155620 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;114315628 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 37316 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 37316 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$6197324 | &nbsp;&nbsp;$108155620 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$114352944 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp; $(83843) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $(83843) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay Colorado Muni Fund

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $116,333,418) | $114315628 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157500 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;2173320 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;1672855 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;118338652 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;8510424 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178030 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48807 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40152 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10430 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7504 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;8852853 |
| Net assets | $109485799 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $11533 |
| Additional paid-in-capital | &nbsp;&nbsp;123093504 |
|  | &nbsp;&nbsp;123105037 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(13619238) |
| Net assets | $109485799 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $59516 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272 |
| Net asset value per share outstanding | $9.49 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.78 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $920401 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97297 |
| Net asset value and offering price per share outstanding | $9.46 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $28098146 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;2954882 |
| Net asset value and offering price per share outstanding | $9.51 |
| **Class Z** |  |
| Net assets applicable to outstanding shares | $80407736 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;8474970 |
| Net asset value per share outstanding | $9.49 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.78 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $2169735 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;253258 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class Z (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31565 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24460 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23509 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;355440 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;351961 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;1817774 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(900914) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;344370 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(556544) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(1812925) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(203310) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(2016235) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(2572779) |
| Net increase (decrease) in net assets resulting from operations | $(755005) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay Colorado Muni Fund

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited), the period April 1, 2024 through October 31, 2024 and the year ended March 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Period April 1,<br> 2024<br> through<br> October 31,<br> 2024<sup>(a)</sup>** | &nbsp;&nbsp;**Year ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1817774 | &nbsp;&nbsp;$1980368 | &nbsp;&nbsp;$3543867 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2772478) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(2016235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125068 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896457 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;(1399427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1629616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2697336) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(1879212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2122278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3539598) |
| Capital share transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;5287860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398224 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1607065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017176 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(13298009) | &nbsp;&nbsp;&nbsp;&nbsp;(24532566) | &nbsp;&nbsp;&nbsp;&nbsp;(51721216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(6403084) | &nbsp;&nbsp;&nbsp;&nbsp;(16346180) | &nbsp;&nbsp;&nbsp;&nbsp;(39305816) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(9037301) | &nbsp;&nbsp;&nbsp;&nbsp;(17547912) | &nbsp;&nbsp;&nbsp;&nbsp;(40948957) |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | &nbsp;&nbsp;118523100 | &nbsp;&nbsp;&nbsp;&nbsp;136071012 | &nbsp;&nbsp;&nbsp;&nbsp;177019969 |
| End of period | $109485799 | &nbsp;&nbsp;$118523100 | &nbsp;&nbsp;$136071012 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Financial Highlights selected per share data and ratios

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**July 22,<br> 2024^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;&nbsp;$9.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.49 | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement)††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;&nbsp;$35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;&nbsp;&nbsp;$10.62 | &nbsp;&nbsp;&nbsp;&nbsp;$10.54 | &nbsp;&nbsp;&nbsp;&nbsp;$10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;&nbsp;&nbsp;$10.62 | &nbsp;&nbsp;&nbsp;&nbsp;$10.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$920 | &nbsp;&nbsp;&nbsp;&nbsp;$1064 | &nbsp;&nbsp;&nbsp;&nbsp;$1388 | &nbsp;&nbsp;&nbsp;&nbsp;$2464 | &nbsp;&nbsp;&nbsp;&nbsp;$4466 | &nbsp;&nbsp;&nbsp;&nbsp;$6678 | &nbsp;&nbsp;&nbsp;&nbsp;$8268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay Colorado Muni Fund

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.90 | &nbsp;&nbsp;&nbsp;&nbsp;$10.01 | &nbsp;&nbsp;&nbsp;&nbsp;$10.66 | &nbsp;&nbsp;&nbsp;&nbsp;$10.58 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.51 | &nbsp;&nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;$9.83 | &nbsp;&nbsp;&nbsp;&nbsp;$9.90 | &nbsp;&nbsp;&nbsp;&nbsp;$10.01 | &nbsp;&nbsp;&nbsp;&nbsp;$10.66 | &nbsp;&nbsp;&nbsp;&nbsp;$10.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$28098 | &nbsp;&nbsp;&nbsp;&nbsp;$26976 | &nbsp;&nbsp;&nbsp;&nbsp;$29186 | &nbsp;&nbsp;&nbsp;&nbsp;$43108 | &nbsp;&nbsp;&nbsp;&nbsp;$77121 | &nbsp;&nbsp;&nbsp;&nbsp;$95904 | &nbsp;&nbsp;&nbsp;&nbsp;$71673 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;&nbsp;$9.81 | &nbsp;&nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;&nbsp;&nbsp;$9.99 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$10.56 | &nbsp;&nbsp;&nbsp;&nbsp;$10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.49 | &nbsp;&nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;&nbsp;&nbsp;$9.81 | &nbsp;&nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;&nbsp;&nbsp;$9.99 | &nbsp;&nbsp;&nbsp;&nbsp;$10.64 | &nbsp;&nbsp;&nbsp;&nbsp;$10.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$80408 | &nbsp;&nbsp;&nbsp;&nbsp;$90448 | &nbsp;&nbsp;&nbsp;&nbsp;$105497 | &nbsp;&nbsp;&nbsp;&nbsp;$131448 | &nbsp;&nbsp;&nbsp;&nbsp;$153537 | &nbsp;&nbsp;&nbsp;&nbsp;$179091 | &nbsp;&nbsp;&nbsp;&nbsp;$185944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay Colorado Muni Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Colorado Muni Fund (the "Fund"), a "non-diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund"), which was a series of a different registered investment company for which Aquila Investment Management LLC ("Aquila"), served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization effective as of the close of business on July 19, 2024. Upon completion of the reorganization, the Class Z, Class C and Class I shares of the Fund assumed the performance, financial and other information of the Class A, Class C and Class Y shares, respectively, of the Predecessor Fund. All information provided for periods prior to the close of business on July 19, 2024, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;July 22, 2024 |
| Class C | &nbsp;&nbsp;April 30, 1996 |
| Class I | &nbsp;&nbsp;April 30, 1996 |
| Class Z | &nbsp;&nbsp;May 21, 1987 |

---

Class A shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to Class A shares at the end of the calendar quarter eight years after the date they were purchased. Class Z shares are generally only available to existing holders of Class Z shares of the Fund. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions,

except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Class Z shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from federal and Colorado income taxes.

Effective at the close of business on July 19, 2024, the Fund changed its fiscal and tax year end from March 31 to October 31.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation

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Notes to Financial Statements (Unaudited) (continued)

methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an

indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

16 NYLI MacKay Colorado Muni Fund

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Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is recorded on an accrual basis and may include coupon interest, amortization of premium, accretion of discount on debt securities, and gains/losses on paydowns. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of

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Notes to Financial Statements (Unaudited) (continued)

shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 4.81% of the Fund's net assets, of which none are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto

18 NYLI MacKay Colorado Muni Fund

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Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage its exposure to the securities markets or to movements in interest rates and currency values.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $37316 | $37316 |
| Total Fair Value | $37316 | $37316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Liability Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(83843) | $(83843) |
| Total Fair Value | $(83843) | $(83843) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $344370 | $344370 |
| Total Net Realized Gain (Loss) | $344370 | $344370 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $(203310) | $(203310) |
| Total Net Change in Unrealized Appreciation (Depreciation) | $(203310) | $(203310) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short | $(5855638) |

---

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.45% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses)

------

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Notes to Financial Statements (Unaudited) (continued)

do not exceed the following percentages of average daily net assets: Class A, 0.80%, Class C, 1.10%, Class I, 0.55% and Class Z, 0.785%. This agreement will remain in effect until February 28, 2027, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $253,258 and waived fees and/or reimbursed certain class specific expenses in the amount of $3,479 and paid the Subadvisor fees in the amount of $124,896.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A Plan, the Distributor receives a monthly fee from the Class A shares at an annual rate of 0.25% of the average daily net assets of the Class A shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class Z Plan, the Distributor receives a monthly fee from the Class Z shares at an annual rate of 0.075% of the average daily net assets of the Class Z shares for distribution and/or service activities as designated by the Distributor. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised that the Distributor retained CDSCs on redemptions of Class C shares during the six-month period ended April 30, 2025, of $3.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$11 | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;16597 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$24815 | &nbsp;&nbsp;41.7% |

---

20 NYLI MacKay Colorado Muni Fund

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#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $116289681 | $335581 | $(2309634) | $(1974053) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $10,681,165, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$4009 | &nbsp;&nbsp;$6672 |

---

During the period from April 1, 2024 through October 31, 2024 and the year ended March 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2024<sup>(a)</sup>** | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$6880 | &nbsp;&nbsp;$190018 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;2115398 | &nbsp;&nbsp;&nbsp;&nbsp;3349580 |
| Total | &nbsp;&nbsp;$2122278 | &nbsp;&nbsp;$3539598 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the

agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $57,074 and $56,742, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025, the period April 1, 2024 through October 31, 2024, and the year ended March 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;$25501 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 | &nbsp;&nbsp;$26247 |
| Period ended October 31, 2024:<sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564 | &nbsp;&nbsp;$34920 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35173 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591 | &nbsp;&nbsp;$35185 |

---

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Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;$600 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14163 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135470) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12521) | &nbsp;&nbsp;$(120707) |
| Period ended October 31, 2024:<sup>(b)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;$4079 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14849 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331318) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312390) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32095) | &nbsp;&nbsp;$(312402) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | &nbsp;&nbsp;$96619 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23809 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(120669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1170650) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(108351) | &nbsp;&nbsp;$(1050222) |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530178 | &nbsp;&nbsp;$5105500 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379296 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(432624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4176327) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308469 |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466953 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184889 | &nbsp;&nbsp;$1775422 |
| Period ended October 31, 2024:<sup>(b)(c)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559114 | &nbsp;&nbsp;$5481118 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412584 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(799840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7823683) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(198493) | &nbsp;&nbsp;$(1929981) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653211 | &nbsp;&nbsp;$6390172 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689422 |
| Shares redeemed | &nbsp;&nbsp;(2111536) | &nbsp;&nbsp;&nbsp;&nbsp;(20564049) |
| Net increase (decrease) | &nbsp;&nbsp;(1387651) | &nbsp;&nbsp;$(13484455) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16049 | &nbsp;&nbsp;$156259 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212860 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(926231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8986212) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;(784891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7617093) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466953) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(833222) | &nbsp;&nbsp;$(8084046) |
| Period ended October 31, 2024:<sup>(b)(d)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85383 | &nbsp;&nbsp;$832316 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406267 |
| Shares redeemed | &nbsp;&nbsp;(1676055) | &nbsp;&nbsp;&nbsp;&nbsp;(16377565) |
| Net increase (decrease) | &nbsp;&nbsp;(1446396) | &nbsp;&nbsp;$(14138982) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298605 | &nbsp;&nbsp;$2911433 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303945 |
| Shares redeemed | &nbsp;&nbsp;(3093283) | &nbsp;&nbsp;&nbsp;&nbsp;(29986517) |
| Net increase (decrease) | &nbsp;&nbsp;(2557921) | &nbsp;&nbsp;$(24771139) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The inception date of the class was July 22, 2024.

(b) The Fund changed its fiscal year end from March 31 to October 31.

(c) Class Y shares of the Predecessor Fund converted to Class I shares of the Fund effective at the close of business on July 19, 2024.

(d) Class A shares of the Predecessor Fund converted to Class Z shares of the Fund effective at the close of business on July 19, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

22 NYLI MacKay Colorado Muni Fund

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

------

[**Table of Contents**](#JOB_NYLI__07d86684-77a5-4fd3-b100-f4436fbd38b4_TOC)

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

#### Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Not applicable.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI MacKay Oregon Muni Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271img146612f61.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_82449602-9da1-4c3a-8246-811d96d7bff9_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_82449602-9da1-4c3a-8246-811d96d7bff9_9) | &nbsp;&nbsp;11 |
| [Notes to Financial Statements](#xx_5c11478f-ddcc-41a5-9c3a-0a3845020e50_1) | &nbsp;&nbsp;17 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_b391e1dc-fb6a-437a-899c-9a97310a1530_1) | &nbsp;&nbsp;26 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_b391e1dc-fb6a-437a-899c-9a97310a1530_1) | &nbsp;&nbsp;26 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_b391e1dc-fb6a-437a-899c-9a97310a1530_1) | &nbsp;&nbsp;26 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_b391e1dc-fb6a-437a-899c-9a97310a1530_1) | &nbsp;&nbsp;26 |

---

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 98.9%** | **Municipal Bonds 98.9%** | **Municipal Bonds 98.9%** |
| **Long-Term Municipal Bonds 98.9%** | **Long-Term Municipal Bonds 98.9%** | **Long-Term Municipal Bonds 98.9%** |
| **Education 0.4%** | **Education 0.4%** | **Education 0.4%** |
| Oregon State Facilities Authority, Reed Institute Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/31 | $1135000 | &nbsp;&nbsp;$1157824 |
| **General 1.9%** | **General 1.9%** | **General 1.9%** |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;2019242 | &nbsp;&nbsp;&nbsp;&nbsp; 1239309 |
| Tri-County Metropolitan Transportation District of Oregon, Payroll Tax, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/30 | &nbsp;&nbsp;3975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318765 |
| **General Obligation 54.4%** | **General Obligation 54.4%** | **General Obligation 54.4%** |
| Bend Metropolitan Park & Recreation District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/27 | &nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430395 |
| Benton & Linn Counties Consolidated School District No. 509J & 509A, Corvallis, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081464 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | &nbsp;&nbsp;1615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677334 |
| Blue Mountain Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970873 |
| Chemeketa Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/25 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011114 |
| City of Cannon Beach, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774461 |
| City of Lebanon, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/25 | &nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166201 |
| City of Molalla, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/49 | &nbsp;&nbsp;2280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142988 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| City of Redmond, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/34 | $1140000 | &nbsp;&nbsp;$1184864 |
| Clackamas & Washington Counties School District No. 3, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/26 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3506530 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/28 | &nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117080 |
| Clackamas Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/27 | &nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407621 |
| Clackamas County School District No. 12, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147408 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/37 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057550 |
| Clackamas County School District No. 12, North Clackamas, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/41 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566853 |
| Clackamas County School District No. 35, Molalla River, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065216 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/43 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059130 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790436 |
| Clatsop County School District No. 1C, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | &nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290165 |
| Clatsop County School District No. 30, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694748 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Clatsop County School District No. 30, Unlimited General Obligation<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | $1000000 | &nbsp;&nbsp;$1063845 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/34 | &nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1180526 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;2862714 | &nbsp;&nbsp;&nbsp;&nbsp; 1714050 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;3742000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189542 |
| Coos County School District No. 9, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074948 |
| Corbett Fire District No. 14, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414569 |
| County of Benton, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535868 |
| Curry County School District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528747 |
| Curry Health District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519990 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543258 |
| Deschutes County Administrative School District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979978 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/30 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040627 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/45 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773278 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Hillsboro School District No. 1J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/40 | $980000 | &nbsp;&nbsp;$968938 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;3105000 | &nbsp;&nbsp;&nbsp;&nbsp; 3197718 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;4010000 | &nbsp;&nbsp;&nbsp;&nbsp; 4122291 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/34 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045727 |
| Jackson County School District No. 5, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/33 | &nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709663 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/42 | &nbsp;&nbsp;5970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111274 |
| Jackson County School District No. 5, Ashland, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/43 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042284 |
| Lane County School District No. 4J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/35 | &nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111486 |
| Lebanon Rural Fire Protection District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579218 |
| Linn & Benton Counties School District No. 8J, Greater Albany, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034005 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | &nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099557 |
| Linn Benton Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/27 | &nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521894 |
| Marion & Linn Counties School District No. 29J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | &nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259093 |
| Marion County School District No. 1, Gervais, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/42 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326639 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay Oregon Muni Fund

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Marion County School District No. 103, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/28 | $1000000 | &nbsp;&nbsp;$1001990 |
| Metro, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/26 | &nbsp;&nbsp;1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305708 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/33 | &nbsp;&nbsp;2390000 | &nbsp;&nbsp;&nbsp;&nbsp; 2450353 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272016 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/35 | &nbsp;&nbsp;3025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449459 |
| Multnomah & Clackamas Counties School District No. 10JT, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576203 |
| Multnomah County School District No. 1, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/15/37 | &nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510454 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/26 | &nbsp;&nbsp;2970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977139 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/37 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276230 |
| Multnomah County School District No. 7, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/27 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502750 |
| Nehalem Bay Health District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/44 | &nbsp;&nbsp;2655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727266 |
| Northwest Regional Education Service District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545212 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643468 |
| Oregon City School District No. 62, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196271 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180758 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Oregon City School District No. 62, Unlimited General Obligation<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/29 | $225000 | &nbsp;&nbsp;$196361 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1363359 |
| Oregon Coast Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/41 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 210956 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419011 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/43 (a) | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286419 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388641 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/45 (a) | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438957 |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/25 | &nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771082 |
| Pacific Communities Health District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/29 | &nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973815 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089422 |
| Polk Marion & Benton Counties School District No. 13J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/28 | &nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515567 |
| Portland Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/38 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363815 |
| Redmond Area Park & Recreation District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708591 |
| Salem-Keizer School District No. 24J, Unlimited General Obligation (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/32 | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222508 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073432 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Salem-Keizer School District No. 24J, Unlimited General Obligation (a)<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/35 | $2000000 | &nbsp;&nbsp;$2129595 |
| Santiam Canyon School District 129J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/39 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1248873 |
| State of Oregon, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 |
| State of Oregon, Article XI-Q State Projects, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series J |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/39 | &nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747027 |
| State of Oregon, Article XI-Q State Projects, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/33 | &nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549548 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/37 | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520963 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/44 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070957 |
| State of Oregon, Articles XI-M, XI-N, XI-P State Projects, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/44 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631002 |
| State of Oregon, Higher Education, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series O |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004074 |
| State of Oregon, Veterans Welfare, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series I, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, due 12/1/34 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634701 |
| Tillamook & Yamhill Counties School District No. 101, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326933 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General Obligation (continued)** | **General Obligation (continued)** | **General Obligation (continued)** |
| Tillamook Bay Community College District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/36 | $1000000 | &nbsp;&nbsp;$1095127 |
| Umatilla Hospital District No. 1, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, due 6/1/43 | &nbsp;&nbsp;2390000 | &nbsp;&nbsp;&nbsp;&nbsp; 2216176 |
| Washington & Clackamas Counties School District No. 23J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;2405000 | &nbsp;&nbsp;&nbsp;&nbsp; 2475821 |
| Washington & Multnomah Counties School District No. 48J, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/38 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082544 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/39 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971317 |
| Washington Clackamas & Yamhill Counties School District No. 88J, Sherwood, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/29 | &nbsp;&nbsp;2785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869890 |
| Washington County School District No. 13, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 6/15/44 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564217 |
| Washington County School District No. 15, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;153034491 |
| **Hospital 7.6%** | **Hospital 7.6%** | **Hospital 7.6%** |
| Medford Hospital Facilities Authority, Asante Health System Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856855 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay Oregon Muni Fund

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Hospital (continued)** | **Hospital (continued)** | **Hospital (continued)** |
| Medford Hospital Facilities Authority, Asante Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/15/45 | $1600000 | &nbsp;&nbsp;$1427250 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 528435 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/15/34 | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1241034 |
| Oregon Health & Science University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B-2 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 (b) | &nbsp;&nbsp;4945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307392 |
| Oregon Health & Science University, Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415639 |
| Oregon State Facilities Authority, Legacy Health Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404906 |
| Oregon State Facilities Authority, Samaritan Health Services, Inc. Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;1685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703214 |
| Salem Hospital Facility Authority, Salem Health Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/30 | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193304 |
| Salem Hospital Facility Authority, Salem Health Projects, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 5/15/41 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694561 |
| Union County Hospital Facility Authority, Grande Ronde Hospital Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982539 |
| Union County Hospital Facility Authority, Grande Ronde Hospital, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139021 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181157 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207724 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693927 |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21499831 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue 15.9%** | **Other Revenue 15.9%** | **Other Revenue 15.9%** |
| City of Eugene, City of Eugene OR Electric Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/30 | $2250000 | &nbsp;&nbsp;$2289179 |
| Clackamas County Housing Authority, Easton Ridge LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 9/1/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000160 |
| FHLMC Multifamily VRD Certificates, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series ML-27, Insured: FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.759%, due 8/25/41 | &nbsp;&nbsp;2994663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101627 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;440185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425495 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591684 |
| Metro, Oregon Convention Center Hotel Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771157 |
| Oregon State Business Development Commission, Intel Corp. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 232 |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, due 12/1/40 (b) | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020150 |
| Oregon State Lottery, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073027 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118950 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: Moral Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/41 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397618 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 4/1/42 | &nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352438 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;4212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960477 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp;1238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170281 |
| State of Oregon, Housing & Community Services Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 1/1/51 | &nbsp;&nbsp;2815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787157 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| State of Oregon, Housing & Community Services Department, Revenue Bonds<br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/51 | $5075000 | &nbsp;&nbsp;$5059711 |
| Territory of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042599 |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050044 |
| Warm Springs Reservation Confederated Tribe, Pelton-Round Butte Project, Revenue Bonds (c) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057369 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/34 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261220 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521570 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/39 | &nbsp;&nbsp;3410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44584466 |
| **Transportation 10.3%** | **Transportation 10.3%** | **Transportation 10.3%** |
| Antonio B Won Pat International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104262 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154841 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/39 (d) | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207916 |
| Port of Portland, Airport, Revenue Bonds (d) |  |  |
| &nbsp;&nbsp;&nbsp;Series 27-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;4290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450409 |
| &nbsp;&nbsp;&nbsp;Series 30-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058630 |
| &nbsp;&nbsp;&nbsp;Series 30-A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/45 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236540 |
| State of Oregon, Department of Transportation, Revenue Bonds, Sub. Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956521 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/39 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858910 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| State of Oregon, Department of Transportation, Revenue Bonds, Sub. Lien (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/41 | $1355000 | &nbsp;&nbsp;$1449139 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/42 | &nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2205207 |
| Tri-County Metropolitan Transportation District of Oregon, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073665 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/31 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28868397 |
| **Utilities 0.7%** | **Utilities 0.7%** | **Utilities 0.7%** |
| Guam Power Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782074 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517297 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891129 |
| **Water & Sewer 7.7%** | **Water & Sewer 7.7%** | **Water & Sewer 7.7%** |
| City of Beaverton, Water, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/36 | &nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863709 |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/37 | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952176 |
| City of Portland, Sewer System, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686206 |
| City of Portland, Sewer System, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/40 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359965 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/41 | &nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674557 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119556 |
| City of Portland, Water System, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/35 | &nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839595 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/35 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366890 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay Oregon Muni Fund

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (c) | $2350000 | &nbsp;&nbsp;$2023277 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (c) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 773954 |
| Tualatin Valley Water District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/43 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051223 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/45 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21793148 |
| Total Municipal Bonds<br> (Cost $283,709,685) |  | &nbsp;&nbsp;&nbsp;&nbsp;278148051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 2.0%** | **Short-Term Investment 2.0%** | **Short-Term Investment 2.0%** |
| **Unaffiliated Investment Company 2.0%** | **Unaffiliated Investment Company 2.0%** | **Unaffiliated Investment Company 2.0%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468618 | &nbsp;&nbsp;&nbsp;&nbsp; 5468618 |
| Total Short-Term Investment<br> (Cost $5,468,618) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468618 |
| Total Investments<br> (Cost $289,178,303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.9% | &nbsp;&nbsp;&nbsp;&nbsp;283616669 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2445938) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$281170731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Step coupon—Rate shown was the rate in effect as of April 30, 2025. |
| (b) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Interest on these securities was subject to alternative minimum tax. |
| (e) | Current yield as of April 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviation(s): |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $278148051 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $278148051 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 5468618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 5468618 |
| Total Investments in Securities | &nbsp;&nbsp;$5468618 | &nbsp;&nbsp;$278148051 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$283616669 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay Oregon Muni Fund

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $289,178,303) | $283616669 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;4080363 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26001 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;287740788 |
| **Liabilities** | **Liabilities** |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;4500843 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;1707792 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105556 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60014 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23237 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16170 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15983 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;6570057 |
| Net assets | $281170731 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $28051 |
| Additional paid-in-capital | &nbsp;&nbsp;316141749 |
|  | &nbsp;&nbsp;316169800 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(34999069) |
| Net assets | $281170731 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $723803 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72204 |
| Net asset value per share outstanding | $10.02 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Maximum offering price per share outstanding | $10.33 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $1622823 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161968 |
| Net asset value and offering price per share outstanding | $10.02 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $99037364 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;9884180 |
| Net asset value and offering price per share outstanding | $10.02 |
| **Class Z** |  |
| Net assets applicable to outstanding shares | $179786741 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;17932718 |
| Net asset value per share outstanding | $10.03 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Maximum offering price per share outstanding | $10.34 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $5362057 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;689852 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class Z (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;144367 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65345 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28294 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18059 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;967944 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;966190 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;4395867 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | &nbsp;&nbsp;(2007432) |
| &nbsp;&nbsp;&nbsp;Futures transactions | &nbsp;&nbsp;&nbsp;&nbsp;164529 |
| Net realized gain (loss) | &nbsp;&nbsp;(1842903) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;(4518303) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(6361206) |
| Net increase (decrease) in net assets resulting from operations | $(1965339) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay Oregon Muni Fund

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited), the period April 1, 2024 through October 31, 2024 and the year ended March 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Period April 1,<br> 2024<br> through<br> October 31,<br> 2024<sup>(a)</sup>** | &nbsp;&nbsp;**Year ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4395867 | &nbsp;&nbsp;$5106813 | &nbsp;&nbsp;$9183932 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1842903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3596852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7082998) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(4518303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957443 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(1965339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058377 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55496)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(1769740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2203923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3681678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;(2905034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3380148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5316348) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(4708381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5669314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9183930) |
| Capital share transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;13571394 | &nbsp;&nbsp;&nbsp;&nbsp;14378548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71450148 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3811535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195596 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(58940363) | &nbsp;&nbsp;&nbsp;&nbsp;(94464438) | &nbsp;&nbsp;&nbsp;&nbsp;(137870692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(41557434) | &nbsp;&nbsp;&nbsp;&nbsp;(75548981) | &nbsp;&nbsp;&nbsp;&nbsp;(59224948) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(48231154) | &nbsp;&nbsp;&nbsp;&nbsp;(78923083) | &nbsp;&nbsp;&nbsp;&nbsp;(64350501) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Period April 1,<br> 2024<br> through<br> October 31,<br> 2024<sup>(a)</sup>** | &nbsp;&nbsp;**Year ended<br> March 31,<br> 2024** |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | $329401885 | &nbsp;&nbsp;$408324968 | &nbsp;&nbsp;$472675469 |
| End of period | $281170731 | &nbsp;&nbsp;$329401885 | &nbsp;&nbsp;$408324968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

(b) Upon completion of the reorganization, Class I shares of the Fund assumed the performance, financial and other information of the Class Y shares of the Predecessor Fund (as defined below).

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Financial Highlights selected per share data and ratios

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**July 22,<br> 2024^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.25 | &nbsp;&nbsp;&nbsp;&nbsp;$10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement)††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$724 | &nbsp;&nbsp;&nbsp;&nbsp;$679 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.24 | &nbsp;&nbsp;&nbsp;&nbsp;$10.34 | &nbsp;&nbsp;&nbsp;&nbsp;$10.43 | &nbsp;&nbsp;&nbsp;&nbsp;$10.54 | &nbsp;&nbsp;&nbsp;&nbsp;$11.23 | &nbsp;&nbsp;&nbsp;&nbsp;$11.12 | &nbsp;&nbsp;&nbsp;&nbsp;$10.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.24 | &nbsp;&nbsp;&nbsp;&nbsp;$10.34 | &nbsp;&nbsp;&nbsp;&nbsp;$10.43 | &nbsp;&nbsp;&nbsp;&nbsp;$10.54 | &nbsp;&nbsp;&nbsp;&nbsp;$11.23 | &nbsp;&nbsp;&nbsp;&nbsp;$11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$1623 | &nbsp;&nbsp;&nbsp;&nbsp;$1944 | &nbsp;&nbsp;&nbsp;&nbsp;$2456 | &nbsp;&nbsp;&nbsp;&nbsp;$3363 | &nbsp;&nbsp;&nbsp;&nbsp;$7397 | &nbsp;&nbsp;&nbsp;&nbsp;$13475 | &nbsp;&nbsp;&nbsp;&nbsp;$16284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay Oregon Muni Fund

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.24 | &nbsp;&nbsp;&nbsp;&nbsp;$10.34 | &nbsp;&nbsp;&nbsp;&nbsp;$10.44 | &nbsp;&nbsp;&nbsp;&nbsp;$10.55 | &nbsp;&nbsp;&nbsp;&nbsp;$11.24 | &nbsp;&nbsp;&nbsp;&nbsp;$11.12 | &nbsp;&nbsp;&nbsp;&nbsp;$10.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.02 | &nbsp;&nbsp;&nbsp;&nbsp;$10.24 | &nbsp;&nbsp;&nbsp;&nbsp;$10.34 | &nbsp;&nbsp;&nbsp;&nbsp;$10.44 | &nbsp;&nbsp;&nbsp;&nbsp;$10.55 | &nbsp;&nbsp;&nbsp;&nbsp;$11.24 | &nbsp;&nbsp;&nbsp;&nbsp;$11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$99037 | &nbsp;&nbsp;&nbsp;&nbsp;$121799 | &nbsp;&nbsp;&nbsp;&nbsp;$161447 | &nbsp;&nbsp;&nbsp;&nbsp;$168995 | &nbsp;&nbsp;&nbsp;&nbsp;$238353 | &nbsp;&nbsp;&nbsp;&nbsp;$281294 | &nbsp;&nbsp;&nbsp;&nbsp;$235384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.25 | &nbsp;&nbsp;&nbsp;&nbsp;$10.35 | &nbsp;&nbsp;&nbsp;&nbsp;$10.45 | &nbsp;&nbsp;&nbsp;&nbsp;$10.55 | &nbsp;&nbsp;&nbsp;&nbsp;$11.25 | &nbsp;&nbsp;&nbsp;&nbsp;$11.13 | &nbsp;&nbsp;&nbsp;&nbsp;$10.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.03 | &nbsp;&nbsp;&nbsp;&nbsp;$10.25 | &nbsp;&nbsp;&nbsp;&nbsp;$10.35 | &nbsp;&nbsp;&nbsp;&nbsp;$10.45 | &nbsp;&nbsp;&nbsp;&nbsp;$10.55 | &nbsp;&nbsp;&nbsp;&nbsp;$11.25 | &nbsp;&nbsp;&nbsp;&nbsp;$11.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$179787 | &nbsp;&nbsp;&nbsp;&nbsp;$204980 | &nbsp;&nbsp;&nbsp;&nbsp;$236625 | &nbsp;&nbsp;&nbsp;&nbsp;$294172 | &nbsp;&nbsp;&nbsp;&nbsp;$340901 | &nbsp;&nbsp;&nbsp;&nbsp;$379288 | &nbsp;&nbsp;&nbsp;&nbsp;$375487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay Oregon Muni Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Oregon Muni Fund (the "Fund"), a "non-diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Aquila Tax-Free Trust of Oregon Fund (the "Predecessor Fund"), which was a series of a different registered investment company for which Aquila Investment Management LLC ("Aquila"), served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization effective as of the close of business on July 19, 2024. Upon completion of the reorganization, the Class Z and Class C shares of the Fund assumed the performance, financial and other information of the Class A and Class C shares, respectively, of the Predecessor Fund. Class I shares of the Fund assumed the performance, financial and other information of the Class Y shares of the Predecessor Fund. All information provided for periods prior to the close of business on July 19, 2024, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;July 22, 2024 |
| Class C | &nbsp;&nbsp;April 5, 1996 |
| Class I | &nbsp;&nbsp;April 5, 1996 |
| Class Z | &nbsp;&nbsp;Jun 1, 1986 |

---

Class A shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to Class A shares at the end of the calendar quarter eight years after the date they were purchased. Class Z shares are generally only available to existing holders of Class Z shares of the Fund. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares

have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Class Z shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from federal and Oregon income taxes.

Effective at the close of business on July 19, 2024, the Fund changed its fiscal and tax year end from March 31 to October 31.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available;

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Notes to Financial Statements (Unaudited) (continued)

periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The

inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily

18 NYLI MacKay Oregon Muni Fund

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available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The

Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is recorded on an accrual basis and may include coupon interest, amortization of premium, accretion of discount on debt securities, and gains/losses on paydowns. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

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Notes to Financial Statements (Unaudited) (continued)

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation

margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 5.20% of the Fund's net assets, of which none are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

20 NYLI MacKay Oregon Muni Fund

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(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

The Fund entered into futures contracts to help manage its exposure to the securities markets or to movements in interest rates and currency values.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Realized Gain (Loss) from:** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Transactions | $164529 | $164529 |
| Total Net Realized Gain (Loss) | $164529 | $164529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short (a) | $(5277656) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Position was open for one month during the reporting period.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary

of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.45% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 0.80%, Class C, 1.10%, Class I, 0.55% and Class Z, 0.71%. This agreement will remain in effect until February 28, 2027, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $689,852 and waived fees and/or reimbursed certain class specific expenses in the amount of $1,754 and paid the Subadvisor fees in the amount of $344,067.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A Plan, the Distributor receives a monthly fee from the Class A shares at an annual rate of 0.25% of the average daily net assets of the Class A shares for distribution and/or service activities as

------

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Notes to Financial Statements (Unaudited) (continued)

designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class Z Plan, the Distributor receives a monthly fee from the Class Z shares at an annual rate of 0.15% of the average daily net assets of the Class Z shares for distribution and/or service activities as designated by the Distributor. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised that the Distributor retained CDSCs on redemptions of Class Z shares during the six-month period ended April 30, 2025, of $2,689.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$144 | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;22888 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;39583 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as

reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$24775 | &nbsp;&nbsp;3.4% |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $289178303 | $388696 | $(5950330) | $(5561634) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $26,733,828, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$5618 | &nbsp;&nbsp;$21116 |

---

During the period from April 1, 2024 through October 31, 2024 and the year ended March 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2024<sup>(a)</sup>** | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$14412 | &nbsp;&nbsp;$275977 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;5654902 | &nbsp;&nbsp;&nbsp;&nbsp;8907953 |
| Total | &nbsp;&nbsp;$5669314 | &nbsp;&nbsp;$9183930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

22 NYLI MacKay Oregon Muni Fund

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[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $77,750 and $108,686, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025, the period April 1, 2024 through October 31, 2024, and the year ended March 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21187 | &nbsp;&nbsp;$215680 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10106 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165985) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5914 | &nbsp;&nbsp;$59801 |
| Period ended October 31, 2024:<sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65895 | &nbsp;&nbsp;$680967 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66290 | &nbsp;&nbsp;$685048 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293 | &nbsp;&nbsp;$54243 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23414 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361001) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27823) | &nbsp;&nbsp;$(283344) |
| Period ended October 31, 2024:<sup>(b)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5409 | &nbsp;&nbsp;$55683 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25511 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573619) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47694) | &nbsp;&nbsp;$(492425) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60380 | &nbsp;&nbsp;$626551 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30160 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(148100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1510841) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84782) | &nbsp;&nbsp;$(854130) |

---

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[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Period ended October 31, 2024:<sup>(b)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43391 | &nbsp;&nbsp;$443985 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55496 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(136460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1397999) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898518) |
| Shares converted from Class F (See Note 1)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(667275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6874400) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(754917) | &nbsp;&nbsp;$(7772918) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301323 | &nbsp;&nbsp;$3103194 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154831 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(150656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1544896) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165746 | &nbsp;&nbsp;$1713129 |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1265583 | &nbsp;&nbsp;$12937179 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119597 |
| Shares redeemed | &nbsp;&nbsp;(3435369) | &nbsp;&nbsp;&nbsp;&nbsp;(34949004) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(2060071) | &nbsp;&nbsp;&nbsp;&nbsp;(20892228) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548466 |
| Net increase (decrease) | &nbsp;&nbsp;(2005069) | &nbsp;&nbsp;$(20343762) |
| Period ended October 31, 2024:<sup>(b)(d)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1167568 | &nbsp;&nbsp;$12038580 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356391 |
| Shares redeemed | &nbsp;&nbsp;(5708498) | &nbsp;&nbsp;&nbsp;&nbsp;(58838410) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(4409085) | &nbsp;&nbsp;&nbsp;&nbsp;(45443439) |
| Shares converted into Class I (See Note 1)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080334 |
| Net increase (decrease) | &nbsp;&nbsp;(3722715) | &nbsp;&nbsp;$(38363105) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;5710588 | &nbsp;&nbsp;$58649721 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148865 |
| Shares redeemed | &nbsp;&nbsp;(6492910) | &nbsp;&nbsp;&nbsp;&nbsp;(66543483) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(573161) | &nbsp;&nbsp;$(5744897) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35378 | &nbsp;&nbsp;$364292 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658418 |
| Shares redeemed | &nbsp;&nbsp;(2305268) | &nbsp;&nbsp;&nbsp;&nbsp;(23464373) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(2009381) | &nbsp;&nbsp;&nbsp;&nbsp;(20441663) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548466) |
| Net increase (decrease) | &nbsp;&nbsp;(2064327) | &nbsp;&nbsp;$(20990129) |
| Period ended October 31, 2024:<sup>(b)(e)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112609 | &nbsp;&nbsp;$1159333 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095325 |
| Shares redeemed | &nbsp;&nbsp;(3267598) | &nbsp;&nbsp;&nbsp;&nbsp;(33654305) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(2854292) | &nbsp;&nbsp;&nbsp;&nbsp;(29399647) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205934) |
| Net increase (decrease) | &nbsp;&nbsp;(2874170) | &nbsp;&nbsp;$(29605581) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881973 | &nbsp;&nbsp;$9070682 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861740 |
| Shares redeemed | &nbsp;&nbsp;(6643717) | &nbsp;&nbsp;&nbsp;&nbsp;(68271472) |
| Net increase (decrease) | &nbsp;&nbsp;(5288857) | &nbsp;&nbsp;$(54339050) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The inception date of the class was July 22, 2024.

(b) The Fund changed its fiscal year end from March 31 to October 31.

(c) Class F shares of the Predecessor Fund converted to Class I shares of the Fund effective at the close of business on July 19, 2024.

(d) Class Y shares of the Predecessor Fund converted to Class I shares of the Fund effective at the close of business on July 19, 2024.

(e) Class A shares of the Predecessor Fund converted to Class Z shares of the Fund effective at the close of business on July 19, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted.

24 NYLI MacKay Oregon Muni Fund

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

------

[**Table of Contents**](#JOB_NYLI__18f3ee20-7508-4f93-8ee5-2df589246f84_TOC)

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

#### Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Not applicable.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

## NYLI MacKay Utah Muni Fund

------

### Semiannual Report - Financial Statements and Other Information
Unaudited - April 30, 2025

![](g98271imge935ef811.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_1f589e59-94c3-448e-80ea-2d5009c7bc2d_1) | &nbsp;&nbsp;3 |
| [Financial Statements](#xx_1f589e59-94c3-448e-80ea-2d5009c7bc2d_9) | &nbsp;&nbsp;11 |
| [Notes to Financial Statements](#xx_84b6042c-2733-45c4-a4f3-77fdae3676f4_1) | &nbsp;&nbsp;17 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_aab4bf61-a43d-4f67-9a44-7c6c60cd7350_1) | &nbsp;&nbsp;26 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_aab4bf61-a43d-4f67-9a44-7c6c60cd7350_1) | &nbsp;&nbsp;26 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_aab4bf61-a43d-4f67-9a44-7c6c60cd7350_1) | &nbsp;&nbsp;26 |
| [Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement](#xx_aab4bf61-a43d-4f67-9a44-7c6c60cd7350_1) | &nbsp;&nbsp;26 |

---

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 97.6%** | **Municipal Bonds 97.6%** | **Municipal Bonds 97.6%** |
| **Long-Term Municipal Bonds 97.4%** | **Long-Term Municipal Bonds 97.4%** | **Long-Term Municipal Bonds 97.4%** |
| **Education 21.6%** | **Education 21.6%** | **Education 21.6%** |
| Brazos Higher Education Authority, Inc., Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series 1-A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/32 (a) | $2500000 | &nbsp;&nbsp;$2619755 |
| Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 8/15/41 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508716 |
| Grand County School District Local Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/15/34 | &nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676600 |
| Ogden City School District Municipal Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/30 | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166720 |
| University of Utah (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500193 |
| &nbsp;&nbsp;&nbsp;Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/36 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524830 |
| Utah Charter School Finance Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/46 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881547 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/39 | &nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507482 |
| Utah Charter School Finance Authority, George Washington Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/35 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500522 |
| Utah Charter School Finance Authority, Good Foundations Academy Charter School, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, due 11/15/34 | &nbsp;&nbsp;1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655411 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.85%, due 11/15/44 | &nbsp;&nbsp;3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279850 |
| Utah Charter School Finance Authority, Hawthorn Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/46 | &nbsp;&nbsp;3795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797424 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Utah Charter School Finance Authority, Lakeview Academy of Science Arts & Technology, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/35 | $1300000 | &nbsp;&nbsp;$1304161 |
| Utah Charter School Finance Authority, Legacy Preparatory Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 964631 |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/29 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400958 |
| Utah Charter School Finance Authority, Monticello Academy, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000725 |
| Utah Charter School Finance Authority, Promontory School of Expeditionary Learning, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 10/15/33 | &nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361066 |
| Utah Charter School Finance Authority, Quest Academy, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502752 |
| Utah Charter School Finance Authority, Salt Lake Arts Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 4/15/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792885 |
| Utah Charter School Finance Authority, Utah Charter Academies, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502508 |
| Utah Charter School Finance Authority, Venture Academy, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855415 |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/34 | &nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095283 |
| &nbsp;&nbsp;&nbsp;Insured: UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/38 | &nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095108 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Education (continued)** | **Education (continued)** | **Education (continued)** |
| Utah Charter School Finance Authority, Vista at Entrada School of Performing Arts & Technology, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM UT CSCE |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/35 | $1080000 | &nbsp;&nbsp;$1047240 |
| Utah Charter School Finance Authority, Voyage Academy, Revenue Bonds (b) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/27 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 294041 |
| &nbsp;&nbsp;&nbsp;5.50%, due 3/15/37 | &nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2298961 |
| &nbsp;&nbsp;&nbsp;5.60%, due 3/15/47 | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4362107 |
| Utah State University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/36 | &nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818744 |
| Weber State University, Student Facilities System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43107798 |
| **General 6.7%** | **General 6.7%** | **General 6.7%** |
| City of Eagle Mountain, Assessment Area 2013-1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90094 |
| City of Mesquite, Special Improvement District Canyon Crest, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/51 | &nbsp;&nbsp;1158360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710943 |
| County of Weber, Summit Mountain Assessment Area, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921625 |
| &nbsp;&nbsp;&nbsp;5.75%, due 1/15/33 | &nbsp;&nbsp;3770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776596 |
| Main Street Market Square Redevelopment Authority, City of Houston Reinvestment Zone No. 3, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006112 |
| Midvale Redevelopment Agency, Bingham Junction Project Area, Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/31 | &nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278502 |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030126 |
| Utah Transit Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/37 | &nbsp;&nbsp;1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562814 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **General (continued)** | **General (continued)** | **General (continued)** |
| Washington County Municipal Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | $500000 | &nbsp;&nbsp;$513596 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 513596 |
| Wolf Creek Infrastructure Financing District No. 1, Assessment Area No. 1, Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/1/44 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1945761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13354781 |
| **General Obligation 4.9%** | **General Obligation 4.9%** | **General Obligation 4.9%** |
| City of Port Arthur, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/15/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041138 |
| Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 11/1/43 | &nbsp;&nbsp;2112857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265073 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/41 | &nbsp;&nbsp;2698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299675 |
| County of Pennington, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/46 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027002 |
| Logan City School District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: School Bond Guaranty |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/30 | &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383240 |
| Metropolitan Government of Nashville & Davidson County, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, due 1/1/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948105 |
| Mida Golf and Equestrian Center Public Infrastructure District, Limited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 6/1/41 (b) | &nbsp;&nbsp;2205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9704968 |
| **Housing 3.2%** | **Housing 3.2%** | **Housing 3.2%** |
| University of Utah (The), Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/1/48 | &nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106757 |
| Utah Board of Higher Education, Dixie State University, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/1/36 | &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216477 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/30 | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802258 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4 NYLI MacKay Utah Muni Fund

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Housing (continued)** | **Housing (continued)** | **Housing (continued)** |
| Washington State Housing Finance Commission, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.084%, due 3/20/40 (c) | $2491336 | &nbsp;&nbsp;$2293562 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419054 |
| **Other Revenue 41.3%** | **Other Revenue 41.3%** | **Other Revenue 41.3%** |
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010653 |
| Alaska Municipal Bond Bank Authority, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576106 |
| &nbsp;&nbsp;&nbsp;Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600147 |
| City of Dallas Housing Finance Corp., 8004 West Virginia Drive Owner LP, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: FNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, due 10/1/41 | &nbsp;&nbsp;3825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824637 |
| City of Herriman, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 8/1/30 | &nbsp;&nbsp;2135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138397 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/33 | &nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519481 |
| City of Jacksonville, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098808 |
| City of Mapleton, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 6/15/36 | &nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088377 |
| City of St. George, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/43 | &nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884398 |
| City of Watertown, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744045 |
| City of West Valley, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 7/15/35 | &nbsp;&nbsp;3225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839236 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Consolidated Municipalities Electric Power Systems Joint Powers Board, City of Gillette Electric System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/37 | $250000 | &nbsp;&nbsp;$271122 |
| Consolidated Municipalities Electric Power Systems Joint Powers Board, Electric Facilities Improvement Lease, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000915 |
| County of Iron, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/49 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3126401 |
| County of Tooele, Sales Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780403 |
| District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/29 (c) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041449 |
| Duchesne County School District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731186 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774937 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, due 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;293501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283706 |
| Lehi Local Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318542 |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536588 |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242160 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;2545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518136 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Northview Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, due 2/1/45 (c) | &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380808 |
| Miami-Dade County Housing Finance Authority, Rainbow Village Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: HUD Sector 8 FNMA |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, due 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738566 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Ogden City Municipal Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/15/43 | $1000000 | &nbsp;&nbsp;$1040351 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;2957000 | &nbsp;&nbsp;&nbsp;&nbsp; 2780420 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;868000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820520 |
| Salt Lake City Local Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395783 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615065 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/35 | &nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097710 |
| South Dakota Housing Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 11/1/55 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106030 |
| Southeast Alaska Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/30 | &nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171648 |
| Tennessee Energy Acquisition Corp., Gas Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/49 (c) | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100448 |
| Tennessee Housing Development Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 2-B |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, due 1/1/38 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231103 |
| Tennessee Housing Development Agency, Residential Finance Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 3-C |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, due 1/1/56 (c) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999963 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series F |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243117 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 1/1/55 (c) | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160921 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Utah Associated Municipal Power Systems, Veyo Heat Recovery Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/30 | $795000 | &nbsp;&nbsp;$795775 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/32 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 905866 |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/34 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 745644 |
| Utah Housing Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D-2, Insured: FHA |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 1/1/36 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 476919 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, due 1/1/44 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962498 |
| &nbsp;&nbsp;&nbsp;Series B-1, Class I |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, due 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470200 |
| &nbsp;&nbsp;&nbsp;Series B-1, Class II |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15003 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005426 |
| &nbsp;&nbsp;&nbsp;Series G, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/55 | &nbsp;&nbsp;3475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839121 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: GNMA / FNMA / FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 7/1/55 | &nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242369 |
| Utah Infrastructure Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983554 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/34 | &nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336104 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571469 |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582462 |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781944 |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773120 |
| Utah Infrastructure Agency, Cedar Hills Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/32 | &nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127893 |
| &nbsp;&nbsp;&nbsp;4.25%, due 10/15/42 | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097787 |
| Utah Infrastructure Agency, City of Layton Service Contract, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523542 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951971 |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/15/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878080 |
| Utah Municipal Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925250 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6 NYLI MacKay Utah Muni Fund

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Other Revenue (continued)** | **Other Revenue (continued)** | **Other Revenue (continued)** |
| Utah State Building Ownership Authority, State Facilities Master Lease Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, due 5/15/26 | $1000000 | &nbsp;&nbsp;$982290 |
| &nbsp;&nbsp;&nbsp;3.00%, due 5/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972146 |
| Utah Transit Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 12/15/32 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2166470 |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/32 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 213530 |
| West Jordan Municipal Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020312 |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/34 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012430 |
| West Valley City Municipal Building Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/34 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021629 |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310770 |
| West Valley City Redevelopment Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/1/36 | &nbsp;&nbsp;1885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82436346 |
| **Transportation 9.3%** | **Transportation 9.3%** | **Transportation 9.3%** |
| Antonio B Won Pat International Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105835 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102590 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/37 (a) | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182634 |
| City of Galveston, Wharves & Terminal, Revenue Bonds, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/44 (a) | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828957 |
| City of Houston, United Airlines, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/15/38 (a) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011945 |
| City of Salt Lake City, Airport, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175340 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/38 | &nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490553 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| City of Salt Lake City, Airport, Revenue Bonds (a) (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/36 | $2125000 | &nbsp;&nbsp;$2271528 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/48 | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2317509 |
| County of Miami-Dade, Seaport Department, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 10/1/41 (a) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967048 |
| Hillsborough County Aviation Authority, Tampa International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/44 (a) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070640 |
| Reno-Tahoe Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/42 (a) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037952 |
| Reno-Tahoe Airport Authority, Tahoe International Airport, Revenue Bonds (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/34 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265754 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/49 | &nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103942 |
| State of Nevada, Highway Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845518 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 12/1/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600287 |
| **Utilities 3.9%** | **Utilities 3.9%** | **Utilities 3.9%** |
| County of Campbell, Basin Electric Power Cooperative, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 7/15/39 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311202 |
| Intermountain Power Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/35 | &nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256792 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822164 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20560 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** | **Long-Term Municipal Bonds (continued)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| Intermountain Power Agency, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/43 | $1740000 | &nbsp;&nbsp;$1825046 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/45 | &nbsp;&nbsp;1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7840878 |
| **Water & Sewer 6.5%** | **Water & Sewer 6.5%** | **Water & Sewer 6.5%** |
| Central Valley Water Reclamation Facility, Sustainable Bond, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/32 | &nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161946 |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AGM-CR |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, due 3/1/33 | &nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963891 |
| City of Fairview, Water & Sewer, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579793 |
| City of Knoxville, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series EE |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 3/1/29 | &nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444873 |
| City of Salt Lake City, Public Utilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505758 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/33 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412858 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008149 |
| &nbsp;&nbsp;&nbsp;5.00%, due 2/1/44 | &nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357395 |
| Florida Governmental Utility Authority, Lehigh Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AGM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500742 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (b) | &nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420599 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/42 (b) | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546067 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water & Sewer (continued)** | **Water & Sewer (continued)** | **Water & Sewer (continued)** |
| San Jacinto River Authority, Woodlands Waste Disposal System Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | $1000000 | &nbsp;&nbsp;$1000915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12902986 |
| Total Long-Term Municipal Bonds<br> (Cost $198,175,701) |  | &nbsp;&nbsp;&nbsp;&nbsp;194367098 |
| **Short-Term Municipal Notes 0.2%** | **Short-Term Municipal Notes 0.2%** | **Short-Term Municipal Notes 0.2%** |
| **Hospital 0.2%** | **Hospital 0.2%** | **Hospital 0.2%** |
| County of Utah, Intermountain Healthcare, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, due 5/15/58 (d) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| Total Short-Term Municipal Notes<br> (Cost $300,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| Total Municipal Bonds<br> (Cost $198,475,701) |  | &nbsp;&nbsp;&nbsp;&nbsp;194667098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 1.5%** | **Short-Term Investment 1.5%** | **Short-Term Investment 1.5%** |
| **Unaffiliated Investment Company 1.5%** | **Unaffiliated Investment Company 1.5%** | **Unaffiliated Investment Company 1.5%** |
| Dreyfus Government Cash Management - Institutional Shares, 4.237% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019432 |
| Total Short-Term Investment<br> (Cost $3,019,432) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019432 |
| Total Investments<br> (Cost $201,495,133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1% | &nbsp;&nbsp;&nbsp;&nbsp;197686530 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892550 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$199579080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Interest on these securities was subject to alternative minimum tax. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of April 30, 2025. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8 NYLI MacKay Utah Muni Fund

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[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

(d) Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

(e) Current yield as of April 30, 2025.

#### Futures Contracts
As of April 30, 2025, the Fund held the following futures contracts<sup>1</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)<sup>2</sup>** |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;(20) | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp; $(2382254) | &nbsp;&nbsp; $(2332500) | &nbsp;&nbsp; $49754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1. As of April 30, 2025, cash in the amount of $74,000 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of April 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| PSF-GTD—Permanent School Fund Guaranteed |
| UT CSCE—Utah Charter School Credit Enhancement Program |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Portfolio of Investments April 30, 2025<sup>†</sup><sup>^</sup>(Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted<br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant<br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194367098 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $194367098 |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;194667098 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;194667098 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 3019432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3019432 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;3019432 | &nbsp;&nbsp;&nbsp;&nbsp;194667098 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;197686530 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 49754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 49754 |
| Total Investments in Securities and Other Financial Instruments | &nbsp;&nbsp;$3069186 | &nbsp;&nbsp;$194667098 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$197736284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10 NYLI MacKay Utah Muni Fund

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Statement of Assets and Liabilities as of April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $201,495,133) | $197686530 |
| Cash collateral on deposit at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;2167966 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125879 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;200081674 |
| **Liabilities** | **Liabilities** |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159197 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94619 |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70814 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52336 |
| &nbsp;&nbsp;&nbsp;NYLIFE Distributors (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19757 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16003 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10244 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502594 |
| Net assets | $199579080 |
| **Composition of Net Assets** | **Composition of Net Assets** |
| Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $21168 |
| Additional paid-in-capital | &nbsp;&nbsp;227006135 |
|  | &nbsp;&nbsp;227027303 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(27448223) |
| Net assets | $199579080 |

---

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets applicable to outstanding shares | $4866095 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516892 |
| Net asset value per share outstanding | $9.41 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.70 |
| **Class C** |  |
| Net assets applicable to outstanding shares | $5258878 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558470 |
| Net asset value and offering price per share outstanding | $9.42 |
| **Class I** |  |
| Net assets applicable to outstanding shares | $88839877 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;9407241 |
| Net asset value and offering price per share outstanding | $9.44 |
| **Class Z** |  |
| Net assets applicable to outstanding shares | $100614230 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;10685408 |
| Net asset value per share outstanding | $9.42 |
| Maximum sales charge (3.00% of offering price) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Maximum offering price per share outstanding | $9.71 |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Statement of Operations for the six months ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $4364136 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;475612 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class A (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class C (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13276 |
| &nbsp;&nbsp;&nbsp;Distribution/Service—Class Z (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;107503 |
| &nbsp;&nbsp;&nbsp;Transfer agent (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59195 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27909 |
| &nbsp;&nbsp;&nbsp;Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18281 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;722908 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;716098 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;3648038 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on investments | &nbsp;&nbsp;(1048441) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;(3123168) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49754 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(3073414) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(4121855) |
| Net increase (decrease) in net assets resulting from operations | $(473817) |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12 NYLI MacKay Utah Muni Fund

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Statements of Changes in Net Assets

for the six months ended April 30, 2025 (Unaudited), the period April 1, 2024 through October 31, 2024 and the year ended March 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Period April 1,<br> 2024<br> through<br> October 31,<br> 2024<sup>(a)</sup>** | &nbsp;&nbsp;**Year ended<br> March 31,<br> 2024** |
| **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** | **Increase (Decrease) in Net Assets** |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3648038 | &nbsp;&nbsp;$3998882 | &nbsp;&nbsp;$7068564 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1048441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6450334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4172166) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3073414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799250 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695648 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28242)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(1758252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2139556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3231350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;(1884132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2078387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3593528) |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(3789643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4324823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7068107) |
| Capital share transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;15690677 | &nbsp;&nbsp;&nbsp;&nbsp;24431670 | &nbsp;&nbsp;&nbsp;&nbsp;43669425 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3274585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086419 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(51637096) | &nbsp;&nbsp;&nbsp;&nbsp;(70901845) | &nbsp;&nbsp;&nbsp;&nbsp;(98071503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(32671834) | &nbsp;&nbsp;&nbsp;&nbsp;(42682285) | &nbsp;&nbsp;&nbsp;&nbsp;(48315659) |
| Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;(36935294) | &nbsp;&nbsp;&nbsp;&nbsp;(44626887) | &nbsp;&nbsp;&nbsp;&nbsp;(50688118) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months<br> ended<br> April 30,<br> 2025** | &nbsp;&nbsp;**Period April 1,<br> 2024<br> through<br> October 31,<br> 2024<sup>(a)</sup>** | &nbsp;&nbsp;**Year ended<br> March 31,<br> 2024** |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of period | $236514374 | &nbsp;&nbsp;$281141261 | &nbsp;&nbsp;$331829379 |
| End of period | $199579080 | &nbsp;&nbsp;$236514374 | &nbsp;&nbsp;$281141261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

(b) Upon completion of the reorganization, Class I shares of the Fund assumed the performance, financial and other information of the Class Y shares of the Predecessor Fund (as defined below).

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Financial Highlights selected per share data and ratios

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**July 22,<br> 2024^ through<br> October 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.41 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement)††(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$4866 | &nbsp;&nbsp;&nbsp;&nbsp;$1910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| ^ | Inception date. |
| †† | Annualized. |
| (a) | Per share data based on average shares outstanding during the period. |
| (b) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (c) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (d) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 | &nbsp;&nbsp;&nbsp;&nbsp;$10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$5259 | &nbsp;&nbsp;&nbsp;&nbsp;$5553 | &nbsp;&nbsp;&nbsp;&nbsp;$6265 | &nbsp;&nbsp;&nbsp;&nbsp;$9886 | &nbsp;&nbsp;&nbsp;&nbsp;$16332 | &nbsp;&nbsp;&nbsp;&nbsp;$27208 | &nbsp;&nbsp;&nbsp;&nbsp;$30650 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14 NYLI MacKay Utah Muni Fund

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;&nbsp;$9.75 | &nbsp;&nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;$10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.44 | &nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;&nbsp;$9.75 | &nbsp;&nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;$10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.38)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$88840 | &nbsp;&nbsp;&nbsp;&nbsp;$112925 | &nbsp;&nbsp;&nbsp;&nbsp;$126760 | &nbsp;&nbsp;&nbsp;&nbsp;$136585 | &nbsp;&nbsp;&nbsp;&nbsp;$186090 | &nbsp;&nbsp;&nbsp;&nbsp;$194855 | &nbsp;&nbsp;&nbsp;&nbsp;$153536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | The portfolio turnover rate includes variable rate demand notes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

Financial Highlights selected per share data and ratios

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended<br> April 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**April 1,<br> 2024<br> through<br> October 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;**2025<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024<sup>#(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.68 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.50 | &nbsp;&nbsp;&nbsp;&nbsp;$10.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.42 | &nbsp;&nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;&nbsp;&nbsp;$9.68 | &nbsp;&nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;$10.60 | &nbsp;&nbsp;&nbsp;&nbsp;$10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets)/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%†† (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%††(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;$100614 | &nbsp;&nbsp;&nbsp;&nbsp;$116127 | &nbsp;&nbsp;&nbsp;&nbsp;$144320 | &nbsp;&nbsp;&nbsp;&nbsp;$178489 | &nbsp;&nbsp;&nbsp;&nbsp;$223563 | &nbsp;&nbsp;&nbsp;&nbsp;$252020 | &nbsp;&nbsp;&nbsp;&nbsp;$229473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited. |
| # | The Fund changed its fiscal year end from March 31 to October 31. |
| †† | Annualized. |
| (a) | Beginning with the period ended October 31, 2024, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
| (b) | Per share data based on average shares outstanding during the period. |
| (c) | Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
| (e) | Expense waiver/reimbursement less than 0.01%. |
| (f) | The portfolio turnover rate includes variable rate demand notes. |

---

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16 NYLI MacKay Utah Muni Fund

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
New York Life Investments Funds Trust (the "Trust") was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is comprised of thirty-nine funds (collectively referred to as the "Funds"). These financial statements and notes relate to the NYLI MacKay Utah Muni Fund (the "Fund"), a "non-diversified" fund, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The Fund is successor to the Aquila Tax-Free Fund For Utah (the "Predecessor Fund"), which was a series of a different registered investment company for which Aquila Investment Management LLC ("Aquila"), served as the investment advisor. The financial statements of the Fund reflect the historical results of corresponding shares of the Predecessor Fund through its reorganization effective as of the close of business on July 19, 2024. Upon completion of the reorganization, the Class Z and Class C shares of the Fund assumed the performance, financial and other information of the Class A and Class C shares, respectively, of the Predecessor Fund. Class I shares of the Fund assumed the performance, financial and other information of the Class Y shares of the Predecessor Fund. All information provided for periods prior to the close of business on July 19, 2024, refers to the Predecessor Fund.

The following table lists the Fund's share classes that have been registered and commenced operations:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Commenced Operations** |
| Class A | &nbsp;&nbsp;Jul 22, 2024 |
| Class C | &nbsp;&nbsp;May 21, 1996 |
| Class I | &nbsp;&nbsp;May 21, 1996 |
| Class Z | &nbsp;&nbsp;Jul 24, 1992 |

---

Class A shares are offered at net asset value ("NAV") per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A shares. However, a contingent deferred sales charge ("CDSC") of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to Class A shares at the end of the calendar quarter eight years after the date they were purchased. Class Z shares are generally only available to existing holders of Class Z shares of the Fund. Under certain circumstances and as may be permitted by the Trust's multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares

have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A and Class Z shares. Class I shares are not subject to a distribution and/or service fee.

The Fund's investment objective is to seek current income exempt from federal and Utah income taxes.

Effective at the close of business on July 19, 2024, the Fund changed its fiscal and tax year end from March 31 to October 31.

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available;

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Notes to Financial Statements (Unaudited) (continued)

periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The

inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of April 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily

18 NYLI MacKay Utah Muni Fund

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available. During the six-month period ended April 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These instruments are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using

the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is recorded on an accrual basis and may include coupon interest, amortization of premium, accretion of discount on debt securities, and gains/losses on paydowns. Discounts and premiums on securities purchased, other than temporary cash investments that mature in 60 days or less at the time of purchase, for the Fund are accreted and amortized, respectively, on the effective interest rate method.

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Notes to Financial Statements (Unaudited) (continued)

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk, leverage risk, liquidity risk, counterparty risk, operational risk, legal risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the "initial margin." During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day's trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin." When the futures contract is closed, the Fund records a realized gain or loss equal

to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund's involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund's activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings. The Fund's investment in futures contracts and other derivatives may increase the volatility of the Fund's NAVs and may result in a loss to the Fund.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico as of April 30, 2025, that represent 5.10% of the Fund's net assets, of which none are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt.

Despite significant challenges from the Covid pandemic and 2017 Irma and Maria hurricanes, Federal Covid and Hurricane Disaster relief funding have aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster

20 NYLI MacKay Utah Muni Fund

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recovery funding given labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(I) Indemnifications. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial positions, performance and cash flows.

Fair value of derivative instruments as of April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset Derivatives** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $49754 | $49754 |
| Total Fair Value | $49754 | $49754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | **Interest<br> Rate<br> Contracts<br> Risk** | **Total** |
| Futures Contracts | $49754 | $49754 |
| Total Net Change in Unrealized Appreciation (Depreciation) | $49754 | $49754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | **Total** |
| Futures Contracts Short (a) | $(2339063) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Positions were open for two months during the reporting period.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's

Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.45% of the Fund's average daily net assets, exclusive of any applicable waivers/reimbursements.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 0.80%, Class C, 1.10%, Class I, 0.55% and Class Z, 0.90%. This agreement will remain in effect until February 28, 2027, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended April 30, 2025, New York Life Investments earned fees from the Fund in the amount of $475,612 and waived fees and/or reimbursed certain class specific expenses in the amount of $6,810 and paid the Subadvisor fees in the amount of $234,416.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAVs, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New

------

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Notes to Financial Statements (Unaudited) (continued)

York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the "Distributor"), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A Plan, the Distributor receives a monthly fee from the Class A shares at an annual rate of 0.25% of the average daily net assets of the Class A shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class Z Plan, the Distributor receives a monthly fee from the Class Z shares at an annual rate of 0.20% of the average daily net assets of the Class Z shares for distribution and/or service activities as designated by the Distributor. Class I shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund's shares and service activities.

(C) Sales Charges. The Fund was advised that the Distributor retained CDSCs on redemptions of Class C and Class Z shares during the six-month period ended April 30, 2025, of $42 and $1,698, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with SS&C Global Investor & Distribution Solutions, Inc. ("SS&C"), pursuant to which SS&C performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund's share classes to a maximum of 0.35% of that share class's average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. During the six-month period ended April 30, 2025, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the

aforementioned Transfer Agency expense limitation agreement, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Expense** | &nbsp;&nbsp;**Waived** |
| Class A | &nbsp;&nbsp;$1012 | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;26009 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;29466 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund's prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged in addition to the transfer agent fee an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund's prospectus.

(F) Capital. As of April 30, 2025, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:

---

| | | |
|:---|:---|:---|
| Class A | &nbsp;&nbsp;$24948 | &nbsp;&nbsp;0.5% |

---

#### Note 4-Federal Income Tax
As of April 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> (Depreciation)** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $201495133 | $320355 | $(4128958) | $(3808603) |

---

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards of $22,174,413, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term<br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term<br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$4724 | &nbsp;&nbsp;$17450 |

---

22 NYLI MacKay Utah Muni Fund

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During the period from April 1, 2024 through October 31, 2024 and the year ended March 31, 2024, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2024<sup>(a)</sup>** | &nbsp;&nbsp;**2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$94692 | &nbsp;&nbsp;$199003 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;4230131 | &nbsp;&nbsp;&nbsp;&nbsp;6869104 |
| Total | &nbsp;&nbsp;$4324823 | &nbsp;&nbsp;$7068107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund changed its fiscal year end from March 31 to October 31.

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Line of Credit
The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 23, 2024, under the credit agreement (the "Credit Agreement"), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Effective Rate, Daily Simple Secured Overnight Financing Rate + 0.10%, or the Overnight Bank Funding Rate, whichever is higher. The Credit Agreement expires on July 22, 2025, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. During the six-month period ended April 30, 2025, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.

#### Note 7–Interfund Lending Program
Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month

period ended April 30, 2025, there were no interfund loans made or outstanding with respect to the Fund.

#### Note 8–Purchases and Sales of Securities (in 000's)
During the six-month period ended April 30, 2025, purchases and sales of securities, other than short-term securities, were $59,853 and $86,320, respectively.

#### Note 9–Capital Share Transactions
Transactions in capital shares for the six-month period ended April 30, 2025, the period April 1, 2024 through October 31, 2024, and the year ended March 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347168 | &nbsp;&nbsp;$3341097 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42994 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324100) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318089 | &nbsp;&nbsp;$3059991 |
| Period ended October 31, 2024:<sup>(a)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260657 | &nbsp;&nbsp;$2526542 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606654) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922866 |
| Shares converted into Class A (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198803 | &nbsp;&nbsp;$1923991 |

---

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Notes to Financial Statements (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34923 | &nbsp;&nbsp;$330884 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74777 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590917) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19283) | &nbsp;&nbsp;$(185256) |
| Period ended October 31, 2024:<sup>(b)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73484 | &nbsp;&nbsp;$710667 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68067 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(149457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1441575) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662841) |
| Shares converted from Class C (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1125) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69031) | &nbsp;&nbsp;$(663966) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53990 | &nbsp;&nbsp;$516800 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109676 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(434940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4163545) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(369493) | &nbsp;&nbsp;$(3537069) |
| &nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Period ended October 31, 2024:<sup>(b)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56587 | &nbsp;&nbsp;$547662 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28242 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640944) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65040) |
| Shares converted from Class F (See Note 1)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(382550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3719763) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(389207) | &nbsp;&nbsp;$(3784803) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175544 | &nbsp;&nbsp;$1699575 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129150 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(501646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4833506) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(312682) | &nbsp;&nbsp;$(3004781) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1167150 | &nbsp;&nbsp;$11214287 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495534 |
| Shares redeemed | &nbsp;&nbsp;(3691218) | &nbsp;&nbsp;&nbsp;&nbsp;(35483147) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(2368296) | &nbsp;&nbsp;&nbsp;&nbsp;(22773326) |
| Shares converted into Class I (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574070 |
| Net increase (decrease) | &nbsp;&nbsp;(2308493) | &nbsp;&nbsp;$(22199256) |
| Period ended October 31, 2024:<sup>(b)(d)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1877276 | &nbsp;&nbsp;$18162911 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869393 |
| Shares redeemed | &nbsp;&nbsp;(3847206) | &nbsp;&nbsp;&nbsp;&nbsp;(37296685) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1776578) | &nbsp;&nbsp;&nbsp;&nbsp;(17264381) |
| Shares converted into Class I (See Note 1)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288760 |
| Net increase (decrease) | &nbsp;&nbsp;(1334110) | &nbsp;&nbsp;$(12975621) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;3101181 | &nbsp;&nbsp;$29915243 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746198 |
| Shares redeemed | &nbsp;&nbsp;(4339538) | &nbsp;&nbsp;&nbsp;&nbsp;(41686051) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(952280) | &nbsp;&nbsp;$(9024610) |

---

24 NYLI MacKay Utah Muni Fund

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Six-month period ended April 30, 2025: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85048 | &nbsp;&nbsp;$804409 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661280 |
| Shares redeemed | &nbsp;&nbsp;(1596142) | &nbsp;&nbsp;&nbsp;&nbsp;(15238932) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(1337587) | &nbsp;&nbsp;&nbsp;&nbsp;(12773243) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574070) |
| Net increase (decrease) | &nbsp;&nbsp;(1397573) | &nbsp;&nbsp;$(13347313) |
| Period ended October 31, 2024:<sup>(b)(e)</sup> |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257890 | &nbsp;&nbsp;$2483888 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819210 |
| Shares redeemed | &nbsp;&nbsp;(3207698) | &nbsp;&nbsp;&nbsp;&nbsp;(30915987) |
| Net increase (decrease) in shares outstanding before conversion | &nbsp;&nbsp;(2760994) | &nbsp;&nbsp;&nbsp;&nbsp;(26612889) |
| Shares converted from Class Z (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568997) |
| Net increase (decrease) | &nbsp;&nbsp;(2819460) | &nbsp;&nbsp;$(27181886) |
| Year ended March 31, 2024: |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1202497 | &nbsp;&nbsp;$11537807 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101395 |
| Shares redeemed | &nbsp;&nbsp;(4972102) | &nbsp;&nbsp;&nbsp;&nbsp;(47388401) |
| Net increase (decrease) | &nbsp;&nbsp;(3445686) | &nbsp;&nbsp;$(32749199) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The inception date of the class was July 22, 2024.

(b) The Fund changed its fiscal year end from March 31 to October 31.

(c) Class F shares of the Predecessor Fund converted to Class I shares of the Fund effective at the close of business on July 19, 2024.

(d) Class Y shares of the Predecessor Fund converted to Class I shares of the Fund effective at the close of business on July 19, 2024.

(e) Class A shares of the Predecessor Fund converted to Class Z shares of the Fund effective at the close of business on July 19, 2024.

#### Note 10–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by; federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted.

Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. The Adviser does not expect the guidance to have a material impact on the Fund.

#### Note 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the six-month period ended April 30, 2025, events and transactions subsequent to April 30, 2025, through the date the financial statements were issued, have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

------

[**Table of Contents**](#JOB_NYLI__f046cbf5-5655-43f2-a143-68aef5d79042_TOC)

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.

#### Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Not applicable.

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
See Item 7.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
See Item 7.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
See Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
Since the Registrant's last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
a) Based on an evaluation of the Registrant's Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended "1940 Act") (the "Disclosure Controls"), as of a date within 90 days prior to the filing date (the "Filing Date") of this Form N-CSR (the "Report"), the Registrant's principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**.

Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics](d98271dex99code.htm) |
| (a)(2) | [Certification of principal executive officer and principal financial officer as required by Rule 30a-2 under the 1940 Act.](d98271dex99cert.htm) |
| (b) | [Certification of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.](d98271dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### NEW YORK LIFE INVESTMENTS FUNDS TRUST

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/ Kirk C. Lehneis</u><br> Kirk C. Lehneis<br> President and Principal Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/ Kirk C. Lehneis</u><br> Kirk C. Lehneis<br> President and Principal Executive Officer |
| Date: | July 8, 2025 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
|  By: <u>/s/ Kirk C. Lehneis</u> | By: <u>/s/ Kirk C. Lehneis</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirk C. Lehneis<br> President and Principal Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirk C. Lehneis<br> President and Principal Executive Officer |
| Date: | July 8, 2025 |
|  By: <u>/s/ Jack R. Benintende</u> | By: <u>/s/ Jack R. Benintende</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack R. Benintende<br> Treasurer and Principal Financial and Accounting Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack R. Benintende<br> Treasurer and Principal Financial and Accounting Officer |
| Date: | July 8, 2025 |

---

## Ex-99.Code

**Exhibit (a)(1)** 

**CODE OF ETHICS** 

**FOR PRINCIPAL EXECUTIVE OFFICER AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**Pursuant to the Sarbanes-Oxley Act of 2002** 

**NEW YORK LIFE INVESTMENTS MUTUAL FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS TRUST** 

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST** 

**NYLI MACKAY DEFINEDTERM MUNI OPPORTUNITIES FUND** 

**NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND** 

**NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND** 

**(the "Mutual Funds")** 

**NEW YORK LIFE INVESTMENTS ETFS** 

**NEW YORK LIFE INVESTMENTS ETF TRUST** 

**NEW YORK LIFE INVESTMENTS ACTIVE ETF TRUST** 

**(the "ETFs")** 

**(collectively the "Trusts")<sup>12</sup>** 

**Approved by the Board of Trustees** 

**of the Trusts** 

**June 2025** 

**I.**  **<u>Introduction and Application</u>** 

The Trusts and each underlying series of the Trusts (each, a "Fund", and collectively, the "Funds") recognize the importance of high ethical standards in the conduct of their business and requires this Code of Ethics ("SOX Code") pursuant to the Sarbanes-Oxley Act of 2002 ("SOX Act") be observed by their principal executive officers (each, a "Covered Officer") (defined below). In accordance with the SOX Act and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC") the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended ("1934 Act"), and must disclose whether each has adopted a code of ethics applicable to the principal executive officers. The Board of Trustees of each Trust (each, the "Board" and collectively, the "Boards"), including a majority of Independent Trustees (defined below), has approved this SOX Code in accordance with the requirements of the SOX Act and related SEC rules.

All recipients of the SOX Code are directed to read it carefully, retain it for future reference, and abide by the rules and policies set forth herein. Any questions concerning the applicability or

<sup>12</sup> Reference to the "Trusts" may refer to one or more of the registrants as required by the context.

SOX Code - 1

------

interpretation of such rules and policies, and compliance therewith, should be directed to the applicable Compliance Officer (defined below).

**II.**  **<u>Purpose</u>** 

The Boards, in accordance with the SOX Act and the rules promulgated by the SEC, have adopted this SOX Code in order to deter wrongdoing and promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents filed by the Funds with the
SEC or made in other public communications by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting to an appropriate person or persons of violations of the SOX Code to an appropriate
person or persons identified in the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

**III.**  **<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *"Covered Officer"* means the principal executive officer and senior financial officers, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions. The Covered Officers of the Funds shall be identified in Schedule I, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *"Compliance Officer"* means the person appointed by the Funds' Boards to administer the SOX Code. The Compliance Officer of the Funds shall be identified in Schedule II as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *"Director"* or *"Trustee"* means a director or trustee of the Funds, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) *"Executive Officer"* shall have the same meaning as set forth in Rule 3b-7 of the 1934 Act. Subject to any changes in the Rule, an Executive Officer means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) *"Independent Director/Trustee"* means a director/trustee of a Board who is not an "interested person" of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (" 1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) *"Implicit Waiver"* means the Compliance Officer failed to take action within a reasonable period of time regarding a material departure from a provision of the SOX Code that has been made known to an Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) *"Restricted List*" means that listing of securities maintained by the Compliance Officer in which trading by certain individuals subject to the Funds' 17j-1 code of ethics is generally prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) *"Trustee"* means a trustee of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) *"Waiver"* means the approval by the Compliance Officer of a material departure from a provision of the SOX Code.

SOX Code - 2

------

**IV.**  **<u>Honest and Ethical Conduct</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Overview.</u> A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as 'affiliated persons" of the Funds. The Funds' and certain of its service providers' compliance policies, programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, restate or replace these programs and procedures, and such conflicts fall outside of the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Funds and New York Life Investment Management LLC (the "Adviser"). The Covered Officers may be officers or employees of the Adviser. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or the Adviser), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>General Policy.</u> Each Covered Officer shall adhere to high standards of honest and ethical conduct. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the shareholders first, and to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each such person must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Conflicts of Interest.</u> Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions of the 1940 Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Prohibited Conflicts of Interest.</u> Each Covered Officer must:

SOX Code - 3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence decisions or financial
reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than benefit the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in the Funds' Directors/Trustees' and Officers'
Questionnaire relating to potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Duty to Disclose Conflicts.</u> Each Covered Officer has the duty to disclose to the Compliance Officer any interest that he or she may have in any firm, corporation or business entity that is not affiliated or participating in any joint venture or partnership with the Funds or its affiliates and that does business with the Funds or that otherwise presents a possible conflict of interest. Disclosure must be timely so that the Funds may take action concerning any possible conflict as it deems appropriate. It is recognized, however, that the Funds or its affiliates may have business relationships with many organizations and that a relatively small interest in publicly traded securities of an organization does not necessarily give rise to a prohibited conflict of interest. Therefore, the following procedures have been adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Conflicts of Interest that may be Waived.</u> Conflict of interest situations may occur in which a Covered Officer may seek a Waiver from a provision(s) of the SOX Code. Waivers must be sought in accordance with Section VII of the SOX Code. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Board Memberships.* Except as described below, it is considered generally incompatible with the duties of a
Covered Officer to assume the position of director of a corporation not affiliated with the Funds. A report should be made by a Covered Officer to the Compliance Officer of any invitation to serve as a director of a corporation that is not an
affiliate, and the person must receive the approval of the Compliance Officer prior to accepting any such directorship. In the event that approval is given, the Compliance Officer shall immediately determine whether the corporation in question is to
be placed on the Funds' Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Other" Business Interests*. Except as described below, it is considered generally incompatible
with the duties of a Covered Officer to act as an officer, general partner, consultant, agent, representative or employee of any business other than an affiliate. A report should be made of any invitation to serve as an officer, general partner,
consultant, agent, representative or employee of any business that is not an affiliate for the approval of the Compliance Officer prior to accepting any such position. In the event that approval is given, the Compliance Officer shall immediately
determine whether the business in question is to be placed on the Funds' Restricted List.

SOX Code - 4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gifts, Entertainment, Favors, or Loans.* Covered Officers are subject to the New York Life Investment
Management Gift and Entertainment Policy and should refer to that Policy for guidance with respect to the limits on giving and receiving gifts/entertainment to and from third parties that do business with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Permissible Outside Activities.* Covered Officers who, in the regular course of their duties relating to
the Funds' private equity/venture capital advisory and investment activities, are asked to serve as the director, officer, general partner, consultant, agent, representative or employee of a privately-held business may do so with the prior
written approval of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Doing Business with the Funds.* Except as approved by the Compliance Officer, Covered Officers may not have
a monetary interest, as principal, co-principal, agent, or beneficiary, directly or indirectly, or through any substantial interest in any other corporation or business unit, in any transaction involving the
Funds, subject to such exceptions as are specifically permitted under law.

**V.**  **<u>Full, Fair, Accurate, Timely And Understandable Disclosure And Compliance</u>** 

Covered Officers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be familiar with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or
outside the Funds, including the Funds' Directors/Trustees and auditors, governmental regulators, and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the Funds, the Adviser, and other Funds service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations.

**VI.**  **<u>Internal Reporting by Covered Persons</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Certifications and Accountability. Each Covered Officer shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) upon adoption of the SOX Code (or thereafter as applicable upon becoming a Covered Officer), affirm in writing
on Exhibit A hereto that the Covered Officer has received, read, and understands the SOX Code;

SOX Code - 5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) annually thereafter affirm on Exhibit A hereto that the Covered Officer has complied with the requirements of
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) not retaliate against any other Covered Officer or employee of the Funds or their affiliated persons for
reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Reporting.</u> A Covered Officer shall promptly report any knowledge of a material violation of this SOX Code to the Compliance Officer. Failure to do so is itself a violation of the SOX Code.

**VII.**  **<u>Waivers of Provisions of the SOX Code</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Application of the SOX Code.</u> The Compliance Officer is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Compliance Officer is authorized to consult, as appropriate, with counsel to the Funds/counsel to the Independent Directors/Trustees. However, any approvals or Waivers sought by and/or granted to a Covered Officer will be reported to the applicable Board in accordance with Section VIII, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Waivers.</u> The Compliance Officer may grant Waivers to the SOX Code in circumstances that present special hardship. Waivers shall be structured to be as narrow as is reasonably practicable with appropriate safeguards designed to prevent abuse of the Waiver. To request a Waiver from the SOX Code, the Covered Officer shall submit to the Compliance Officer a written request describing the transaction, activity, or relationship for which a Waiver is sought. The request shall briefly explain the reason for engaging in the transaction, activity, or relationship. Notwithstanding the foregoing, no exception will be granted where such exception would result in a violation of SEC rules or other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Documentation.</u> The Compliance Officer shall document all Waivers (including Implicit Waivers). If a Waiver is granted, the Compliance Officer shall prepare a brief description of the nature of the Waiver, the name of the Covered Officer and the date of the Waiver so that this information may be disclosed in the next applicable SEC financial disclosure filings ("Report") to be filed on behalf of the Funds or posted on the Funds' internet website within five business days following the date of the Waiver. All Waivers must be reported to the applicable Board at its quarterly meeting as set forth in Section VIII below.

**VIII.**  **<u>Board Reporting</u>** 

The Compliance Officer shall report any violations of the SOX Code to the applicable Board for its consideration on a quarterly basis. At a minimum, the report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describe the violation under the SOX Code and any sanctions imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify and describe any Waivers sought or granted under the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify any recommended changes to the SOX Code.

SOX Code - 6

------

**IX.**  **<u>Amendments</u>** 

The Covered Officers and the Compliance Officer may recommend amendments to the SOX Code for the consideration and approval of the Boards. In connection with any amendment to the SOX Code, the Compliance Officer shall prepare a brief description of the amendment so that the necessary disclosure may be made with the next Report to be filed on behalf of the Funds or posted on the Funds' internet website within five business days following the date of the amendment.

**X.**  **<u>Sanctions</u>** 

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension, or termination.

**XI.**  **<u>Record-keeping</u>** 

The Compliance Officer shall maintain all records, including any internal memoranda, relating to compliance with the SOX Code or Waivers of a provision(s) of the SOX Code, for a period of 7 years from the end of the fiscal year in which such document was created, 2 years in an accessible place.

**XII.**  **<u>Other Policies and Procedures</u>** 

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the SOX Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, the Funds' distributor or underwriter (the "Underwriter")<sup>13</sup>, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' the Adviser's and the Underwriter's codes of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this SOX Code.

**XIII.**  **<u>Confidentiality</u>** 

All reports and records prepared or maintained pursuant to this SOX Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this SOX Code, such matters shall not be disclosed to anyone other than the Boards, the Adviser, and the Compliance Officer, and their respective counsel.

**XIV.**  **<u>Internal Use</u>** 

The SOX Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

<sup>13</sup> NYLIFE Distributors LLC serves as the distributor and underwriter for the Mutual Funds.

ALPS Distributors, Inc. serves as the distributor and underwriter for the ETFs.

SOX Code - 7

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**SCHEDULE I** 

**COVERED OFFICERS** 

**[Mutual Funds and ETFs]** 

Kirk C. Lehneis, President and Principal Executive Officer

Jack R. Benintende, Treasurer and Principal Financial and

Accounting Officer of the Mutual Funds

Adefolahan Oyefeso, Treasurer and Principal Financial

and Accounting Officer of the ETFs

SOX Code - 8

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**SCHEDULE II** 

**COMPLIANCE OFFICER** 

**[Mutual Funds and ETFs]** 

Kevin M. Gleason

SOX Code - 9

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**EXHIBIT A** 

**NEW YORK LIFE INVESTMENTS MUTUAL FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS TRUST** 

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST** 

**NYLI MACKAY DEFINEDTERM MUNI OPPORTUNITIES FUND** 

**NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND** 

**NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND** 

**(THE "MUTUAL FUNDS")** 

**NEW YORK LIFE INVESTMENTS ETFS** 

**NEW YORK LIFE INVESTMENTS ETF TRUST** 

**NEW YORK LIFE INVESTMENTS ACTIVE ETF TRUST** 

**(THE "ETFS")** 

**(COLLECTIVELY THE "TRUSTS")** 

**CODE OF ETHICS FOR** 

**PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICERS** 

**INITIAL AND ANNUAL CERTIFICATION OF COMPLIANCE** 

☒ I hereby certify that I have received the Trusts' Code of Ethics for Principal Executive Officers
adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Code") and that I have read and understood the SOX Code. I further certify that I am subject to the SOX Code and will comply with each of the SOX Code's provisions to which
I am subject.

☒ I hereby certify that I have received the Trusts' Code of Ethics for Principal Financial Officers
adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Code") and that I have read and understood the SOX Code. I further certify that I have complied with and will continue to comply with each of the provisions of the SOX Code to
which I am subject.

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| | |
|:---|:---|
| By: | /s/ Kirk C. Lehneis |
| Name: | Kirk C. Lehneis |
| Title: | President and Principal Executive Officer |
| Date: | July 8, 2025 |
| By: | /s/ Jack R. Benintende |
| Name: | Jack R. Benintende |
| Title: | Treasurer and Principal Financial and Accounting Officer of the Mutual Funds |
| Date: | July 8, 2025 |
| By: | /s/ Adefolahan Oyefeso |
| Name: | Adefolahan Oyefeso |
| Title: | Treasurer and Principal Financial and<br> Accounting Officer of the ETFs |
| Date: | July 8, 2025 |

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## Ex-99.Cert

Exhibit (a)(2)

**SECTION 302 CERTIFICATIONS** 

I, Kirk C. Lehneis, President and Principal Executive Officer of New York Life Investments Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of New York Life Investments
Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | <u>/s/ Kirk C. Lehneis</u> |
|  | Kirk C. Lehneis |
|  | President and Principal Executive Officer<br> New York Life Investments Funds Trust |
| Date: | July 8, 2025 |

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**SECTION 302 CERTIFICATIONS** 

I, Jack R. Benintende, Treasurer and Principal Financial and Accounting Officer of New York Life Investments Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of New York Life Investments
Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | <u>/s/ Jack R. Benintende</u> |
|  | Jack R. Benintende |
|  | Treasurer and Principal Financial and Accounting Officer |
|  | New York Life Investments Funds Trust |
| Date: | July 8, 2025 |

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## Exhibit 99.906

Exhibit (b)

**SECTION 906 CERTIFICATIONS** 

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| By: | <u>/s/ Kirk C. Lehneis</u> |
|  | Kirk C. Lehneis |
|  | President and Principal Executive Officer |
|  | New York Life Investments Funds Trust |
| Date: | July 8, 2025 |

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**SECTION 906 CERTIFICATIONS** 

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| By: | <u>/s/ Jack R. Benintende</u> |
|  | Jack R. Benintende |
|  | Treasurer and Principal Financial and |
|  | Accounting Officer |
|  | New York Life Investments Funds Trust |
| Date: | July 8, 2025 |

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