NYLI MacKay Convertible Fund Class I 

This fund is designed to achieve two main objectives: growth in its capital value and the generation of ongoing income. Typically, the fund allocates a minimum of 80% of its total assets (inclusive of any borrowed capital for investment purposes) to "convertible securities." This category generally encompasses debt instruments like bonds, debentures, and corporate notes, as well as preferred stocks or other financial instruments that can be exchanged for common stock, or for the cash equivalent value of a single stock, a group of stocks, or an equity index. The remainder of the portfolio may be deployed in non-convertible debt instruments, equity securities that do not provide regular dividends, U.S. government-backed securities, or cash and highly liquid equivalents.