New York Life Investment Management LLC (“NYLIM” or the “Firm” or “we”) is an indirect wholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and a wholly- owned subsidiary of New York Life Investment Management Holdings LLC. As of December 31, 2023, NYLIM managed $97,350,944,066 of client assets on a discretionary basis, and $1,935,425,620 of client assets on a non-discretionary basis. Founded by New York Life in April 2000, NYLIM is comprised of our Multi-Assets Solutions team (“MAS”), Separately Managed Accounts Group (“SMA Group”), and mutual fund division, referred to as the “MainStay Funds”. In addition, NYLIM also provides investment advisory services to collective investment trusts (“CITs”). Through these business units, we provide a broad array of investment advisory services to third-party institutional clients, investment companies, other pooled investment vehicles, individuals and wrap fee programs sponsored by affiliated and unaffiliated entities (see “Types of Clients” section below). These investment advisory services will generally be tailored to meet our clients’ needs. For example, a client may prohibit the purchase of specific securities or prohibit the purchase of securities within a specific sector or industry. Client imposed restrictions are detailed in the respective client’s investment advisory agreement. With respect to our SMA Group clients, client restrictions are typically communicated to us through a program sponsor. Multi-Assets Solutions Team MAS offers asset allocation and multi-asset advisory services typically through fund-of-funds, customized separate accounts, model portfolio delivery or multi-manager structures. MAS has extensive experience in tactical asset allocations utilizing macro-economic views as well as knowledge of investment risks and correlation of various asset classes across equities, fixed income and alternative asset classes. MAS seeks to provide active management and risk adjusted active returns relative to a client’s stated benchmark or objective. MAS is an asset allocator and invests in actively-managed and passive underlying funds, including exchange traded funds (“ETFs”), and derivative instruments. From time to time, MAS also invests in individual securities, such as stocks and bonds. MAS employs a team-oriented approach to managing multi-asset portfolios for affiliated and unaffiliated clients in the institutional and retail markets. In constructing a portfolio for a client, MAS makes investments in underlying funds that are managed by the Firm or its affiliates and in underlying funds that are managed by unaffiliated managers. Additionally, MAS’s services include assisting clients with solutions-based investing by working with clients to design a strategic benchmark to fit its intended investment objective. Separately Managed Accounts Group Our SMA Group performs operational, administrative and trading services for high net worth individuals and retail separately managed accounts (“SMAs”). These SMAs are offered through programs sponsored by affiliated and unaffiliated broker-dealers whereby portfolio management, brokerage execution, custodial and administrative services are provided by the sponsor for a single charge (commonly referred to as a “wrap fee program”). As an investment adviser to SMAs in a wrap fee program, NYLIM receives a portion of the wrap fee charged by the sponsor. For this fee, we perform operational, administrative and trading services, and engage subadvisers to provide subadvisory and trading services, as applicable. In certain cases, a client pays an advisory fee directly to us rather than through the sponsor. In addition, the SMA Group provides certain trade execution and administrative services to IndexIQ Advisors LLC (“IndexIQ”), an affiliated Securities Exchange Commission (“SEC”) registered investment adviser, to support IndexIQ’s management of sponsored programs. The Firm understands that the program sponsor bears responsibility for determining whether advisory services provided to participants in a wrap fee program are suitable in light of the participants’ particular facts and circumstances. We currently have subadvisory agreements, with respect to SMAs, with affiliated SEC registered investment advisers, including: Ausbil Investment Management Limited (“Ausbil”), Candriam S.C.A. (“Candriam”), and MacKay Shields LLC (“MacKay”). We also currently have subadvisory agreements, with respect to SMAs, with unaffiliated subadvisers, including: Epoch Investment Partners, Inc. (“Epoch”), Wellington Management Company LLP (“Wellington”) and a model provider agreement with Wilshire Associates Incorporated (“Wilshire”). Finally, we retain a third- party vendor, SEI Global Services Inc. (“SEI”), to provide certain non-advisory administrative services. SEI is compensated for those services out of the fees the Firm receives for the services it renders in a wrap fee program. Our SMA Group currently offers the following investment strategies: (i) convertible securities; (ii) municipal bonds; (iii) large cap equity; (iv) all cap equity; (v) global choice equity; (vi) global equity yield; (vii) U.S. equity yield; (viii) capital growth; (ix) global oncology equity; (x) global climate action equity; (xi) global demographics equity; (xii) global infrastructure; (xiii) multi-asset income; (xiv) multi-asset balanced income; and (xv) multi-asset growth and income. MacKay is the subadviser to the convertible securities and municipal bond strategies. Epoch is the subadviser to the all cap equity, global choice equity, global equity yield, U.S. equity yield, and capital growth strategies. Candriam is the subadviser to the global oncology equity, global climate action equity, and global demographics equity strategies. Ausbil is the subadviser for the global infrastructure equity strategy. Wellington is the subadviser to the value and enduring capital equity strategies. Wilshire is the model provider to the multi-asset income, multi-asset balanced income, and multi- asset growth

and income models (“Multi-Asset Income Models”). Our SMA Group also provides advisory services to sponsors of Unified Management Accounts (“UMA”) and Diversified Managed Accounts (“DMA”), and Multi-Asset Income Models, which are typically non-discretionary. In these cases, our services are generally limited to providing model portfolios to sponsors, but in some cases, we also provide trading services, depending upon the sponsor firm agreement. These model portfolios are generated by the subadvisers noted above. NYLIM has also entered into agreements with other unaffiliated investment managers to distribute unaffiliated retail SMAs. In these cases, NYLIM is compensated by the respective investment manager. For additional information regarding the SMA Group’s investment strategies, processes and procedures for selecting securities and other investment products held in an account, and the associated risks, please refer to each subadviser’s Form ADV Part 2A Brochure, which is provided to account owners upon entering into an investment management agreement and offered annually thereafter. Mutual Funds Our mutual fund division offers fixed income, equity and administrative services to various registered investment companies (“RICs”) advised by NYLIM, including: The MainStay Funds (File No. 811-04550); MainStay VP Funds Trust (File No. 811-03833-01); MainStay Funds Trust (File No. 811-22321); MainStay MacKay Defined Term Municipal Opportunities Funds (File No. 811-22551); and MainStay CBRE Global Infrastructure Megatrends Term Fund (File No. 811- 23654) and MainStay MacKay Municipal Income Opportunities Fund (File No. 811-23905). These registered investment companies are referred to herein collectively as the “The MainStay Funds,” which is also the name under which the funds are marketed. NYLIM, through MAS, manages certain portfolios of The MainStay Funds directly. For all other portfolios, we engage subadvisers to provide investment management services. The Firm makes recommendations to the boards of The MainStay Funds regarding subadvisers to retain to provide subadvisory services, and the boards approve the subadvisory agreements periodically, as required by the Investment Company Act of 1940, as amended (the “1940 Act”). Subadvisers are recommended by the Firm based on a number of factors, including, an evaluation of their skills and investment results in managing assets for specific asset classes, investment styles and strategies. Currently, we engage the following affiliated subadvisers: Candriam S.C.A. (SEC File No. 801-80510); IndexIQ Advisors LLC (SEC File No. 801-68220); MacKay Shields LLC (SEC File No. 801-5594); and NYL Investors LLC (SEC File No. 801-78759). We also engage the following unaffiliated subadvisers: American Century Investment Management Inc (SEC File No. 801-8174), Brown Advisory LLC (SEC File No. 801-38826), CBRE Investment Management Listed Real Assets LLC (SEC File No. 801-49083); Cushing Asset Management, LP (SEC File No. 801-63255); Epoch Investment Partners, Inc. (SEC File No. 801-63118); FIAM LLC (SEC File No. 801-63658); Fiera Capital Inc. (SEC File No. 801-8948); Janus Henderson Investors US LLC (SEC File No. 801-13991); Newton Investment Management North America LLC (SEC File No. 801-120501); Pacific Investment Management Company LLC (SEC File No. 801-48187); PineStone Asset Management Inc. (SEC File No. 801-122764); Segall Bryant & Hamill LLC (SEC File No. 801-47232); Wellington Management Company LLP (SEC File No. 801-15908); and Winslow Capital Management, Inc. (SEC File No. 801-41316). For additional information regarding The MainStay Funds’ fees, investment objectives, investment strategies and associated risks please refer to The MainStay Funds’ Prospectuses and Statements of Additional Information (“SAIs”), which are available on our website at www.newyorklifeinvestments.com. This ADV brochure does not constitute an offer to sell, or a solicitation of an offer to buy, shares of The MainStay Funds. Other NYLIM maintains a cross border discretionary investment management (“DIM”) license and cross border investment advisory license in Korea and provides a range of discretionary and non- discretionary investment management services to certain Korea based institutional clients. In connection with certain Korea based clients, as relevant, NYLIM obtained a Korean Delegation pursuant to which we hired our advisory affiliate, NYL Investors, to serve as the sub-adviser to these DIM accounts. NYLIM has also hired NYL Investors to serve as subadviser to a collateralized loan obligation fund (“CLO”) for which we serve as collateral manager. As a result of such subadvisory arrangements, certain personnel within NYL Investors have been dual hatted to NYLIM in order to facilitate the management and administration of the CLO and the Korean based accounts. NYL Investors is an SEC registered investment adviser and maintains a separate Form ADV Brochure that describes the investment process, risks, conflicts and fees associated with the management of the CLO and Korean based accounts. NYLIM has entered into a services agreement with IndexIQ pursuant to which IndexIQ provides certain trading execution, administration, and communication services for accounts managed by MAS. In addition, certain NYLIM personnel are dual hatted to IndexIQ LLC with respect to certain indices that IndexIQ ETFs seek to track (the “IndexIQ Indices”). These individuals are responsible for rebalancing, validating and delivering index component securities and weightings of each IndexIQ Index on a periodic basis. Furthermore, certain NYLIM personnel are dual hatted to IndexIQ in order to facilitate the general management, trading execution, administration and communication services for the open-end RICs operating as mutual funds or ETFs and the various other accounts (e.g., individual, trust and retirement accounts, as well as corporate and affiliated insurance company and other institutional accounts) and SMAs and UMAs, which are managed and/or offered by IndexIQ.