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NYLI Pathways Portfolios

NYLI Pathway Active/Passive Tax-Aware Portfolios

NYLI Pathway Active/Passive Tax-Aware Portfolios

Investing in SMAs involves various risks, including equity risk, fixed income risk, municipal bond risk, and international risk. These risks may result in the loss of principal and are not suitable for all investors. For more detailed information on investment risks, fees, and other important details, please refer to the ADV Part 2 available upon request. Past performance is not indicative of future results. While no management fee is charged on the model, fees apply to proprietary products within the portfolios. Refer to the fund prospectus for more details.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The Pathway Portfolios are separately managed accounts (SMAs) managed by New York Life Investment Management LLC with model portfolios provided by Wilshire. New York Life Investment Management LLC ("NYLIM"), a New York Life Investment's boutique and registered investment management firm, is the Investment Manager of the NYLI Pathway Active/Passive Portfolios, NYLI Pathway Active/Passive Tax-Aware Portfolios and NYLI Focused Income and Focused Tax-Free Income.

Wilshire's association with New York Life Investment Management (NYLIM) is to create and maintain Model Portfolios, which are the property of NYLIM. Wilshire is a trademark and service mark of Wilshire Associates Incorporated. Wilshire maintains full discretion over the Portfolios' asset allocation and fund selection decisions. Wilshire and NYLIM are not affiliated with each other.

The Portfolios may be offered and sold only to persons in the United States.