MainStay Cushing Energy Income Fund

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Subadvisor

 Cushing Assest Management

Cushing Asset Management, LP, a wholly owned subsidiary of Swank Capital, LLC, is a SEC-registered investment advisor headquartered in Dallas, Texas. The firm serves as investment advisor to registered and unregistered funds, which invest primarily in securities of MLPs and other natural resource companies.

Management Team

  • Jerry V. Swank
  • Jerry V. Swank – MainStay Cushing Funds Manager

    Fund's Manager:
    Since Inception

    Industry Experience:
    43 years

  • Matthew A. Lemme, CFA
  • Matthew A. Lemme, CFA – MainStay Cushing Funds Manager

    Fund's Manager:
    Since 2017

    Industry Experience:
    17 years

  • Nick English
  • Nick English – MainStay Cushing Funds Manager

    Fund's Manager:
    Since 2017

    Industry Experience:
    9 years

Video Highlights

  • Summary
  • Performance
  • Portfolio
  • Distributions
    & Yields
  • Fees &
    Expenses

Fund Objective: Seeks current income and capital appreciation. In seeking current income, the Fund intends to pay current cash distributions to shareholders, regardless of the character of such distributions for tax or accounting purposes .

  • Energy investing experts
    Cushing Asset Management is an independently owned investment advisory firm founded in 2003 that specializes in energy-related investments.

  • Indirect energy commodity exposure
    Upstream energy portfolio investing across the capital structure in companies with high quality assets and healthy balance sheets.

  • Attractive total return potential
    There is an attractive return potential with the increasing domestic production of crude oil and natural gas.

Class A & INV: 5.5% maximum initial sales charge; a 1% CDSC may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Total annual operating expenses are: Class A: 1.79%, INV : 1.89%, C: 2.67%, I: 1.55%. Total annual operating expenses after recoupments/waivers/reimbursements are: Class A: 1.45%, INV : 1.55%, C: 2.33%, I: 1.21%.

Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance figures reflect a contractual fee waiver and/or expense limitation agreements in effect through 3/31/18, unless extended by New York Life Investments and approved by the Fund's Board, and without which total returns may have been lower.

Before You Invest

Before considering an investment in the Fund, you should understand that you could lose money.

The value of the Fund's investments may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds with similar objectives. Changes in these markets may be rapid and unpredictable. The energy markets have experienced and may continue to experience volatility in recent periods, including a historic drop in the price of crude oil and national gas prices. Such conditions may negatively impact the Fund and its shareholders.

Energy companies are subject to certain risks, including, but not limited to the following: fluctuations in the prices of commodities; the highly cyclical nature of the natural resources sector may adversely affect the earnings or operating cash flows of the issuers in which the Fund will invest; a significant decrease in the production of energy commodities would reduce the revenue, operating income, operating cash flows of MLPs and other natural resources sector companies and, therefore, their ability to make distributions or pay dividends and a sustained decline in demand for energy commodities could adversely affect the revenues and cash flows of Energy Companies.

Holders of MLP units are subject to certain risks inherent in the structure of MLPs, including tax risks; the limited ability to elect or remove management or the general partner or managing member; limited voting rights and conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand.

An investment in the Fund will involve tax risks, including, but not limited to: The portion, if any, of a distribution received by the Fund as the holder of an MLP equity security that is offset by the MLP’s tax deductions or losses generally will be treated as a return of capital to the extent of the Fund’s tax basis in the MLP equity security, which will cause income or gain to be higher, or losses to be lower, upon the sale of the MLP security by the Fund. The Fund expects to be treated as a regulated investment company under the Internal Revenue Code. Because of the Fund’s previous concentration in MLP investments, however, the Fund was not previously eligible to elect to be treated as a regulated investment company. Accordingly, the Fund was taxed as a regular corporation, or a “C” corporation, for U.S. federal income tax purposes, and subject to state and local taxes as a regular corporation. Changes in tax laws, regulations or interpretations of those laws or regulations in the future could adversely affect the Fund or the Energy Companies in which the Fund will invest.

Small- and mid-cap stocks are often more volatile and less liquid than large-cap stocks. Smaller companies generally face higher risks due to their limited product lines, markets, and financial resources. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner. High yield securities have speculative characteristics and present a greater risk of loss than higher quality debt securities. These securities can also be subject to greater price volatility.

The Fund is non-diversified. By concentrating in a smaller number of investments, the Fund's risk is increased because each investment has a greater effect on the Fund's performance.

The investment strategies, practices, and risk analysis used by the Subadvisor may not produce the desired results.

Disclosure

1. POP (Public Offering Price) is the NAV (Net Asset Value) plus a sales charge. All POPs are subject to revision and include the maximum sales charge.

2. Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions. Effective after the close of business 5/30/16, MainStay Cushing® Royalty Energy Income Fund was renamed MainStay Cushing Energy Income Fund. Performance for Class A, C, and I shares reflect the performance of the then-existing Class A, C, and I shares of Cushing Energy Income Fund (which was subject to a different fee structure) for periods prior to 7/11/14, restated to reflect current sales charges. Performance for Investor Class shares reflects the historical performance of Class A shares adjusted to reflect differences in fees and expenses. Unadjusted, the performance of the new class would likely have been different. Class I shares are generally available only to corporate and institutional investors.

4. No sales charge applies to Class A and Investor Class share investments of $1,000,000 or more ($250,000 or more with respect to MainStay California Tax Free Opportunities Fund, MainStay High Yield Municipal Bond Fund, MainStay New York Tax Free Opportunities Fund, MainStay Tax Advantaged Short Term Bond Fund, and MainStay Tax Free Bond Fund; or $500,000 or more with respect to MainStay Floating Rate Fund and MainStay Short Duration High Yield Fund). Effective January 1, 2017, a CDSC of 1% may be imposed on certain redemptions of such shares within 24 months of the date of purchase.

Investment Definitions

The S&P 500® Index is an unmanaged index and is widely regarded as the standard for measuring large-cap U.S. stock-market performance. Index results assume the reinvestment of all capital gain and dividend distributions. The securities holdings and volatility of the Fund differ significantly from the stocks that make up the S&P 500 Index. An investment cannot be made directly into an index.

The P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the Fund's portfolio. The P/B Ratio (price-to-book) is the weighted average of all the P/Bs of the securities in the Fund's portfolio. Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the Fund's portfolio. ROE is calculated by dividing net income by book value. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's. Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage. R-Squared measures the percentage of a fund's movements that result from movements in the index. The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation. The Annual Turnover Rate is as of the most recent annual shareholder report. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the Fund's benchmark.