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
Fund's Manager:
Since Inception
Industry Experience:
42 years
Kevin P. Gallagher
Fund's Manager:
Since Inception
Industry Experience:
16 years
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Cushing Asset Management, LP
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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.
Investment Strategy and Process
Under normal market conditions, the Fund invests at least 80% of its assets in a portfolio of natural resources infrastructure master limited partnerships (MLPs), focusing primarily on midstream MLPs, which collect, gather, process, and transport natural resources. The Fund is non-diversified and may invest in companies of any market capitalization size.
The Subadvisor seeks to invest in MLPs that have attractive distributions relative to comparable MLPs and available unit pricing, with a focus on investments in MLPs with operations in the development, production, processing, refining, transportation, storage, and marketing of natural resources.
The Subadvisor uses fundamental, proprietary research to seek to identify MLP investments with attractive distribution yields and distribution growth prospects. The amount of cash available for distributions to shareholders will depend on the ability of the underlying energy company investments to make distributions or pay dividends to their investors and the tax character of those distributions.
Class A & INV: 5.5% maximum 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: 1.50%, INV: 1.50%, C: 2.25%, I: 1.25%.
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate, so that upon redemption, shares may be worth more or less than their original cost. Performance figures for Class A, C, and I shares reflect a contractual fee waiver and/or expense limitation agreement in effect through 7/11/16 unless extended by New York Life Investments and approved by the Fund's Board, and without which total returns may have been lower.
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.
Class A & INV: 5.5% maximum 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: 1.50%, INV: 1.50%, C: 2.25%, I: 1.25%.
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate, so that upon redemption, shares may be worth more or less than their original cost. Performance figures for Class A, C, and I shares reflect a contractual fee waiver and/or expense limitation agreement in effect through 7/11/16 unless extended by New York Life Investments and approved by the Fund's Board, and without which total returns may have been lower.
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.
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.
Distribution Yield: The distribution yield measures the percentage return in the form of dividends. It is calculated daily by annualizing the most recent dividend distribution and dividing by the daily share price (NAV or POP). If the Fund did not make a distribution as of the latest scheduled distribution date, "N/A" will be displayed.
12-month Yield: The 12-month yield measures the percentage return in the form of dividends. It is calculated monthly by taking the sum of the trailing 12-month dividend payments divided by the last month's ending share price (NAV or POP) plus any capital gains distributed over previous 12 months. If the Fund did not make any distributions over the previous 12 months, "N/A" will be displayed.
The SEC 30-day Yield is calculated by dividing the net investment income per share for the first 30 days of the month by the offering price per share at the end of that period. The yield reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses. Yield reflects a fee waiver and/or expense limitation agreement without which the 30-day SEC Yield would have been lower.
Dividend distributions are the distribution of a dividend to mutual fund shareholders as of a certain date. The following Funds declare daily dividends: MainStay California Tax Free Opportunities, MainStay Floating Rate, MainStay High Yield Municipal Bond, MainStay Money Market, MainStay New York Tax Free Opportunities, MainStay Tax Advantaged Short Term Bond, and MainStay Tax Free Bond.
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.
Expenses for MainStay Cushing MLP Premier Fund are as of March 31, 2016.
1. Deferred income tax expense/(benefit) represents an estimate of the Fund’s potential tax expense/(benefit) if it were to recognize the unrealized gains/(losses) in the portfolio. This amount may vary greatly over time depending upon the performance of the Fund’s investments.
2. New York Life Investment Management LLC has contractually agreed to waive fees and/or reimburse expenses so that the Total Annual Fund Operating Expenses (excluding taxes, deferred income tax expenses, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Class A, 1.60%; Class C, 2.35% and Class I, 1.35%. This agreement will remain in effect for a two-year period unless extended by New York Life Investment Management LLC and approved by the Board of Trustees of the Fund.
Total and Net Expense Ratio shown are from the most recent Fund prospectus fee table. Net annual operating expenses reflect contractual waivers and/or expense limitations. Total annual operating expenses are absent the waivers and/or limitations.
Before You Invest
All mutual funds are subject to market risk, including possible loss of principal.
Before considering an investment in the Fund, you should understand that you could lose money.
Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions, or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. As a result, an investor could pay more than the market value when buying Fund shares or receive less than the market value when selling Fund shares.
The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. There are currently approximately 120 publicly traded MLPs. The Fund will select its investments in MLPs from this small pool of issuers together with securities issued by any newly public MLPs, and may invest in securities of private MLPs, affiliates of MLPs, and non-MLP issuers, consistent with its investment objective and policies. An investment in the Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer may cause greater fluctuations in the value of the Fund’s shares.
The Fund concentrates its investments in the natural resources sector, with an emphasis on securities issued by MLPs. MLPs and other natural resources sector companies are subject to certain risks, including, but not limited to 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, and operating cash flows of MLPs and other natural resources sector companies and, therefore, their ability to make distributions or pay dividends.
The investment strategies, practices, and risk analysis used by the subadvisor may not produce the desired results.
Distributions made by the Fund to shareholders may be considered ordinary income or non-taxable return of capital. The Fund is organized as a regular or “C” corporation for U.S. federal income tax purposes and is subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state, foreign, and local taxes.
Midstream MLPs gather, process, and transport natural resources.
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 7/11/14, Cushing® MLP Premier Fund was renamed MainStay Cushing MLP Premier Fund. Performance for Class A, C, and I shares reflect the performance of the then-existing Class A, C, and I shares of Cushing MLP Premier Fund (which was subject to a different fee structure) for periods prior to 7/11/14. 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), but a CDSC of 1% may be imposed on certain redemptions of such shares within one year (18 months for MainStay Short Duration High Yield Fund) 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.
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.
