MainStay Cushing Renaissance Advantage 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:
    42 years

  • Saket Kumar
  • Saket Kumar – MainStay Cushing Funds Manager

    Fund's Manager:
    Since Inception

    Industry Experience:
    14 years

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

    Fund's Manager:
    Since Inception

    Industry Experience:
    16 years

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

Fund Objective: Seeks total return.

  • Investment Strategy and Process
    Under normal market conditions, the Fund invests at least 80% of its assets in companies across the energy supply chain spectrum, including upstream (exploration and production), midstream (transportation and storage), and downstream (refining and marketing) energy companies, as well as industrial, manufacturing, and transportation companies. The Fund is non-diversified and may invest in companies of any market capitalization size.

    The Fund will invest no more than 25% of its managed assets in securities of energy master limited partnerships (MLPs).

    The Subadvisor employs an investment process involving fundamental and quantitative analysis. The Fund is actively managed and the quantitative analysis is dynamic in conjunction with the Subadvisor’s proprietary research process.

    The Subadvisor selects a core group of investments utilizing a proprietary quantitative ranking system, and seeks to build a strategically developed portfolio designed to take advantage of changing dynamics in the energy, industrial and manufacturing, and transportation and logistics sectors.

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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: 1.74%, INV: 1.88%, C: 2.60%, I: 1.46%. Net annual fund operating expenses after recoupments/waivers/reimbursements are: Class A: 1.61%, INV: 1.75%, C: 2.47%, I: 1.33%.

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 reflect contractual fee waivers and/or expense limitation agreements in effect through 4/1/16 and 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.

Before You Invest

The Fund’s investments will be concentrated issuers in the energy sector. Because the Fund will be concentrated in the energy sector, it may be subject to more risks than if it were broadly diversified over numerous industries and sectors of the economy.

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.

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.

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 7/11/14, Cushing® Renaissance Advantage Fund was renamed MainStay Cushing Renaissance Advantage Fund. Performance for Class A, C, and I shares reflect the performance of the then-existing Class A, C, and I shares of Cushing Renaissance Advantage 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.