tree ring trunk banner
.

Morningstar Low Carbon Designation Morningstar Low Carbon Designation
Morningstar Sustainability Rating
Contact Us

   

NYLIM Cushing MLP Premier Fund  Class A: CSHAX | Class C: CSHCX | Class I: CSHZX | Class INV: CSHNX

BEFORE YOU INVEST

Fund-Specific Risk


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


The Fund is non-diversified, which means it may invest a greater percentage of its assets in a limited number of issuers than a diversified fund. As a result, an adverse event affecting a single issuer may have a greater impact on the Fund's performance.


The Fund concentrates its investments in the natural resources industry, including master limited partnerships (“MLPs”) and other natural resources sector companies**. As a result, the Fund may be more susceptible to risks affecting the natural resources industry than a fund that invests across a broader range of industries. MLPs and other natural resources sector companies may be adversely affected by, among other things, fluctuations in energy commodity prices, changes in supply and demand, the cyclical nature of the natural resources sector, changes in interest rates, regulatory or environmental developments, extreme weather and other events affecting energy-related businesses. These factors may negatively affect the value of the Fund's investments and the ability of portfolio companies to make distributions or pay dividends. Investments in MLPs also involve structural and tax risks. Changes in tax laws or the tax treatment of MLPs could reduce the amount of cash available for distribution by an MLP and adversely affect the value of the Fund's investments. The Fund seeks current income and capital appreciation and intends to pay current cash distributions to shareholders regardless of the character of those distributions for tax or accounting purposes.


Distributions made by the Fund may consist of dividend income, capital gains, non-taxable return of capital or a combination thereof. A return of capital reduces a shareholder's tax basis in Fund shares, which may result in a higher taxable gain or lower taxable loss when the shares are sold.


The investment strategies, practices and risk analyses used by the Fund's Subadvisor may not produce the desired results or expected returns.


Tax Information


The Fund's distributions are generally taxable to shareholders as ordinary income, capital gains, or a combination of the two, unless shares are held through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account.


The Fund intends to qualify as a regulated investment company for federal income tax purposes annually. If the Fund does not qualify, it could incur a tax liability and would not be eligible to pay capital gain distributions.


Index Definitions


Alerian U.S. Midstream Energy Index is a broad based composite of U.S. energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, is comprised of constituents who earn the majority of their cash flow from midstream activities involving energy commodities.


Alerian Midstream Energy Select Index is generally representative of the market sectors or types of investments in which the Fund invests.


Cushing MLP Premier Tiered Index is a blended benchmark that reflects the returns of the Alerian MLP Index prior to December 1, 2020, and the Alerian Midstream Energy Select Index thereafter.


Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. Index performance is for illustrative purposes only and does not represent actual Fund performance.


Financial Terms


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.


Alpha: Measures the deviation between a security or portfolio's actual returns and its expected performance based on risk (beta). It signifies the value a portfolio manager adds or subtracts.


Beta: 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. 


R-Squared: Measures the percentage of a fund's movements that result from movements in the index.


Sharpe Ratio: The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation.


The Annual Turnover: Measures how quickly securities in the Fund are either bought or sold during the 12 months as of the most recent annual shareholder report.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.