|[July 14, 2014]
New Mainstay Cushing® Funds Bring U.S. Energy Renaissance to Investors
NEW YORK --(Business Wire)--
MainStay Investments, a New York Life company, today announced that it
has finalized the adoption of three Cushing® Funds with
approximately $2 billion in assets under management. The fund adoptions
are part of MainStay's new subadvisory relationship with Cushing®
Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, a
Dallas-based leading manager of master limited partnerships ("MLPs") and
other energy-related investments with approximately $4.3 billion in
assets under management as of June 30, 2014.
"The U.S. Energy Renaissance is one of the great economic stories of our
time, and we are delighted to offer investors access to the growth
potential of this sector through MainStay Cushing Funds," said Stephen
Fisher, president of MainStay Investments. "The Cushing team's extensive
expertise across the entire energy value chain allows investors to take
part in income and growth opportunities sparked by this renaissance, and
invest in growing our supply of cheap and abundant energy. Energy MLPs
can also offer attractive historical yields, diversification through a
low correlation to other asset classes, and competitive performance
compared with stocks, bonds and inflation. We are pleased to welcome
Cushing to MainStay's broad and growing suite of
non-traditional investment solutions for financial advisors and their
Founded in 2003, Cushing was one of the pioneers of fund structures for
investing in MLPs and other energy-related companies. Each new MainStay
Cushing Fund takes a specific approach to energy investing.
The MainStay Cushing® MLP Premier Fund
invests primarily in MLPs focused on the midstream energy sector,
which generally includes businesses engaged in the transportation and
storage of natural resources.
The MainStay Cushing® Royalty Energy
Income Fund invests primarily in U.S. and Canadian royalty trusts
and exploration and production MLPs.
Both the MLP Premier and Royalty Energy Income Funds seek current
income and capital appreciation utilizing fundamental, proprietary
research to seek to identify investments with the most attractive
distribution yields and distribution growth prospects.
Complementing the MLP and Energy Trust-focused funds, the MainStay
Cushing Renaissance Advantage Fund is one of the first mutual
funds focused on the emerging U.S. Energy Renaissance, investing
thematically in energy, industrial, manufacturing and transportation
companies positioned to benefit from increasing U.S. production of
crude oil and natural gas and lower relative domestic energy costs.
"As the U.S. produces more crude oil, natural gas and natural gas
liquid, we're seeing a parallel expansion of energy-related
investments," said Cushing's founder, Jerry Swank. "Investment selection
and active management are essential in this environment, and we believe
our team's deep sector experience can give shareholders a competitive
edge. We are thrilled to partner with MainStay, a leader in the mutual
fund industry and an affiliate of the largest mutual life insurance
company in the United States, to deliver access to the U.S. Energy
Renaissance for a wider range of investors."
Having been approved by the Funds' shareholders, the following Funds
have become a part of the MainStay family of funds: MainStay Cushing MLP
Premier Fund ("Premier") (A Class: CSHAX, C Class: CSHCX, I Class:
CSHZX, Inv Class: CSHNX), MainStay Cushing Royalty Energy Income Fund
("Royalty Energy") (A Class: CURAX, C Class: CURCX, I Class: CURZX, Inv
Class: CSHNX), and MainStay Cushing Renaissance Advantage Fund
("Renaissance") (A Class: CRZAX, C Class: CRZCX, I Class: CRZZX, INV
Class: CSHNX ), (together, the "MainStay Cushing Funds"). MainStay
Investments now serves as the MainStay Cushing Funds' investment manager
with Cushing as subadvisor, continuing to be responsible for the
day-to-day portfolio management of the Funds.
For more information, please visit www.mainstayinvestments.com\cushing.
About MainStay Investments
With approximately $105 billion in assets under management as of June
30, 2014 across retail mutual funds and variable product sub-accounts,
MainStay Investments is the mutual fund distribution arm of New York
Life. MainStay provides financial advisors access to a powerful mix of
autonomous, institutional investment managers, delivered by people who
understand the needs of today's financial advisor. As an indirect
wholly-owned subsidiary of New York Life Insurance Company, a Fortune
100 company founded in 1845, MainStay is owned by the largest mutual
life insurance company in the United States* and one of the largest life
insurers in the world. Please visit www.mainstayinvestments.com
for more information.
About Cushing® Asset Management
With approximately $4.3 billion in assets under management, as of June
30, 2014, Cushing® Asset Management, LP, ("Cushing"), is a wholly-owned
subsidiary of Swank Capital, LLC and an SEC (News - Alert)-registered investment
adviser headquartered in Dallas, Texas. Cushing serves as investment
adviser to affiliated funds which invest primarily in securities of MLPs
and other natural resource companies. Cushing has continually expanded
its platform of MLP-related investment products, leveraging extensive
industry contacts and comprehensive research depth to drive both passive
and actively managed investment opportunities for individual and
institutional investors. Cushing seeks to identify and exploit
investment niches it believes are generally less understood and less
followed by the broader investor community. Please visit Cushing's
website at www.swankcapital.com
for more information.
For additional information, please contact:
*Based on revenue as reported by "Fortune 500 ranked within Industries,
Insurance: Life, Health (Mutual)," Fortune magazine, 6/16/14. For
methodology, please see http://fortune.com/fortune500/.
For more information about MainStay Funds®, call 800-MAINSTAY (624-6782)
for a prospectus or summary prospectus. Investors are asked to consider
the investment objectives, risks, and charges and expenses of the
investment carefully before investing. The prospectus or summary
prospectus contains this and other information about the investment
company. Please read the prospectus or summary prospectus carefully
The MainStay Funds® are managed by New York Life Investment Management
LLC and distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue,
Parsippany, NJ 07054, a wholly owned subsidiary of New York Life
Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.
MainStay Investments® is a registered service mark and name
under which New York Life Investment Management LLC does business.
MainStay Investments, an indirect subsidiary of New York Life Insurance
Company, New York, NY 10010, provides investment advisory products and
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