Energy income investors capitalizing on the U.S. Energy Renaissance

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1 Cushing Asset Management, LP Energy income investors capitalizing on the U.S. Energy Renaissance Cushing Asset Management, LP, founded in 2003, is an independently owned investment advisory firm specializing in Master Limited Partnerships (MLPs) and other energy-related companies. Cushing was one of the pioneers of fund structures for investing in MLPs, as well as a creator of products for investors to access the U.S. Energy Renaissance. Advancements in shale drilling technologies have allowed the U.S. to increase production of crude oil, natural gas, and natural gas liquids, creating a competitive cost advantage for the U.S. as energy prices here are considerably lower than in Europe, Asia, and most other parts of the world. Cushing believes this domestic energy advantage will benefit the U.S. economy, especially the U.S. energy value chain and its broader beneficiaries. Focus on deep fundamental research Cushing applies both fundamental and quantitative analysis. The firm has developed a relentless research culture, focused on performing detailed and comprehensive company analysis, to identify opportunities in energy MLPs and energy-related companies. They focus on companies with a distinct, material, and sustainable advantage due to the U.S. Energy Renaissance. Comprehensive risk management MLPs and U.S. Energy Renaissance companies require a custom risk management approach, given their position at the intersection of the equity and energy markets. Cushing looks at three primary areas of risk: companyspecific risk, energy infrastructure industry risk, and macro and equity market risk. Cushing created proprietary risk management tools including the assessment of the econometric makeup of these securities, which is critical to understanding potential risks of investing in them. Diverse professionals The Cushing investment team has a solid track record in translating the dynamics of the U.S. Energy Renaissance themes and fundamental analysis into portfolio performance. Team members have diverse backgrounds that have prepared them for this specialized profession, including experience as energy consultants, energy engineers, asset allocators, wealth advisors, and investment bankers. Cushing s U.S. Energy Renaissance Thesis Spans across the Energy Value Chain and into Industrial, Manufacturing, and Transportation Sectors Upstream Downstream U.S. Energy Renaissance Beneficiaries Midstream U.S. Industrial, Manufacturing, and Transportation Sectors Upstream Owning Exploration and production companies primarily engaged in the production and development of crude oil, natural gas, and natural gas liquids. Midstream Moving Transportation and storage companies focused on transporting, processing and storing crude oil, refined productions, natural gas liquids, and natural gas. Downstream Using End users are companies using and upgrading hydrocarbons for sale and use by retail and industrial users. U.S. Industrial, Manufacturing, and Transportation Sectors U.S. industrial, manufacturing, and transportation companies expected to benefit from lower energy costs compared to global costs.

2 Cushing s investment approach is active and fundamental research-based, with integrated risk management. Portfolio management team Jerry V. Swank, Managing Partner Mr. Swank founded Swank Capital, LLC, the parent of Cushing Asset Management, in He has 40 years of experience in investment management and research analysis. Mr. Swank was formerly President and CEO of John S. Herold, Inc., an oil and gas research/consulting company (now part of IHS Herold). He spent 14 years with CS First Boston, where he was a Director and Southwestern Regional Sales Manager. He worked for seven years as a buy-side analyst and portfolio manager. Mr. Swank holds a BA in Economics (University of Missouri) and an MBA (University of North Texas). Mr. Swank has served on the boards of John S. Herold, Inc., Matador Petroleum, and Advantage Acceptance Inc. Kevin P. Gallagher, CFA, Portfolio Manager Mr. Gallagher joined Cushing Asset Management in For five years prior to joining Cushing Asset Management, Mr. Gallagher was a Senior Research Associate with RBC Capital Markets covering the diversified energy, E&P, and MLP sectors. Mr. Gallagher s career in the investment business also includes four years at GMAC-RFC, where he helped manage a portfolio of cash and investments. Mr. Gallagher earned a BS in Economics with Finance, a minor in Philosophy, and an MBA from Southern Methodist University. He holds the Chartered Financial Analyst designation. Judd B. Cryer, Portfolio Manager Mr. Cryer has worked in investment management and equities research, focused on the energy sector, since 2005 and had previously worked in the consulting engineering field since Before joining Cushing Asset Management in 2005, he spent three years as a Consulting Engineer with Utility Engineering Corporation in the power generation and utilities industries. Prior to that he worked for three years as a Project Manager with John Zink Company, a Koch Industries company, in the petrochemical equipment sector. Mr. Cryer earned his MBA with a concentration in Finance from Southern Methodist University and his BS in Mechanical Engineering from Oklahoma State University. Saket Kumar, Portfolio Manager Mr. Kumar has worked in investment management and investment banking, focused on the energy and industrials sectors since Before joining Cushing Asset Management, he was an Analyst at Citadel Investment Group in their long-short market neutral hedge fund strategy, an investment banker at Bear Stearns, and a Marine Engineer at Anglo Eastern Ship Management. Mr. Kumar earned his MBA in Finance and Accounting from Cox School of Business at Southern Methodist University and a Bachelor s in Engineering from Marine Engineering and Research Institute in India. He joined Cushing Asset Management in Matthew Lemme, CFA, Portfolio Manager Mr. Lemme has worked in investment management, management consulting, and investment banking since 1998, with a focus on the energy sector since Prior to joining Cushing Asset Management, he was most recently a Managing Director at Highland Capital Management as well as an Equity Research Analyst at UBS. Mr. Lemme earned a BS in Management from Villanova University and an MBA from The University of Texas at Austin s McCombs School of Business. He joined Cushing Asset Management in 2012.

3 Cushing strives to master the drivers and nuances of each sector or sub-sector in order to seek the best opportunities for their portfolios. For more information about Funds, contact your financial professional or visit mainstayinvestments.com/cushing. Funds Alternative Funds MLP Premier Fund Royalty Energy Income Fund Renaissance Advantage Fund MainStay Absolute Return Multi-Strategy Fund NASDAQ Symbols A CSHAX Inv CSHNX C CSHCX I CSHZX A CURAX Inv CURNX C CURCX I CURZX A CRZAX Inv CRZNX C CRZCX I CRZZX A MSAKX Inv MSANX C MSHEX I MSNIX Morningstar/Lipper Category Energy Limited Partnership/ Energy MLP Funds Equity Energy/ Energy MLP Funds Natural Resources/ Natural Resources U.S. Multi-alternative/ Alternative Multi-Strategy Investment Objective and Overview Seeks current income and capital appreciation by investing primarily in MLPs. Seeks current income and capital appreciation by investing in energy-related trusts and MLPs. Seeks total return by investing across the energy supply chain. Seeks long-term growth of capital by investing in distinct and complementary alternative investment strategies. Before you invest All mutual funds are subject to market risk, including possible loss of principal. Before considering an investment in the Funds, you should understand that you could lose money. The Funds are non-diversified, open-end management investment companies under the Investment Company Act of 1940, as amended (the 1940 Act ). Accordingly, the Funds may invest a greater portion of their assets in a more limited number of issuers than a diversified fund. There are currently approximately 120 publicly traded MLPs. The Funds will select their 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 their investment objective and policies. An investment in the Funds 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 Funds shares. The investment strategies, practices, and risk analysis used by the subadvisor may not produce the desired results. MLP Premier Fund: MLPs and Other Natural Resources Sector Companies Risks: Under normal circumstances, 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, 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, and operating cash flows of MLPs and other natural resources sector companies and, therefore, their ability to make distributions or pay dividends; construction risk, development risk, acquisition risk or other risks arising from their specific business strategies; extreme weather conditions could adversely affect their securities; the amount of cash that the Fund has available to distribute to shareholders will depend on the ability of the companies in which the Fund has an interest to make distributions or pay dividends to their investors, the tax character of those distributions or dividends, and the U.S. federal, state, and local income taxes imposed on the Fund as a regular corporation (or C corporation); the profitability of MLPs and other natural resources sector companies is subject to significant foreign, federal, state, and local regulation in virtually every aspect of their operations and could be adversely affected by changes in the regulatory environment; there is an inherent risk that MLPs may incur environmental costs and liabilities due to the nature of their businesses and the substances they handle and the possibility exists that stricter laws, regulations, or enforcement policies could significantly increase the compliance costs of MLPs, and the cost of any remediation that may become necessary, which MLPs may not be able to recover from insurance; the operations of MLPs and other natural resources sector companies are subject to many hazards inherent in their business and since the September 11th terrorist attacks, the U.S. government has issued warnings that energy assets, specifically U.S. pipeline infrastructure, may be targeted in future terrorist attacks.

4 Renaissance Advantage Fund and Royalty Energy Income Fund Concentration Risk: The Funds investments will be concentrated in issuers in the energy sector. Because the Funds will be concentrated in the energy sector, they may be subject to more risks than if they were more broadly diversified over numerous industries and sectors of the economy. Royalty Energy Income Fund and MLP Premier Fund: Holders of MLP units are subject to certain risks inherent in the structure of MLPs, including (i) tax risks, (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights, except with respect to extraordinary transactions, and (iv) 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, including those arising from incentive distribution payments or corporate opportunities. The investment strategy of investing primarily in MLPs and being treated as a regular corporation, or C corporation, rather than electing to be treated as a regulated investment company for U.S. federal income tax purposes, is a relatively new investment strategy for open-end registered investment companies such as the Funds. This strategy involves complicated and, in some cases, unsettled accounting, tax, and net asset and share valuation aspects that cause Royalty Energy Income Fund and MLP Premier Fund to differ significantly from most other open-end registered investment companies. This may result in unexpected and potentially significant accounting, tax, and valuation consequences for the Funds and for their shareholders. In addition, accounting, tax, and valuation practices in this area are still developing, and there may not always be a clear consensus among industry participants as to the most appropriate approach, which may result in changes over time in the practices applied by the Funds, which, in turn, could have material adverse consequences on the Funds and their shareholders. Renaissance Advantage Fund: 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. Royalty Energy Income Fund: Unlike U.S. royalty trusts, Canadian royalty trusts and exploration and production companies may engage in the acquisition, development and production of natural gas and crude oil to replace depleting reserves. They may have employees, issue new shares, borrow money, acquire additional properties, and may manage the resources themselves. As a result, Canadian royalty trusts and Canadian exploration and production companies are exposed to commodity risk and production and reserve risks, as well as operating risk. MainStay Absolute Return Multi-Strategy Fund: Before considering an investment in the Fund, you should understand that you could lose money. Short positions pose a risk because they lose value as a security s price increases; therefore, the loss on a short sale is theoretically unlimited. As a result, these funds may not be suitable for all investors. Floating rate loans are generally subject to restrictions on resale and they sometimes trade infrequently in the secondary market, and as a result may be more difficult to value, buy, or sell. A floating rate loan might not be fully collateralized, which may cause the floating-rate loan to decline significantly in value. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets. The Fund may invest in derivatives, which may increase the volatility of the Fund s NAV and may result in a loss to the Fund. 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 which is the possibility that the bond issuer may fail to pay interest and principal in a timely manner. High yield/non-investment grade bonds involve greater price volatility and risk of default than investment grade bonds. Small- and mid-cap stocks are often more volatile than large-cap stocks. Smaller companies generally face higher risks due to their limited product lines, markets and financial markets. Investments in depository receipts may entail the special risks of foreign investing, including currency exchange fluctuations, government regulations, and the potential for political and economic instability. The risks of owning an Exchange Traded Fund ( ETF ) generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund s investment in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule if interest rates fall, thereby reducing the value of the fund s investment. If interest rates rise, less of the debt may be prepaid and the fund may lose money. The Master Limited Partnerships ( MLPs ) and Other Energy Companies strategy seeks to deliver both high current income and total return by investing in a portfolio of domestic and foreign publicly traded partnerships and/or other issuers (including U.S. and Canadian royalty trusts and Canadian energy companies) engaged in the transportation, storage, processing, refining, marketing, exploration, production or mining of crude oil, natural gas, minerals or other natural resources ( Energy Companies ). The Subadvisor implements this strategy by identifying companies it believes will benefit from increased crude oil, natural gas, or natural gas liquids production resulting in greater energy infrastructure needs. The Fund will invest no more than 25% of its total assets in securities of MLPs that are qualified publicly traded partnerships ( QPTPs ), which are treated as partnerships for U.S. federal income tax purposes. For more information about MainStay Funds, call 800-MAINSTAY ( ) 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 before investing. For more information 800-MAINSTAY ( ) mainstayinvestments.com New York Life Investments engages the services of Cushing Asset Management, LP, an unaffiliated, federally registered investment advisor, to subadvise the Funds. 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 services. The MainStay Funds are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey 07054, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC. Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency Multi-Boutique Investments Long-Term Perspective Thought Leadership mainstayinvestments.com MS MSCU02a-12/15

5 Effective April 1, 2016, the address for NYLIFE Distributors LLC will be 30 Hudson Street, Jersey City, NJ instead of 169 Lackawanna Avenue, Parsippany, NJ MS MS08i-02/16