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

BEFORE YOU INVEST

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


The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940 and will not elect to be treated as a regulated investment company under the Internal Revenue Code. As a result, there are no regulatory requirements that limit the proportion of the Fund's assets that may be invested in securities of a single issuer. 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 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.

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.

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. 


Alerian MLP Index is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.


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.


An investment cannot be made directly into an index. 


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. 


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


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


Annual Turnover Rate is 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.