CURZX — MainStay Cushing Energy Income Fund

CURZX Fund Overview

CURZX — MainStay Cushing Energy Income Fund is a US mutual fund managed by New York Life Investments Funds Trust, categorised as Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: New York Life Investments Funds Trust
• Category: Bond
• Assets under management: $17.80M
• Ticker: CURZX
• SEC CIK: 0001469192
• SEC series ID: S000045770
• Share class ID: C000142699

CURZX Investment Objective and Strategy

MainStay Cushing Energy Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by New York Life Investments Funds Trust.

Investment objective

The Fund seeks current income and capital appreciation.

Principal investment strategy

Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of securities of energy companies involved in exploring, developing, producing, transporting, gathering and processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined products or coal (Energy Companies). 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, and may invest in companies of any market capitalization size. Cushing Asset Management, LP, the Funds Subadvisor, selects a core group of Energy Companies utilizing fundamental analysis and seeks to build a strategically developed portfolio to take advantage of the changing dynamics within the upstream energy sector.

The upstream energy sector includes businesses engaged in the exploration and production of energy natural resources, such as crude oil, natural gas and natural gas liquids. The Fund is actively managed, incorporating dynamic analysis of factors such as each issuers financial condition, industry position and relative prospects, as well as market and overall economic conditions. The Subadvisor utilizes its financial and industry experience to identify the absolute and relative value opportunities across the upstream energy sector that, in the Subadvisors view, present the best potential investments for the Fund. The results of the Subadvisors analysis and comprehensive investment process influence the weightings of positions held by the Fund. The Fund will, in normal circumstances, invest more than 25% of its assets (or concentrate its investments) in the natural resources industry, including MLPs operating in such industry.

The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code). Consistent with such intention, the Fund intends to invest no more than 25% of its total assets in securities of master limited partnerships (MLPs) that qualify as publicly traded partnerships (QPTPs), which are treated as partnerships under the Internal Revenue Code. The Subadvisor seeks to invest in Energy Companies that provide dividends or distributions that, in the Subadvisors view, are attractive relative to comparable companies. Among other factors considered, the Subadvisor uses fundamental analysis to seek to identify the most attractive investments with favorable dividend or distribution yields and distribution growth prospects.

Distributions made by the Fund to shareholders may be considered dividend income, non-taxable returns of capital, capital gain or a combination thereof. The Fund may invest up to 25% of its total assets in debt securities, preferred shares and convertible securities of Energy Companies and other issuers provided that such securities are (a) rated, at the time of investment, at least (i) B3 by Moodys Investors Service, Inc. (Moodys), (ii) B- by Standard & Poors Ratings Services (S&P) or Fitch Ratings (Fitch), or (iii) of a comparable rating by another independent rating agency or (b) with respect to up to 10% of its total assets, in debt securities, preferred shares and convertible securities that have lower ratings or are unrated at the time of investment (i.e., rated lower than B3 by Moodys and B- by S&P).

All of the Funds investments in debt securities, preferred shares and convertible securities may consist of securities rated below investment grade (such as those rated Ba or lower by Moodys and BB or lower by S&P), which are commonly referred to as high yield securities or junk bonds and are regarded as speculative with respect to the issuers capacity to pay interest and repay principal in accordance with the terms of the obligations, and are particularly susceptible to adverse conditions. If independent rating agencies assign different ratings for the same security, the Fund will use the higher rating for purposes of determining the credit quality. The Fund may invest in debt securities of any maturity or duration.

CURZX Costs and Fees

CURZX costs about $120 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.20%
• Gross expense ratio: 1.71%
• Portfolio turnover: 34%
• Brokerage commissions: 16.21 bps of average net assets (SEC N-CEN)

CURZX Cashflows

Over the 12 months to 2020-02, MainStay Cushing Energy Income Fund had net inflows of $19.10M, from monthly SEC N-PORT filings.

CURZX Debt Constituents

No individual debt constituents are reported in MainStay Cushing Energy Income Fund's latest SEC N-PORT filing.

CURZX Prospectus and SEC Filings

Official MainStay Cushing Energy Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-04-17
• Prospectus (485BPOS) — filed 2019-04-08
• Prospectus (485BPOS) — filed 2018-04-20
• Portfolio holdings (N-PORT) — filed 2020-04-29
• Portfolio holdings (N-PORT) — filed 2020-01-29
• Annual census (N-CEN) — filed 2020-02-13
• Annual census (N-CEN) — filed 2019-02-13

Related Funds

Other Bond funds tracked on ABC INVEST:

• Great-West T. Rowe Price Equity Income Fund (MXTQX)
• Absolute Return Currency Fund (JCUAX)
• ICON Flexible Bond Fund (IOBCX)
• Tributary Growth Opportunities Fund (FOGRX)
• Oakhurst Fixed Income Fund (FWFIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.