New York Life Investments is committed to providing our ...

New York Life Investments is committed to providing our clients with best-in-class investment solutions designed to deliver outcomes that align with investors' long-term financial goals. We constantly monitor our offerings to ensure that they meet our clients' needs and provide the right type of exposure for today's markets balancing appropriate levels of risk and reward.

The MLP and midstream energy infrastructure investor base changed dramatically over the past few years, with institutional investors representing a larger portion of the asset class. These investors place a greater emphasis on companies that generate attractive total return and place less of a focus on those solely achieving the highest level of distribution, which in turn is leading companies to alter the fundamental structures of MLPs.

As a result of evolving investor dynamics, the MLP and midstream energy infrastructure market is likewise evolving through mergers and other simplification transactions, whereby many midstream energy infrastructure companies have moved away from an equity funding model resulting in improved total returns. Many higher yielding MLPs have been acquired by lower yielding entities, resulting in an asset class capable of producing attractive total return, albeit with modestly lower current distribution.

In order for MainStay Cushing MLP Premier Fund to invest in midstream energy infrastructure opportunities, it is critical for the Fund's characteristics to be aligned with the broader industry, focusing on companies that can provide investors with attractive total return. To that end, we would like to make you aware of an upcoming change to the distribution of MainStay Cushing MLP Premier Fund. The Fund's monthly dividend distribution across all share classes will be reduced from $0.1117 to $0.075 per share, effective January 31, 2019.

If you have any questions, please speak with your financial professional. You may also call 800624-6782, option 2, Monday through Friday, 8:30 a.m. to 5:00 p.m. eastern time. For more information about MainStay Funds, please visit our website at funds.

About Risk

There is no assurance that the Funds' objectives will be met. All investments are subject to risk and will fluctuate.

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 before investing. New York Life Investment Management LLC engages the services of federally registered advisors. Cushing? Asset Management, LP is unaffiliated with New York Life Investments.

New York Life Investments is a service mark and name under which New York Life Investment Management LLC does business. New York Life Investments, an indirect subsidiary of New

York Life Insurance Company, New York, New York 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, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors in a Member FINRA/SIPC.

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