NYLIM Funds Trust’s revised summary prospectus for the NYLIM Cushing MLP Premier Fund takes effect August 28, 2026, covering four share classes and an Investment policy directing at least 80% of Assets to MLP and MLP-related investments. The update gives investors current details on objectives, expenses, purchase minimums and portfolio management.

Key Highlights

  • The fund’s stated policy directs at least 80% of its assets, including borrowings for investment purposes, to master limited partnerships and MLP-related investments under normal market conditions.
  • Portfolio turnover was 31% of the fund’s average portfolio value during the most recent fiscal year.
  • The fund directs at least 80% of its assets, including investment borrowings, to master limited partnerships and MLP-related investments under normal market conditions.
  • Its objective is to seek current income and Capital appreciation while paying current cash distributions to shareholders when seeking income.

The fund’s stated policy directs at least 80% of its assets, including borrowings for investment purposes, to master limited partnerships and MLP-related investments under normal market conditions. Its objective is to seek current income and capital appreciation.

The fund was previously named NYLI Cushing MLP Premier Fund. The prospectus identifies Cushing Asset Management, LP as subadvisor, with John M. Musgrave and Todd Sunderland jointly responsible for day-to-day portfolio management.

Four Share Classes Covered

The fund’s investment objective includes paying current cash distributions to shareholders when seeking income, regardless of how those distributions are treated for tax or accounting purposes.

New York Life Investment Management Company serves as manager, while Cushing Asset Management, LP serves as subadvisor. Musgrave has served as a portfolio manager since 2020, and Sunderland has held the role since 2024.

The fund’s share classes carry different purchase conditions.

Fee Schedule And Investor Costs

The expense example assumes a $10,000 investment, a 5% annual return and unchanged operating expenses. Under the example, one-year costs are $693 for Class A, $641 for Investor Class, $224 for Class C assuming no redemption, $324 for Class C assuming Redemption at the end of the period and $126 for Class I. The three-year figures are $995, $939, $691, $691 and $393, respectively. At five years, the listed costs are $1,318 for Class A, $1,258 for Investor Class, $1,185 for Class C without redemption, $1,185 for Class C with redemption and $681 for Class I. At ten years, the figures are $2,232, $2,159, $2,544, $2,544 and $1,500 in the same class order.

Portfolio Turnover And Access

The fund’s portfolio turnover rate was 31% of its average portfolio value during the most recent fiscal year.

Source(s)

  • https://www.sec.gov/Archives/edgar/data/1469192/000146919226000189/c497k.htm