Cromwell Marketfield L/S Fund

Expense Ratios (gross/net): Institutional 2.38%/2.24%, Investor 2.63%/2.49%, Class C 3.38%/3.24%

Inception dates for the Institutional Class, Investor Class and Class C shares are 7/31/07, 10/5/12, and 10/5/12, respectively. Index return since the inception of the Institutional Class on 7/31/07.

The Fund’s Investment Manager has contractually agreed to limit fund operating expenses through 3/14/24. Please refer to the prospectus for detailed information.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund the number years ago as indicated. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 855.625.7333.

During the past 10 years, the Fund was a series of different registered investment companies. The Fund launched on 7/31/07 as a series of Trust for Professional Managers (TPM). The Fund reorganized into the MainStay Marketfield Fund as a series of Mainstay Funds Trust on 10/5/12. On 4/8/16, the Fund reorganized back into the Marketfield Fund (the Predecessor Fund) as part of TPM where it remained until 3/14/22, when it reorganized into the Fund. The Fund has adopted the performance and financial history of the Predecessor Fund. Performance information shown prior to the close of business on 3/14/22, is that of the Predecessor Fund. Performance figures for Investor Class shares are those of the former Class A shares, unadjusted. The returns reflect the imposition of the Class A sales load. Going forward, Investor Class shares will have no sales load. The former Class A shares include the historical performance of the Single Class of shares offered by the Fund from 7/31/07 to 10/5/12, and were adjusted to reflect differences in fees and expenses. Performance figures for Institutional Class shares are those of the former Class I shares, unadjusted. The former Class I shares include the historical performance of the Single Class of shares offered by the Fund from 7/31/07 to 10/5/12. Performance figures for Class C shares include the historical performance of the Single Class of shares offered by the Fund from 7/31/07 to 10/5/12, and were adjusted to reflect differences in fees and expenses. The Predecessor Fund had the same investment objectives, strategies and portfolio management team as the Fund as of the date of the reorganization.