NEW
YORK, April 14, 2022 /PRNewswire/ -- MainStay
CBRE Global Infrastructure Megatrends Fund (the "Fund") (NYSE:MEGI)
has announced the sources of its monthly distribution of
$0.1083 per share paid to all
shareholders as of record date April 14,
2022, pursuant to the Fund's managed distribution
policy.
The following table sets forth the estimated sources of income
of the current distribution, and the cumulative distributions paid
this fiscal year to date from the following sources: net investment
income, net realized short-term capital gains, net realized
long-term capital gains and return of capital or other capital
source. All amounts are expressed on a per share of common stock
basis and as a percentage of the distribution amount.
Data as of
4/30/2022
|
Source
|
Current
Distribution per
Share
|
Percent of
Current
Distribution
|
Fiscal
YTD
Cumulative
Distribution per Share
|
Fiscal YTD Percent
of
Total Cumulative
Distributions
|
Net Investment
Income
|
$0.0995
|
92%
|
$0.4099
|
95%
|
Net Realized
Short-
Term Capital Gains
|
$0.0081
|
7%
|
$0.0218
|
5%
|
Net Realized
Long-
Term Capital Gains
|
$0.0007
|
1%
|
$0.0015
|
0%#
|
Return of Capital
or
Other Capital Sources
|
$-
|
-%
|
$-
|
-%
|
Total per
Share
|
$0.1083
|
100%
|
$0.4332
|
100%
|
# Less than
1%.
|
|
Fund Performance and
Distribution Rate Information as of 3/31/2022
|
|
Average annual total
return1 (in relation to the net asset value
(NAV))
|
6.02%
|
Annualized current
distribution rate expressed as a percentage of month end NAV as
of
3/31/2022
|
6.23%2
|
Cumulative total
return3 (in relation to NAV (not annualized)) for the
fiscal period ending
3/31/2022
|
6.02%
|
Cumulative fiscal year
distribution rate as a percentage of NAV as of 3/31/2022
|
1.56%2
|
|
1. Represents the
cumulative total return in relation to the change in NAV from
inception (10/27/2021) through 3/31/2022.
|
2. The Fund
commenced investment operations on 10/27/2021.
|
3. Represents the
cumulative total return in relation to the change in NAV for the
fiscal period 10/272021 through 3/31/2022.
|
|
The Fund has adopted a managed distribution policy (the
"Distribution Policy"), pursuant to a Securities and Exchange
Commission exemptive order, with the goal of providing shareholders
with a consistent, although not guaranteed, monthly distribution.
The Fund's monthly distribution is set by its Board of Trustees.
The Board reviews the Fund's distribution on a quarterly basis in
view of its net investment income, realized and unrealized gains,
and other net unrealized appreciation or income expected during the
remainder of the year. The Fund strives to establish a level
monthly distribution that, over the course of the year, will serve
to distribute an amount closely approximating the Fund's net
investment income and net realized capital gains during the year.
There is no assurance the Fund will continue to pay regular monthly
distributions or that it will do so at a particular rate.
You should not draw any conclusions about the Fund's
investment performance from the amount of this distribution or from
the terms of the Fund's Distribution Policy.
Please note: The amounts and sources of distributions
reported in this 19(a) Notice are only estimated and are not being
provided for tax reporting purposes. The actual amounts and sources
of income of the amounts for tax reporting purposes will depend on
the Fund's investment experience during the remainder of its fiscal
year and may be subject to changes based on tax regulations. The
Fund will send you a Form 1099-DIV for the calendar year that will
tell you how to report these distributions for federal income tax
purposes.
The Fund is a closed-end fund, which is traded on the New York
Stock Exchange and invests primarily in income-producing equity
securities issued by infrastructure companies. Holdings are subject
to change. Past performance is no guarantee of future results.
The Fund's daily New York Stock Exchange closing prices, net
asset values per share, as well as other information are available
by clicking here or by calling the Fund's shareholder servicing
agent (855) 456-9683.
Before considering an investment in the Fund, you should
understand that you could lose money. There are risks inherent in
all investments. The Fund's risks include:
New Fund Risk: The Fund is a new fund which may result in
additional risk. There can be no assurance that the Fund will grow
to an economically viable size, in which case the Fund may cease
operations. In such an event, investors may be required to
liquidate or transfer their investments at an inopportune time.
No Operating History Risk: The Fund is a recently
organized, non-diversified, closed end management investment
company with no operating history. It is designed for long term
investing and not as a vehicle for trading. Shares of closed end
investment companies frequently trade at a discount from their NAV.
This risk may be greater for investors expecting to sell their
shares in a relatively short period of time after completion of the
public offering.
Limited Term Risk: Unless action is otherwise taken by
the Board in accordance with the Declaration of Trust, the Fund
will commence the process of liquidation and dissolution at the
close of business on December 15,
2033 (the "Termination Date"). The Fund will not seek to
return an initial investment in common shares by an investor on the
Termination Date. Instead, the Fund will distribute an amount equal
to the Fund's NAV at that time, which may be greater or less than
an investor's initial investment.
Infrastructure Industry Risk: The Fund is particularly
exposed to adverse economic, regulatory, political, legal,
geographical, and other changes affecting the issuers of
infrastructure related securities. Infrastructure related companies
are subject to a variety of factors that may adversely affect their
business or operations, including high interest costs in connection
with capital construction programs, difficulties in obtaining
financing for construction programs, costs associated with
environmental and other regulations, the effects of economic
slowdown, surplus capacity, increased competition from other
providers of services, uncertainties concerning the availability of
fuel at reasonable prices, the effects of energy conservation
policies, changes in market sentiment and other factors.
Additionally, infrastructure related companies may be subject to
regulation by various governmental authorities, may also be
affected by governmental regulation of rates charged to customers,
service interruption, and/or legal challenges due to environmental,
operational, the imposition of special tariffs and changes in tax
laws, regulatory policies, and accounting standards. There is also
the risk that corruption may negatively affect infrastructure
projects, resulting in delays and cost overruns.
Leverage Risk: The use of leverage creates an opportunity
for increased common share net investment income dividends, but
also creates risks for the holders of common shares. Leverage is a
speculative technique that exposes the Fund to greater risk, and
increased costs. Leverage may cause greater changes in the Fund's
NAV. The Fund will also have to pay interest on its borrowings, if
any, which may reduce the Fund's return.
Equity Securities Risk: Equity securities prices have
historically experienced periods of significant volatility,
particularly during recessions or other periods of financial
stress. Common stock prices, like other equity securities may be
affected by macroeconomics and other factors affecting the stock
market in general, including financial or political conditions that
m ay affect particular industries, or the economy in general.
Preferred stocks are subject to issuer specific risks, in addition
to the general equity risks, and unlike common stocks,
participation in the growth of an issuer may be limited.
Foreign Securities Risk: Foreign securities can be
subject to greater risks than U.S. investments, including currency
fluctuations, less liquid trading markets, greater price
volatility, political and economic instability, less publicly
available information, and changes in tax or currency laws or
monetary policy. These risks are likely to be greater for emerging
markets than in developed markets.
Convertible Securities Risk: The value of a convertible
security, which is a form of hybrid security (i.e., a security with
both debt and equity characteristics), typically increases or
decreases with the price of the underlying common stock. In
general, a convertible security is subject to the market risks of
stocks, and its price may be as volatile as that of the underlying
stock, when the underlying stock's price is high relative to the
conversion price, and a convertible security is subject to the
market risks of debt securities, and is particularly sensitive to
changes in interest rates, when the underlying stock 's price is
low relative to the conversion price. The general market risks of
debt securities that are common to convertible securities include,
but are not limited to, interest rate risk and credit risk, they
are subject to the risk that the issuer will not be able to pay
interest or dividends when due; and their market value may change
based on changes in the issuer's credit rating or the market's
perception of the issuer's creditworthiness.
Debt Securities Risk: The risks involved with investing
in debt securities include (without limitation) Credit risk the
risk that an issuer, guarantor, or liquidity provider of a debt
security may be unable or unwilling, or may be perceived (whether
by market participants, ratings agencies, pricing services or
otherwise) as unable or unwilling, to make timely principal and/or
interest payments, or to otherwise honor its obligations.
Maturity Risk: Maturity is the average expected repayment
date of the Fund's portfolio, taking into account the expected
final repayment dates of the securities in the portfolio. A debt
security with a longer maturity may fluctuate in value more than a
debt security with a shorter maturity. Therefore, the NAV of the
Fund that holds debt securities with a longer average maturity may
fluctuate in value more than the NAV of the Fund that holds debt
securities with a shorter average maturity.
Investment and Market Discount Risk: An investment in the
Fund's Common Shares is subject to investment risk, including the
possible loss of the entire principal amount that you invest. As
with any stock, the price of the Fund's Common Shares will
fluctuate with market conditions and other factors. At any point in
time an investment in the Fund's Common Shares may be worth less
than the original amount invested, even after taking into account
distributions paid by the Fund. The Fund uses leverage, which will
magnify the Fund's investment, market, and certain other risks.
Dividend Paying Securities Risk: Dividends the Fund
receives on common stocks are not fixed but are declared at the
discretion of an issuer's board of directors. There is no guarantee
that the issuers of the securities held by the Fund will declare
dividends in the future or that, if dividends are declared, they
will remain at their current levels or increase over time. The
Fund's emphasis on dividend paying securities could cause the Fund
to underperform versus similar funds that invest without
consideration of a company's track record of paying dividends or
ability to pay dividends in the future. Dividend paying securities
may not participate in a broad market advance to the same degree as
other securities, and a sharp rise in interest rates or an economic
downturn could cause a company to unexpectedly reduce or eliminate
its dividend.
Discount from Net Asset Value Risk: Shares of closed end
investment companies frequently trade at a discount from their net
asset value. This characteristic is a risk separate and distinct
from the risk that the Fund's NAV per Common Share could decrease
as a result of its investment activities and may be greater for
investors expecting to sell their Common Shares in a relatively
short period of time following completion of this offering. The net
asset value per Common Share will be reduced immediately following
this offering as a result of the payment of certain offering costs.
Although the value of the Fund's net assets is generally considered
by market participants in determining whether to purchase or sell
Common Shares, whether investors will realize gains or losses upon
the sale of the Common Shares will depend entirely upon whether the
market price of the Common Shares at the time of sale is above or
below the investor's purchase price for the Common Shares. Because
the market price of the Common Shares will be determined by factors
such as net asset value, dividend and distribution levels and their
stability (which will in turn be affected by levels of dividend and
interest payments by the Fund's portfolio holdings, the timing and
success of the Fund's investment strategies, regulations affecting
the timing and character of Fund distributions, Fund expenses and
other factors), supply of and demand for the Common Shares, trading
volume of the Common Shares, general market, interest rate and
economic conditions and other factors that may be beyond the
control of the Fund, the Fund cannot predict whether the Common
Shares will trade at, below or above net asset value or at, below
or above the initial public offering price.
Emerging Markets Risk: The risks of foreign investments
(or exposure to foreign investments) are usually much greater when
they are made in (or result in exposure to) emerging markets.
Investments in emerging markets may be considered speculative.
Emerging markets are riskier than more developed markets because
they tend to develop unevenly and may never fully develop. They are
more likely to experience high rates of inflation and currency
devaluations, which may adversely affect returns. In addition, many
emerging markets have far lower trading volumes and less liquidity
than developed markets, may be more likely to suffer sharp and
frequent price changes or long-term price depression due to
possible adverse publicity, investor perceptions, or the actions of
a few large investors. Also, there may, be less publicly available
information about issuers in emerging markets, and such issuers may
not be subject to accounting, auditing, recordkeeping, and
financial reporting standards and requirements comparable to those
of companies in developed markets.
Investors should consider the investment objectives, risks,
charges and expenses of the Fund carefully before investing. The
Fund's prospectus, which contains this and other information about
the Fund, should be read carefully before investing. A copy of the
final prospectus relating to this Fund may be obtained by
contacting your financial advisor, or by calling
800-624-6782.
About New York Life
Investments
With over $700 billion in Assets
Under Management* as of December 31,
2021, New York Life Investments is comprised of the
affiliated global asset management businesses of its parent
company, New York Life Insurance Company (New York Life), and
offers clients access to specialized, independent investment teams
through its family of affiliated boutiques. New York Life
Investments remains committed to clients through a combination of
the diverse perspectives of its boutiques and a long-lasting focus
on sustainable relationships.
*AUM includes assets of Investment Advisors affiliated with New
York Life Insurance Company as of December
31, 2021. AUM for Candriam and Ausbil is reported at the
spot rate.
"New York Life Investments" is both a service mark, and the
common trade name, of certain investment advisors affiliated with
New York Life Insurance Company.
About CBRE Investment Management
Listed Real Assets LLC
CBRE Investment Management Listed Real Assets LLC is the listed
real assets arm of CBRE Investment Management, a leading global
real assets investment management firm, with $141.9 billion in assets under management* as of
December 31, 2021, operating in more
than 30 offices and 20 countries around the world. Through its
investor-operator culture, the firm seeks to deliver sustainable
investment solutions across real assets categories, geographies,
risk profiles and execution formats so that its clients, people and
communities thrive.
CBRE Investment Management is an independently operated
affiliate of CBRE Group, Inc. (NYSE: CBRE), the world's largest
commercial real estate services and investment firm (based on 2021
revenue). CBRE has more than 105,000 employees serving clients in
more than 100 countries. CBRE Investment Management harnesses
CBRE's data and market insights, investment sourcing and other
resources for the benefit of its clients. For more information
about CBRE Investment Management, please visit www.cbreim.com
*Assets under management (AUM) refers to the fair market value
of real assets-related investments with respect to which CBRE
Investment Management provides, on a global basis, oversight,
investment management services and other advice and which generally
consist of investments in real assets; equity in funds and joint
ventures; securities portfolios; operating companies and real
assets-related loans. This AUM is intended principally to reflect
the extent of CBRE Investment Management's presence in the global
real assets market, and its calculation of AUM may differ from the
calculations of other asset managers and from its calculation of
regulatory assets under management for purposes of certain
regulatory filings.
A registration statement relating to the Fund's common shares
has been filed with, and declared effective by, the Securities and
Exchange Commission. This press release is not an offer to sell
securities and is not a solicitation of an offer to buy securities,
nor will there be any sales of securities in any jurisdiction where
the offer or sale is not permitted.
New York Life Investment Management LLC engages the services of
SEC-registered advisors. CBRE Investment Management Listed Real
Assets (CBRE Investment Management) is unaffiliated with New York
Life Investments. 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 LLC is a Member
FINRA/SIPC.
Media Contacts:
New York Life
Investments:
Allison
Scott
Allison_Scott@nylim.com
Sara Guenoun
Sara_J_Guenoun@newyorklife.com
CBRE Investment Management:
Pam Barnett
pam.barnett@cbreim.com
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